Medicare 2016 Costs: Premiums, Co-pays, Deductibles

The Medicare 2016 costs are out! We’ve updated our Medicare fact sheet to reflect the new numbers, and we invite you to download it and share (link below).

Medicare 2016 Costs

This is a breakdown of the Medicare 2016 costs, and the related comparison costs for 2015:

Part A premium	Most people don’t pay a monthly premium for Part A because they have enough eligible quarters of employment. If you don’t, you’ll pay up to $411 in 2016 ($407 in 2015).
Part A hospital inpatient deductible and coinsurance	You pay: $1,288 deductible for each benefit period ($1,260 in 2015) Days 1-60: $0 coinsurance for each benefit period Days 61-90: $322 coinsurance per day ($315 in 2015) Days 91 and beyond: $644 coinsurance ($630 in 2015) per each “lifetime reserve day” (up to 60 days in a lifetime) after day 90 for each benefit period Beyond lifetime reserve days: all costs
Part B premium	Most people (current beneficiaries who receive SS and are not subject to the income adjustments) pay $104.90 each month (unchanged from 2015).*
Part B deductible and coinsurance	$166 per year ($147 in 2015). After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services, outpatient therapy, and medical equipment.
Part C (Medicare Advantage) premium	These costs vary by plan.
Part D premium	Premiums and coverage vary by plan. Higher income individuals pay more.

*If you were not previously enrolled in Medicare Part B, do not receive Social Security or are dual-eligible for Medicare and Medicaid, the standard benefit for 2016 is $121.80 (dual-eligibles’ costs are picked up by the state’s Medicaid program, however). Higher income individuals ($85,000 for individuals, $170,000 for couples, based on your tax return from two years ago) pay an adjusted amount, up to $335.70.

When eligible for Part A Skilled Nursing Facility coverage following a qualifying hospital stay, the co-pays are as follows:

Days 1–20: $0 for each benefit period.
Days 21–100: $161 coinsurance per day of each benefit period ($157.50 in 2016).

To read more about Medicare costs 2016 and get a concise overview of Medicare’s parts and coverage, download our free 2016 Medicare fact sheet.

Contact our healthcare advocates at 727-447-5845 for personalized Medicare advice today! Time’s running out for the open enrollment period to analyze how you might save money on Medicare costs in 2016 and make change.

We’re here to help you and your family age wisely and well.

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