Spring 2017 Issue of Horizons

2017 Medicare Part B Premiums

In 2015, filed single with MAGI of:

In 2015, married, filed jointly with MAGI of:

In 2015, married, filed separately with MAGI of:

2017 Medicare Part B monthly premium per person:

$134.00

$85,000 or less

$170,000 or less

$85,000 or less

$187.50

$85,001 – $107,000

$170,001 – $214,000

N/A

$267.90

$107,001 – $160,000

$214,001 – $320,000

N/A

$348.30

$160,001 – $214,000

$320,001 – $428,000

$85,001 – $129,000

$428.60

More than $214,001

More than $428,000

More than $129,000

The best prescription plan will be based on your current medications, because the amount that carriers can charge can vary widely. There are dozens of prescription plans available to you, and the cost difference can be hundreds if not thousands of dollars when you consider more than just the monthly premium. Resources for a prescription analysis may be your healthcare advisor, a local pharmacist, www.Medicare.gov or 1-800-Medicare. After your initial enrollment, you can review your coverage options and make changes based on your needs each year during open enrollment. Options If you plan on retiring before age 65, when to enroll into Medicare Part A and Part B is pretty straight forward. It is likely your health insurance costs will go down and you will want to enroll as soon as you are eligible. Options for people not yet Medicare eligible may include COBRA, another employer plan or individual health insurance either through the marketplace or purchased through a broker. There are pitfalls for someone who is Medicare eligible to be enrolled in COBRA, which include late enrollment penalties and a delayed opportunity to enroll in Medicare. There are also different benefits for dependents who are eligible for COBRA because their spouse or parent is Medicare eligible.

Medicare Part C These plans are true privatization of Medicare, also known as Medicare

Advantage. There are about 20 Medicare Advantage plans available depending on where you live. The U.S. government pays carriers to provide the coverage that Medicare Parts A and B (and sometimes Part D) would have provided. These plans do have a network of providers, and you may need a referral. These plans also have deductibles, coinsurance and copays, along with an out-of-pocket maximum. Some of these plans have no out-of-network coverage; so if you travel this may be a concern. These plans are appealing to many people because some of them have a $0 premium. But there are restrictions and out- of-pocket costs that should be considered. Prescription drug coverage will either be included in the Medicare Advantage plan or you may be able to purchase a separate policy. Medicare Part D Medicare Part D provides prescription drug coverage. Like Part B, Medicare Part D has a monthly premium, a deductible and copays. The premium for Part D can range from $17.00 – $149.00 per month. There is also a premium charged by the government for wealthier seniors, in addition to the policy premium.

The Murky World of Medicare

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