January 1st of each year is a time that many make resolutions to make changes in their lives. But it’s also a time that Medicare makes changes for the upcoming year. In 2017 there are three changes in Medicare that everyone should know.
The first change is the Part B premium. Those who are already on Medicare will not see a significant change in their Part B premium for next year. Most of you who started your Part B in 2016 paid $121.80 per month. For those who are starting Part B in 2017 the premium will be $134 per month. This amount could be higher for people making more than $85,000 per year.
The Part A and Part B deductibles are also changing in 2017. The Part A deductible in 2016 was $1,288 per benefit period. In 2017 the Part A deductible will be $1,314 per benefit period. Remember the Part A deductible is not an annual deductible and can hit you more than once in a calendar year. The Part B deductible in 2016 was $166 and is increasing to $183 in 2017. The Part B deductible is an annual deductible.
The third change to be aware of is the amount you and your drug plan will have to pay before you reach the coverage gap or “donut hole.” In 2016 that amount was $3,314. The amount in 2017 is $3,700. This is a good thing for those affected because it means your plan can pay more before you reach the gap.
If you are affected by any of these changes in 2017 and do not understand them, just contact us at the number below, and we will be glad to go over them with you. For those of you going on Medicare in 2017, you can call our office and sign up for one of our free Medicare Education classes. They are taught each month and will explain all the above for you.
If you have any questions about this or any other aspect of Medicare. feel free to contact us. You can call us at 256-648-5710, or visit our office at 885 Florence Blvd. Alabama Health Guidance is an independent insurance agency and does not represent Medicare or any other government agency.