With Social Security cutting back its usual cost-of-living increases for next year, we’ve had a few questions from seniors about how Medicare will be costing them next year, especially as they try to work through their choices during Medicare Open Enrollment Season.
Well, the good news is that Medicare Part B premiums for most seniors will not go up either. By law, since Social Security benefits will not be getting a cost-of-living adjustment next year, the 2011 monthly premium will stay at $96.40 for most people currently enrolled in Medicare, or $110.50 if you enrolled in the program this year.
• If you have an income of $85,000 to $107,000 as an individual or $170,000 to $214,000 as a couple, you will pay $161.50 per month for your Medicare Part B next year.
• If you have an income of $107,000 to $160,000 as an individual or $214,000 to $320,000 as a couple, you will pay $230.70 your Medicare Part B.
• If you have an income of $160,000 to $214,000 as an individual or $320,000 to $428,000 as a couple, you will pay will pay $299.90 your Medicare Part B.
• If you have an income of more than $214,000 or $428,000 as a couple, you will pay $369.10 your Medicare Part B.
Unfortunately, deductibles will be going up for everyone. The Medicare Part B will be going from $155 to $162 in 2011, and the Medicare Part A (hospital insurance) annual deductible will go up from $1,100 to $1,132 for hospital stays up to 60 days. That increases to $283 per day for days 61-90 and to $566 a day for days 91-150. And the skilled nursing facility co-payment for days 21-100 will increase to $141.50 per day (it’s currently $137.50).
Higher income seniors (those with incomes over $85,000 for individuals and $107,000 for couples will also be hit on their Medicare Part D prescription drug coverage. Starting next year, higher-income seniors who have a Medicare Part D prescription drug plan will pay an additional $12 to $69.10 per month, depending on their income, on top of regular Part D premiums
What you paying for your Medicare? Tell us about it!
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