Medicare May Be Raising Costs to Beneficiaries in 2016

It is projected (not finalized until later in 2015) that both Medicare Part B deductibles and Medicare Part B premiums will have a significant increase for 2016. According to the 2015 Medicare Trustees Report, it predicts that Part B premiums will increase from $104.90/mo. to $159.  However, since current Medicare beneficiaries will not be getting a Social Security cost of living raise in 2016, their premiums will remain stable.  It is new Medicare recipients that will be paying the $54 per month increase.  However, everyone should expect that the Part B – $147 deductible that has stayed the same for a number of years, will jump to $223 per year.  This may not immediately impact those who have other insurance that covers the Part B deductible this year.  But, ultimately, it will justify premium increases in the future.

We are also seeing increased costs in the Part D prescription plans for 2016.  Many plans are raising the deductibles and cost of the premiums and co-pays.