2017 Medicare Cost Released…with an Affordable Part B Premium Increase!
Hello Toni:
I have recently enrolled in Medicare and have received my 2017 Medicare and You handbook. I have looked all through this book and cannot find what the 2017 Medicare Part A and B deductible or maximum out of pocket is? Can you provide me with an easy way to find these numbers?
I really would not want to pay more than I have to. Thank You, Sylvia from Kansas City, Kansas
Hello Sylvia:
Every year the Medicare and You handbook is mailed out before October 1st to all Medicare beneficiaries to help guide them with the Medicare open enrollment period that ends on Wednesday December 7th at midnight.
The handbook states that at the time of printing the 2017 Medicare and You Handbook the premiums, and deductible amounts for Part A and Part B were not available.
It just happens that on Thursday, November 10, Medicare’s 2017 premium and costs were released by the “Centers for Medicare and Medicaid” aka CMS (Medicare).
The new 2017 Medicare Parts A and B costs are below:
- Part A Costs (Inpatient Hospital): The new 2017 Part A inpatient hospital deductible will be an increase of $28.00 to $1,316.00. Remember the Part A deductible starts over every 60 days. It is not a once a year deductible. Under Part A is also Medicare Skilled Nursing for 2017 your costs will be days 1-20 $0 co pay per day and days 21- 100 will be $164.50 per day.
- Part B Costs (Medical): The new 2017 Part B medical/doctor deductible will increase from $166.00 in 2016 to $183.00 in 2017. With Medicare paying 80% of the Medicare approved amount and you (Medicare beneficiary) paying the remaining 20% of the Medicare approved amount.
- Part B Premiums: New premium for 2017 is $134.00. Those who are not receiving their Social Security check and those new to Medicare will pay the new 2017 Part B premium of $134.00. Most Medicare beneficiaries who are receiving their Social Security check and who’s 2016 Part B premium was $104.90 will have a $109 monthly premium for 2017. Those that paid $121.80 and are also receiving their Social Security check will have a 4% increase to about $126.67. Many Medicare beneficiaries whose income is more than $85,001.00 for an individual or $170,001.00 for a couple will pay more than $134.00.
- Part D Costs (Prescription Drug Plan): The new 2017 Part D changes are the deductible is $400.00 once a year. You will pay your share for your prescription drugs until the combined amount reaches $3,700.00 and then you have reached the famous donut hole. When you have reached the donut hole, then you will pay 40% for your prescription drug plan’s cost for “covered” brand name drugs and drug manufacture will pay 50% with your prescription drug plan paying the remaining 10%. For generic drugs, you will pay 51% for the plan’s cost for covered” generic drugs and the drug plan pays 49%. When a total of $4,950.00 has been spent as out-of-pocket the one will fall out of the “famous” donut hole for the year. Once that amount has been spent, then you will enter catastrophic coverage and will pay a small coinsurance or copayment for each “covered” drug.
Visit Tonisays.com to receive your copy of the 2017 Medicare costs and to sign up for the latest Toni Says newsletter.
Toni King, author of the new Medicare Survival Guide® with a “Thank You, Houston” $5 discount available for Houston Chronicle/HCN readers at https://tonisays.com/reader-special . Medicare consultations are available at the Toni Says office or email questions to info@tonisays.com or call 832/519-TONI (8664).
