Medicare has announced the premiums and costs for the 2017 plan year. We have outlined the key costs you need to know below.
Part A Premium: While free for most people, those that must buy into Part A will pay up to $413/month based on their Social Security earnings history.
Part B Premium: $134/month
Note that the vast majority of beneficiaries will continue to be "held harmless" as a result of the paltry 0.3% Cost of Living Adjustment (COLA) for 2017. Their premium will be about $109/month on average. Actual amounts are dependent on their Social Security benefits.
Part D Costs:
Your monthly Part D premium depends on the plan you choose that best meets your needs.
Income Related Monthly Adjustment Amount (IRMAA):
Higher income earners will be subject to increased Medicare Part B & D premiums as outlined in the table below. Note that these income thresholds include any tax-exempt interest income as well.