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HomeUncategorizedMedicare Announces No Increase in Part B Premiums for 2016

Medicare Announces No Increase in Part B Premiums for 2016

The VISHIP/Medicare Office advises the public of updates on Medicare. Because of slow growth in medical costs and inflation, Medicare Part B (medical insurance) premiums were unchanged for 2013, 2014 and 2015 calendar years. As announced by the Social Security Administration, there will be no Social Security cost of living increase for 2016. As a result, by law, most people with Medicare Part B will be “held harmless” from any increase in premiums in 2016 and will pay the same monthly premium as last year, which is $104.90, according to a press release issued Tuesday by the Office of the Lieutenant Governor.
Beneficiaries not subject to the “hold harmless” provision will pay $121.80, as calculated, reflecting the provisions of the Bipartisan Budget Act signed into law by President Obama in November 2015. Medicare Part B beneficiaries not subject to the “hold harmless” provision are those not collecting Social Security benefits; those who will enroll in Part B for the first time in 2016; dual eligible beneficiaries who have their premiums paid by Medicaid; and beneficiaries who pay an additional income-related premium.
The annual deductible for all Part B beneficiaries will be $166 in 2016.
Medicare Part A covers inpatient hospitals, skilled nursing facilities and some health care services. About 99 percent of Medicare beneficiaries do not pay a Part A premium because they have at least 40 quarters of Medicare-covered employment.
For more detailed information on Medicare, contact the State Health Insurance Assistance Program (VI SHIP) at 772-7368 or 714-4354 or visit www.medicare.gov.

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