How To Save Money with Social Security Medicare B 2017 premium cost?

medicare costs

Where will Medicare costs go in 2017?

Nov 7, 2016 People are asking me where Medicare costs, specifically Part B premiums and Part B and D high-income surcharges, are going in 2017.

 

The 2017 standard Medicare Part B portion premium will be $134.00 or higher depending on your income.  Although most people who receive Social Security benefits will pay less amount for their Medicare Part B.  Due to Medicare Part B premium increased more than the cost-of-living-adjustment increase Social Security benefits for 2017.  Which is a mere 0.3 percent for the COLA?  You can save money from your Medicare Part B by having the premium deducted from your monthly Social Security benefit check, which can result in paying less an average of $109.00 per month,  Call your local Social Security Office and they will tell you the amount to pay for your Medicare Part B in 2017.

You will pay the standard Medicare Part B premium amount if:

  • You enrolled in Medicare Part B for the first time in 2017.
  • You did not receive Social Security benefits.
  • You are directly billed from your insurance provider for Medicare Part B premiums.
  • You’re Medicare Part B and Medicaid pays your standard premium amount of $134.00 if eligible for state assistance.
  • If your reported income on your IRS tax return from 2 years ago is above a certain amount then you will pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA) is an extra charge added to your premium.

Here is what you will pay if you are in 1 of these 5 groups below.

If your yearly income in 2015 (for what you pay in 2017) was You pay each month (in 2017)
File individual tax return File joint tax return File married & separate tax return
$85,000 or less $170,000 or less $85,000 or less $134
above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $187.50
above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $267.90
above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $348.30
above $214,000 above $428,000 above $129,000 $428.60

F 2017 Medicare Part B deductible will be approximate $183.00.  After the deductible is met, then you will typically pay 20% of the Medicare-approved amount for most physician services that include hospital inpatient stays, outpatient therapy, and medical equipment.

There may be limits for occupational therapy, speech-language pathology services, and physical therapy for 2017.  Call your health insurance provider to find out the limits on the services above.

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