Last week we began answering some of the most frequently asked questions we received in 2016. The first two questions dealt with employer insurance and Social Security disability. This week we will look at Part B premiums.
I’m turning 65 in 2017. Why is my Part B premium different than my neighbor’s? There can be a couple of reasons your Part B premium is different. The first revolves around the year you start your Part B. For those people who started their Part B in 2015, their Part B premium was $104.90. There was an increase last year only for those starting their Part B in 2016. The Part B premium for those starting Part B in 2016 was increased to $121.80. The people who started their Part B prior to 2016 remained at $104.90. This is because they did not receive a COLA on their Social Security, therefore their Medicare Part B could not be increased. In 2017 the Part B premium has increased again for those just starting Part B. In 2017 the Part B premium for new enrollees will be $134.00.
The second reason your premiums can be different from others is your income. A lot of people are surprised to learn that their Part B premiums can be higher because of their income. If the adjusted gross income for an individual is less than $85,000, or for a couple is less than $170,000, their Part B premium for 2017 will be $134.00. If you make more than these income limits, your Part B premium could go as high as $428.60 per month. Also, if you exceed the income limits, you can be charged a Part D surcharge. To review these income limits you can go to medicare.gov, or give us a call at our office.
If you have questions regarding any aspect of Medicare or Medicare health plans, contact us. Feel free to call us at Alabama Health Guidance (256-284-7249), stop by our office at 885 Florence Blvd. (Four Lane Shopping Center), or email me at firstname.lastname@example.org. Alabama Health Guidance is an independent insurance agency and is not affiliated with Medicare or any other government agency.