Medicare Costs in 2017
An important part of retirement planning is understanding your health care costs. For people currently enrolled in Medicare it is smart to know what your costs are for Medicare including premiums and deductibles.
Medicare costs for 2017 were recently released by the Centers for Medicare and Medicaid (CMS). The costs for Part B – doctor/physician related care – is the one most people are impacted by.
The amount you pay for Part B in 2017 is different for those who have Medicare and Social Security and for those who are new to Medicare
· You pay $134 per month if you are new to Medicare in 2017; you don’t get Social Security benefits, you are directly billed for Part B premiums or Medicaid pays your premium because you have both Medicare and Medicaid.
· You pay $109 per month if you have been enrolled in Medicare. For most people that is a slight increase from $104.90 in 2016.
· High income earners (those with $85,000/$170,000) in household income also get charged extra depending upon their 2015 income level. See the chart here.
Social Security sends all those enrolled in Medicare a statement with the specific amount they will owe in 2017.
With a Social Security benefit adjustment of just .3% that just about offsets the increase in Medicare for 2017. Remember though that other Medicare costs increase including: