Medicare Changes for 2017
Each year Medicare announces changes to the co-pays and deductibles associated with Medicare Part A and Medicare Part B. Keeping up with these Medicare Updates is important. As we have recorded videos and written articles over years, some of the co-pays and deductibles mentioned have changed. With this video detailing the Medicare changes for 2017, I hope to bring you up to speed to the current co-pays, deductibles and costs associated with Medicare and some Medicare Supplement plans.
Of course, you can also find this information on Medicare.gov. We have provided a link below this video.
Medicare Changes for 2017 – Medicare Part A & Part B
Medicare.gov page detailing the new deductibles, copays and Income-Related Monthly Adjustment Amount (IRMAA) Medicare 2017 Costs at a Glance
Medicare Changes for 2017
Part A Hospital inpatient deductible: $1,316 – This is a per event deductible. Each event resets after you have been discharged from a hospital for 60-days. If you have a supplement, no worries that is paid for by your supplement.
Part B Outpatient & Physician services: If you will be new to Medicare in 2017 or if you are not yet collecting Social Security income, your Medicare part b premium will be $134 with some exceptions. First, keep in mind, that once you are on Medicare AND collecting Social Security income AND paying your Part B premium through your Social Security check, increases in your Medicare Part B premium are linked to your Social Security COLA. The Part B Premium cannot increase more than your COLA.
Depending on your level of income, you could also be subject to an Income Related Monthly Adjustment Amount. Your Part B premium and your Part D prescription drug premium will be adjusted higher if your Modified AGI is greater than $85,000 for an individual return, or $170,000 if you file jointly. There are brackets (show), and Medicare looks at your income from 2-years ago to make this assessment. Check out the Medicare.gov link below for details.
In addition to a premium, Medicare Part B also has an annual deductible For 2017 that deductible is just $183. While this deductible has historical gone both up and down, you can expect it to generally rise to around $250 in the 7-10 years. For now, it’s $183.
Plan F-HD $2,200
The deductible amount is written into Social Security law to be linked to your Social Security COLA. It can change every year. In 2016 it was $2,180. In 2017 it is $2,200
Medicare Card # change
Also, many people are still not aware that ta law was signed to change or fix your Medicare ID Claim #. Right now your Medicare Claim # printed on your Medicare card is either your or your spouse’s Social Security # with a letter at the end. The letter is a code for how you qualified for coverage. But what is important is that every Identity thief and their cousin know that your Medicare Card has your Social security # on it. It’s the number one source of ID theft in the US. This is scheduled to change in either 2018 or 2019. Everyone will get a new number not linked to Social Security or any of your personal data.
In the meantime, we suggest that you photocopy your card and black out all but the last four digits. You may have to photocopy it one more time so strangers cannot read the bleed through. Carry the photocopy with you. Leave your original in a safe place except for when you are seeing a doctor for the first time.
Lastly, looking further out another change in Medicare is scheduled for January 01, 2020. Medicare Supplements Plan F and Plan C will be phased out. A new Medicare Supplement Plan G –HD will be introduced. The new Medicare Supplement is expected to look like this. They can still change this, but this is what is currently expected.
Watch the other videos in this series here: All About Medicare
If you are new to Medicare by just turning 65 or simply new to Medicare Part B, or if you have an existing Medicare Supplement and due to recent price increases want to know if it’s an overpriced Medicare Supplement, we can help. We are 100% independent. As an independent insurance broker we represent your best interest, not the interest of an insurance company. Agents that work for an insurance company must represent that companies interest and not the consumer.
Our service is free. You cannot save money or reduce your Medicare Supplement premiums by not using our service. As an independent insurance broker, we offer all Medicare Supplement plans from all major carriers. We put all the cards on the table for you and show you all your options and costs. That alone saves you days of work. Then you decide the right plan and company for you. When you work with us, the insurance company you choose to insure you will pay our commission out of their pocket, not yours. You cannot reduce your premium by doing it yourself.
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