In year 2016, millions of Medicare enrollees saw their 2016 Medicare premiums jump from $104.90 to $159.30, a stunning 52-percent increase. However, most of Medicare’s 55 million beneficiaries – about 70 percent will not experience this big one-year jump in their Medicare premiums.
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In 2018, the Medicare premium will go back down to $120.70, and then gradually increase in the coming years. It will not surpass the 2016 level until 2023, when the standard monthly Part B premium is estimated to reach $164.50, under their intermediate assumptions.
The government has established the Medicare system as a part of the benefits for those who are elderly or disabled and have paid into the social security system long enough to receive disability, which differs from SSI, which is for those who do not have enough work credits to receive disability payments based upon their contributions to the government institution. If you, or a loved one, are receiving disability payments each month from the Social Security Office, then Medicare is a part of the benefits you, or they, will receive.
In recent years, there have been significant alterations to how the medical benefits portion of the system operates. Now, those who are receiving Medicare can also obtain supplemental insurance designed to help compensate for the medical care not covered by the Medicare system. There are multiple choices in this regard, depending in large part upon where you live. You need to understand the differences between the options that are available to you, including the Medicare 2019 premiums for which you will be financially responsible.
There are types of Medicare coverage that vary depending upon a number of factors, including the income level of the person receiving disability. In general, the more disposable income you have, the greater your responsibility when it comes to paying for your medical care out of pocket. If you have a spouse who is on disability, this can also influence the amount of income that you may have before you are required to pay higher premiums.
Each year, the government makes changes and alterations to the Medicare system, among other programs, in an effort to reduce federal spending. This is why it is vital that you maintain current knowledge on the law and your options available. Additionally, knowing which type of Medicare you will be receiving will assist you in making the proper choice regarding the supplementation plan that you wish to use to help you ensure that all of your medical needs are taken care of with as minimal expense to you as possible.
Even if you do not yet qualify for Medicare, but are approaching retirement age, you should investigate the policies involved and the changes that are being proposed each year. Doing so will allow you to accommodate your plans so that you will not find yourself in a financial bind upon retirement. For instance, some people find that working an additional year may benefit them by providing more income from their retirement plan, or to allow certain investments to come to fruition prior to cashing them out.
If you have confusion regarding the Medicare 2019 premiums, you are not alone. The government system is complex, and not particularly designed for the layperson to grasp easily. This is why it may be advisable for you to speak with a professional regarding your decisions. If you have an accountant, make a consultation appointment to discuss this particular issue. If not, make certain to find a qualified individual who can help you navigate through the system so you do not encounter any surprises as the laws change each year.
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