Access to affordable health care is important at any age, but ensuring quality coverage is perhaps never as essential as it is for seniors. Often reliant upon a fixed budget, and facing the threat of unexpected, costly medical expenses, the need for seniors to obtain affordable health coverage, and plan accordingly for anticipated—and unexpected—costs, is essential to their financial, and personal well being. What follows is an explanation of the 2017 Medicare deductible for Part B, along with information about estimating Part B premium costs, and information to help you, or your loved one, plan for a healthy, and financially protected year. To get more information please contact a licensed medicare insurance advisor at 866-936-3831 or click here for quote and enrollment information.
Understanding the Factors that Will Impact Your Medicare Part B Deductible 2017
Original Medicare, the program funded by the Federal Government to help seniors and the disabled obtain affordable health coverage, is comprised of two parts: Medicare Part and Part B. Medicare Part A covers the cost of inpatient care, such as treatments provided in a hospital or a skilled nursing facility. Medicare Part B covers other forms of medically necessary care, such as services performed in an outpatient setting, ambulatory services, and preventive services.
What Does Medicare Part B Cover?
Most seniors, not otherwise eligible for health care benefits, should consider enrolling in Medicare Part B. Services covered under the plan include:
- Medically necessary services:
- Ambulance services.
- Durable medical equipment (DME).
- Mental health care services.
- Outpatient care.
- Preventive services:
- Annual health screening from your primary care physician.
- Screening tests.
Who is Eligible for Medicare Part B?
You may be eligible for Medicare Parts A and B if you are:
- Age 65 or older.
- Suffering from End-Stage Renal Disease (ESRD).
Most Americans who meet the criteria above, and are receiving benefits from Social Security, the Railroad Retirement Board, or the Office of Personnel Management, are eligible for Part A without having to pay premiums. If you or a loved one are eligible for premium-free Part A, you will be eligible to enroll in Part B at the same time you are entitled to Part A.
Medicare Deductible 2017 for Part B
In 2017, the annual Medicare Part B deductible is $183. Once you have met your deductible, you will typically pay 20 percent of the Medicare-approved amount for covered services, such as non-routine physician exams, outpatient therapy, and DME. It’s important to note that under Medicare Part B, you will not pay any out-of-pocket costs for preventive services obtained from a health care provider that accepts Medicare payments.
Medicare Premiums 2017 for Part B
Medicare Part B premiums are income-based. The standard Medicare Part B premium you’ll pay monthly, if eligible, in 2017 is $134, or up to $1,608 per year. Note, this premium cost may be higher depending on your income. Most Americans receiving Social Security benefits, however, will pay less. For those individuals, the average Medicare Part B premium cost is $109 per month, or $1,308 per year. If you are receiving Social Security, Railroad Retirement Board, or Office of Personnel Management benefits, your Part B premium will be automatically deducted from your benefit payment. Otherwise, you will receive an invoice.
Will I Qualify for Standard Part B Premiums in 2017?
The exact amount of annual premium payments you’ll pay for Part B will be determined by the Social Security Administration, if you are eligible. You may qualify to pay the standard premium amount, or a higher amount, if any of the following scenarios pertain to you:
- You enroll in Part B for the first time in 2017.
- You are not receiving Social Security benefits.
- You are invoiced for Part B premiums (as opposed to having them taken out of your Social Security benefits).
- You are enrolled in Medicare and Medicaid, and Medicaid pays your premiums.
- If your modified adjusted gross income, as reported on your 2015 IRS tax return, is above a certain threshold, you will pay the standard Medicare Part B premium as well as an Income Related Monthly Adjustment Amount (IRMAA).
If any of the criteria above pertain to you, you will be paying the following for Medicare Part B premiums, per month, in 2017, based on your 2015 IRS income tax return:
What Is Medicare Part B Deductible for 2017 based on :
|2015 Annual Income||2017 Medicare Part B Monthly Premium|
|If You Filed Your 2015 Taxes as an Individual||If You Filed a Joint 2015 Tax Return||If You Filed Married with Separate Tax Returns in 2015|
|$85,000 or less||$170,000 or less||$85,000 or less||$134|
|Above $85,000 up to $107,000||Above $170,000 up to $214,000||N/A||$187.50|
|Above $107,000 up to $160,000||Above $214,000 up to $320,000||N/A||$267.90|
|Above $160,000 up to $214,000||Above $320,000 up to $428,000||Above $85,000 up to $129,000||$348.30|
|Above $214,000||Above $428,000||Above $129,000||$428.60|
For complete information about Medicare, including more information about Medicare Parts A, C, and D, visit Medicare.gov.
To find out about the medicare deductible 2017 and options available to you, please click on our “View Your Quotes” button in addition you can speak with a licensed agent by calling 866-936-3831. Gary W Blackmon is licensed medicare insurance agent and helps customers from California to New York with their medicare options. If you have any questions, need assistance in enrolling, or would like to obtain a quote specific to you, please contact me at 866-936-3831.