Medicare Part B Premium 2017: Increase From Premiums 2016 … In today’s episode we talk about how the medicare part b premium is changing in 2017 from what it was in 2016. Even though we are based in North Carolina, we service clients all over the country, and this new increase encompasses every state.

Here is the conversation written out:

Wendy: Today we have Tammy and she wrote in and is asking “So tell me exactly how much Medicare Part B costs?”

And first I want to mention we did another video on Medicare Part B deductibles.

Tripp: Yes, two different things.

Wendy: Right, I got a little confused on that when you were talking about it, trying to comprehend it, but now I have got it. So in that one, it is the deductible that you have to pay and this one it is the actual premium for paying for Part B.

You have told me that it is going up in 2017.

Tripp: Right. So as we are shooting this late 2016, it is currently a hundred and twenty one dollars and eighty cents. Starting in January 2017 it is going to one hundred and thirty four dollars, but there is kind of a caveat to that.

If you allow Social Security to deduct your Medicare Part B premium, it will average out to be a about a hundred and nine dollars…and most of my clients do have it deducted.

Wendy: And when you say deducted, do you mean from your Social Security benefits?

Tripp: From the check, the Social Security check. Yes exactly right. So you never see it, they automatically deduct that premium.

Wendy: Okay and I think you had mentioned to me that, I know you said on average it is about a hundred and nine dollars if you are willing to do that. But Social Security, will they tell you?

Tripp: They will, they will tell you to the exact penny, all you have to do is call them. We will put the number on the bottom of the video.

Here is another thing too, all this information we are giving is contingent on your income. So if you are single and filing your taxes and making more than eighty five thousand dollars a year, then your Part B premium is going to be higher.

If you are married and filing jointly then it is a hundred and seventy thousand dollars filed on your taxes, then it will be higher as well.

Wendy: Okay, so it sounds to me like that number of eighty five thousand per person, is what you have to take into consideration. The numbers that we quoted at the beginning is if you make less than that.

Tripp: But I would say probably eighty five percent of our clients are usually eighty five or less, or a hundred and seventy or less.

Wendy: Most of them are retired, they may be on a fixed income…

Tripp: We do have some affluent clients, they have been fortunate and blessed.

Wendy: Yes taking that into consideration; it will be a tad bit more.

So Tammy, hopefully that answers your question. The premiums are going up in 2017, so keep that in mind and also keep in mind the fact that it is different than your deductible.

And I will link that video to this part right here where you can go watch that so you can kind of get some clarity on the differences.

So as always you can tune in to our workshops, we have some a couple times a week and we dig deeper into this great information from this confusing world of Medicare and hopefully clear some things up for you; so we would love to have you join us and there should be a link somewhere beneath here where you can register.

Tripp: Hey Tammy, give us a call too if you have any questions, call us. We will put our toll free phone number to our workshop, call us if you have any more questions, I know it can be confusing.

Wendy: Yes. So as always you can call us. So see you next time!


How Much Does Part B Premiums Cost? Changes in 2017



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