The official Medicare website, www.medicare.gov, now has 2016 Medicare premiums and deductibles information.
Medicare is administered by the Department of Health & Human Services, Centers for Medicare & Medicaid Services (CMS). The CMS press release announcing 2016 Medicare premiums and deductibles also contains this information. Here is part of that press release:
Part B Premiums/Deductibles
As the Social Security Administration previously announced, there will no Social Security cost of living increase for 2016. As a result, by law, most people with Medicare Part B will be “held harmless” from any increase in premiums in 2016 and will pay the same monthly premium as last year, which is $104.90.
Beneficiaries not subject to the “hold harmless” provision will pay $121.80, as calculated reflecting the provisions of the Bipartisan Budget Act signed into law by President Obama last week. Medicare Part B beneficiaries not subject to the “hold-harmless” provision are those not collecting Social Security benefits, those who will enroll in Part B for the first time in 2016, dual eligible beneficiaries who have their premiums paid by Medicaid, and beneficiaries who pay an additional income-related premium. These groups account for about 30 percent of the 52 million Americans expected to be enrolled in Medicare Part B in 2016.
As in past years, there are several different Medicare Part B (Medical) monthly premium rates in 2016. The following is copied from the “Medicare 2015 & 2016 costs at a glance” pages of the Medicare website. Note that this is only a portion of the information there.
In 2016, the standard Part B premium amount will be $121.80 (or higher depending on your income). Most people who get Social Security benefits will continue to pay a Part B premium of $104.90 each month. You'll pay a different premium amount in 2016 if:
- You enroll in Part B for the first time in 2016.
- You don't get Social Security benefits.
- You have Medicare and Medicaid, and Medicaid pays your premiums.
- Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.
If you're in 1 of these 4 groups, here's what you'll pay:If your yearly income in 2014 (for what you pay in 2016) was You pay (in 2016) File individual tax return File joint tax return File married & separate tax return $85,000 or less $170,000 or less $85,000 or less $121.80 above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $170.50 above $107,000 up to $160,000 above $214,000 up to $320,000 Not applicable $243.60 above $160,000 up to $214,000 above $320,000 up to $428,000 above $85,000 and up to $129,000 $316.70 above $214,000 above $428,000 above $129,000 $389.80