About 1 month ago, CMS (Centers For Medicare & Medicaid Services) announced the 2016 Medicare Part A and Part B services. Thanks to Congress and President Obama passing the Bipartisan Budget Act of 2015, the 52 million Americans enrolled in Medicare will either pay the same as they did in 2015, or pay less than they otherwise would have.
Social Security had previously announced that there will be no cost of living increase for 2016. As a result, by law, most people who were already enrolled in Medicare in 2015 will not have a premium increase in 2016. They will continue to pay $104.90 per month for Medicare Part B in 2016.
The standard Part B premium for 2016 will be higher for everyone else who falls into one of these 5 groups:
- You enroll in Part B for the first time in 2016.
- You don’t receive Social Security benefits.
- You get directly billed for your Part B premiums.
- You have Medicare and Medicaid. (Your state will pay the standard premium of $121.80).
- Your 2013 income was above certain limits.
If you are in one of these 5 groups, here’s what you will pay:
|File Individual Tax Return||File Joint Tax Return||File Married & Separate Return||In 2016 You Pay|
|$85,000 or less||$170,000 or less||$85,000 or less||$121.80|
|above $85,000 up to $107,000||above $170,000 up to $214,000||Not applicable||$170.50|
|above $107,000 up to $160,000||above $214,000 up to $320,000||Not applicable||$243.60|
|above,$160,000 up to $214,000||above $320,000 up to $428,000||above $85,000 up to $129,000||$316.70|
|above $214,000||above $428,000||above $129,000||$389.80|