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Medicare Premiums and Deductibles for 2016

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While many Medicare beneficiaries will pay the same in 2016 for Part B that they did in 2015, others will find the cost of Part B higher.

All people with Medicare will see their deductible rise to $166 in 2016 from  $147 in 2015.

How Much for Part B in 2016

How much you pay every month for your Part B depends primarily on whether you received Social Security benefits in 2015.  In that case, if you were paying the standard $104.90 per month in 2015, you will probably be paying the same in 2016.

According to Medicare, you will pay a different amount in 2016 if:

  • You enroll in Part B for the first time in 2016.
  • You don't currently receive Social Security benefits.
  • You have Medicare and Medicaid, and Medicaid pays your premiums.
  • Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.

Here’s the chart from Medicare that shows how much you will pay if you are in one of the categories above

If your yearly income in 2014 (for what you pay in 2016) was

You pay (in 2016)

File individual tax return

File joint tax return

File married & separate tax return

$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 and up to $129,000

$316.70

above $214,000

above $428,000

above $129,000

$389.80

Medicare Part B Deductible:

In 2016 you will pay $166 per year for your Part B deductible.  After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment.

Medicare Supplement and Part B Deductible

Remember if you have a Medicare supplement plan where you are responsible for paying the Part B deductible (any Plan except Plan C or Plan F which include the deductible), you will pay the first $166 of services before your Medicare supplement plan begins paying.

Here is the Medicare.gov link to Medicare costs for 2015 and 2016.

 

 

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