Medicare Cost Increases For 2017
On November 10, 2016 Medicare announced costs increases for 2017 for Medicare beneficiaries. First and foremost; the annual Part B deductible is going to increase from $166 to $183. This means that folks with plans G and N will pay an additional $17 for the year in out-of-pockets costs, compared to what they paid in 2016. Remember, the Part B deductible is associated with outpatient doctor services. Go here for a full list of the costs associated with Medicare.
Does This Mean Plan F Is The Better Option?
No. Plan G still remains the better option as insurance carriers will have no option but to increase the premiums on Plan F to account for the higher embedded Part B deductible cost. See my explanation of my Plan G is better than F here. Plan G still remains the better option over Plan F. Insurance companies will not simply eat the cost of the Part B deductible increase on Plan F!
Other Medicare Cost Increases
The Part B premium is increasing from $104.90 to $109. This is only for those individuals who are protected by the”hold harmless agreement” and whom are not subject to the income-related adjustment (high income). Those who are not protected by the hold harmless agreement will pay $134 per month for 2017.
For those folks who are new to Medicare in 2017, you will pay a Part B premium of $134. This increased from $121.80 in 2016. See the chart below if you are going to be going onto Medicare for the first time in 2017. (Click to view the full image in a new window).
Other Cost Increases:
Below are other costs increases for 2017. NOTE: if you have a Medicare Supplement plan F, G or N these costs are covered at 100%!
Contact me if you have any questions at 800-208-4974, I’d be happy to answer your questions!