With a new year, do you look back at the good, bad, funny, sad and happy things? Do you think about what lies ahead for you in the new year – what changes you may face?
Changes? Does anyone really like or want changes? Already in 2017 I’ve gotten calls from Ruth, Ruth’s friends Betty, Susie, Jamie and Jo and, of course, we can’t leave out David, Betty’s charming cousin. They all asked the same question – what are the 2017 changes in Medicare? So let’s talk about Medicare 2017. This is not “fun” stuff but it certainly is on people’s minds – better to know now than be surprised later, right? Depending on what insurance you have either in addition to Medicare or instead of Medicare, these changes may or may not affect you and your checkbook. Every year Medicare Part A (hospital) and Part B (medical) deductibles are reviewed. Many years these deductibles go up. In 2017 the Part A deductible will be $1316 for each benefit period (increased from $1288). You may have up to five (5) benefit periods (or deductibles) a year. If you have a Medicare Supplement plan C, F, G, J, N, your plan pays this hospital deductible and you owe nothing (assuming you go to a provider who accepts Medicare and you have a Medicare approved procedure). The Part B deductible will be $183 (increased from $166). If you have a Medicare Supplement plan C, F or J, your plan will pay this deductible. This deductible is different from the Part A deductible because it is a once a year deductible. If you have a Medicare Advantage plan (instead of Medicare), you need to look at your plan to find out what you will owe for a hospital stay or other medical services. If you are new to Medicare, the base cost of Part B is $134.00 (increased from $121.80). Whether you are new to Medicare or not, remember that the cost of Part B is related to your prior year’s household income. For 2017 your 2015 tax return will be used to determine your Part B cost. Since your tax return is automatically checked every year, your Part B cost may differ each year. If you file an individual tax return or are married and file separate tax returns, the cost of Part B will not change unless your income is over $85,000. If you a file joint tax return, the cost of Part B will not change unless your income is over $170,000. This extra cost is referred to as “an income related monthly adjustment”. If you’ve on Medicare, the base cost of your Part B was determined when it became effective. If you have an extra cost for your Part B, you will also have an extra cost for your Part D (Prescription plan) which is in addition to your Part D premium. Got something on your mind? Call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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