Medicare May Cost a Lot More in 2017
Published : 2016-09-17
Author : Medigap Planners - Contact: MedigapPlanners.com
🛈 Synopsis : According to some projections there may be an increase as high as 22% for the Medicare Part B premium.
The Centers for Medicaid and Medicare Services (CMS) are due to release the Medicare premium amounts on October 1st, 2016. The website MedigapPlanners.com warns there may be a substantial increase coming. According to their recent post, some projections are indicating an increase as high as 22% for the Medicare Part B premium. An increase of that percent would raise rates from $121.80 to $149 a month starting January 1st, 2017.
The current law, known as the "Hold Harmless" provision, protects seniors from receiving an increase in their Part B premium that is higher than their Social Security Cost of Living Adjustment (COLA).
The estimated COLA for 2017 is 0.2%.
Approximately 70% of those on Medicare will be protected from a large Part B increase under the law, but "Hold Harmless" doesn't apply to everyone. Leaving the remaining 30% to carry the burden.
In 2015, Congress intervened and stopped the planned 52% premium hike for 2016.
With healthcare costs on the rise and a rapidly increasing senior population, this can't go on forever. Still, many in the industry are expecting Congress to act again.
Legislation has been passed to control costs.
Since 2007, high-income individuals have been paying significantly more for their Part B premiums.
Those in the highest bracket could see an increase from $387 to $467 a month in 2017.
When the Medicare Access and CHIP Reauthorization Act of 2015 goes into effect in 2018, income thresholds to be considered high-income will be lowered, and many individuals will pay a higher Medicare Part B Deductible. The same law requires the phasing out of Medicare Supplement Plans C and F in 2020.
It would seem Medicare hasn't gotten the attention it deserves this election cycle. As the new changes to the program are incorporated, we are likely to hear a lot more from our representatives in the coming years.
Related U.S. Medicare Documents
- 1: Danger of Copayment on Medicare Home Health Services : New Commonwealth fund study findings underscore danger of a copayment on medicare home health services.
- 2: Key Drivers of Health Care Costs : A policy paper that identifies and analyzes the key drivers of health care costs was released today by the American College of Physicians.
- 3: Lower Out of Pocket Insulin Costs for U.S. Medicare Seniors : Across America, 88 Part D Sponsors applied to the Part D Senior Savings Model to offer enhanced plans with a maximum $35 copay for a broad set of insulins beginning in 2021.
- 4: Medicare and Medicaid Services Not to Go Forward With Part B Payment Proposal : Medicare beneficiaries living with rheumatic diseases are able to continue receiving therapies to manage their chronic conditions and avoid pain and disability.
- 5: U.S. Medicare and Telehealth Services During COVID-19 Pandemic : Due to COVID-19 Medicare temporarily expands coverage of telehealth services, including evaluation and management visits, mental health counseling and preventive health screenings.
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Journal: Disabled World. Language: English (U.S.). Author: Medigap Planners. Electronic Publication Date: 2016-09-17. Title: Medicare May Cost a Lot More in 2017, Source: <a href=https://www.disabled-world.com/medical/healthcare/us-medicare/hold-harmless.php>Medicare May Cost a Lot More in 2017</a>. Retrieved 2021-04-12, from https://www.disabled-world.com/medical/healthcare/us-medicare/hold-harmless.php - Reference: DW#281-12370.