Medicare Part B 2016 Changes Allen Heffler Willow Grove

Posted on 12/17/2016

From Allen Heffler, Willow Grove Medicare

There are changes to Medicare Part B Premium for 2016.
  • If you have Part B premiums withheld from their Social Security checks (which is about 70 percent of all beneficiaries), you will continue to pay $104.90 per month for Medicare Part B.
  • If you aren’t collecting Social Security yet or will enroll in Medicare in 2016, you will have to pay $121.80 per month. The $121.80 monthly premium also applies to people who are eligible for both Medicare and Medicaid and have their premiums paid for by their state.
  • Single filers with modified adjusted gross income of more than $85,000, or more than $170,000 if married filing jointly, are subject to a high-income surcharge. In 2016, they will pay the $121.80 base amount plus a high-income surcharge of $48.70 to $268 per month. Your income is usually based on your last tax return on file, which would be your 2014 return for 2016 premiums. But you may be able to get the high-income surcharge reduced or eliminated if your income has decreased since then because of certain life-changing events, such as the death of a spouse, divorce, retirement or reduced work hours. In that case, contact the Social Security Administration, estimate your 2015 income, and provide evidence of the change, such as a death certificate or a signed statement of retirement from your employer.
As always, Allen Heffler President of MyMedicareAdvisor located in Willow Grove PA is here to assist with all your Medicare related questions. Just give us a call at 215-658-1776.  

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