Medicare Premium Increases Partially Averted
Submitted by Grunden Financial Advisory, Inc on November 4th, 2015The same time it was announced Social Security recipients won’t receive any increases in their benefits in 2016, the government was announcing that certain Medicare participants would be paying dramatically higher premiums for Medicare Part B, the highest price jump in the program’s history. Under Social Security and Medicare rules, the government is required to collect 25% of all expected Part B costs from recipients each year—in the form of premiums. The total Part B cost is anticipated to reach $171.2 billion 2016 and would have resulted in historic premium increases.