Medicare has planned BIG changes that will effect you next year. As of this writing your part B Medicare deductible is scheduled to increase by $76.00 to $223.00!
The Medicare deductible isn’t the only part going up. The Medicare premium(the payment that you make for insurance) is also scheduled to go up from $104.90 to $120.70, but not everyone will be affected. With the cost of living increase set at 0 for next year there is a good chance that you won’t be affected by this increase. A provision called the “hold harmless” law, limits your Social Security payments from being decreased to pay for Medicare premiums.
The list below shows you the 30% who will be affected by the increase.
People Who Are Affected By A Medicare Premium Increase
- New enrollees in Part B in 2016
- If you are delaying Social Security payments
- People who make above $85,000 a year
- People who have both Medicare and Medicaid (the state pays the increase)
Open enrollment starts October 15-December 7 every year. There are certain things you want to check when you are signing up for a plan.
Make sure all or most of your hospital and doctor’s are participating. Just because it says it on the insurance website does not mean they are still in the plan! The best way to find out is to call your doctor.Check to make sure which plan works best for you. You are able to switch to another plan during open enrollment.There are also other times that you can switch your Medicare Advantage plan after the open enrollment. The Medicare.gov site will help you discover when it is possible.When choosing a health insurance company just like when choosing a doctor, it is important to put some time into your choice. It might save you big money in the future!
By David Schlam