The 2016 Medicare Deductible Information is now available. President Barack Obama signed a budget deal that will ride out his last term in office. Included in this bill was a fix for the Medicare Part B premium and the Medicare Part B deductible. This fix avoided a potential disaster for seniors on Medicare and those on Medicare Disability. The Annual Medicare Part B deductible would have been raised to $223.00. Now the Annual Medicare Part B deductible for 2016 will be $166. In addition, the premiums seniors pay for Part B of Medicare will be changing. For those that are starting Medicare on or after January 1, or those seniors already on Medicare but not currently drawing a Social Security income. The base premium for Part B for those two groups will be $121.80, plus a $3 monthly fee to pay back the US Treasury for the borrowing that makes this possible. This is a total of $124.80 per month. One takeaway from all this is that the Medicare Part B deductible, which is important for Plan G and Plan N Medicare Supplement beneficiary’s, is only going up by $19 to $166 which is not bad at all.
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By Joe DeAngelis
Medicare Supplement Insurance Specialist