Medicare Part B Premiums Rise in 2016

somarco

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According to a preliminary Medicare Trustee report, Part B premiums could rise 52% next year.

The huge rate hike is predicted because of a confluence of two factors: Medicare Part B costs increased more than expected last year, and Social Security is not expected to have a cost of living increase next year. By law, the cost of higher Medicare Part B premiums can’t be passed on to most Medicare beneficiaries when they don’t get a Social Security raise.


Good News, Bad News In Medicare Trustees Report | Kaiser Health News
 
So 70% won't see a rate increase but 30% could. Nothing like class warfare.

Those that pay more into the system when they work now pay more for the insurance. Something ain't right.

Rick
 
SS COLA rules set in stone.

How is a COLA calculated?
The Social Security Act specifies a formula for determining each COLA. According to the formula, COLAs are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). CPI-Ws are calculated on a monthly basis by the Bureau of Labor Statistics.

A COLA effective for December of the current year is equal to the percentage increase (if any) in the average CPI-W for the third quarter of the current year over the average for the third quarter of the last year in which a COLA became effective. If there is an increase, it must be rounded to the nearest tenth of one percent. If there is no increase, or if the rounded increase is zero, there is no COLA.

Latest Cost-of-Living Adjustment
 
The majority of them will be way better off if there isn't a raise so they don't have to pay additional Part B premium. It will be kind of fun telling them all that when they complain during AEP they aren't getting a raise.
 
The majority of them will be way better off if there isn't a raise so they don't have to pay additional Part B premium. It will be kind of fun telling them all that when they complain during AEP they aren't getting a raise.

That is our new society everyone is afraid of the consequences of earning more money,
 
If the increase will affect 30% of beneficiaries and less than 10% are currently paying IRMAA, it sounds like the IRMAA income tiers--which were adjusted up for inflation annually before the ACA froze them--are going to be lowered. Is there another way to read this?
 
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