Possible Part B increase for 2017

Author: Chris Hagerstrom

With the release of the Medicare Trustee report last month, we are beginning to see what the possible costs of Medicare will be in 2017. The report shows a potential 20% increase for the Part B premium, which would bring the base monthly premium from $121.80 to $149.  For those on a fixed income, this could be a substantial hit to the budget.

This increase would not affect all Medicare beneficiaries, only the 25% of those who are not currently collecting their Social Security benefits. The lucky 75% are protected by the Hold Harmless Provision, which mandates that the Part B Premium cannot be increased more than the previous year’s Cost of Living Adjustment (COLA). For 2017, the COLA is projected to be 0.2%.

For beneficiaries not collecting Social Security or new to Medicare in 2017, this could have a large impact. Congress could still make changes this fall, so stay tuned for future updates.

Chris Hagerstrom is the Product Manager at Jack Schroeder and Associates, LLC. Through years of experience he has become an expert with Medicare, Life Insurance, Annuities and Supplemental Health and how to successfully navigate the senior market.

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