Medicare Insurance Part B premiums won’t be going up next year – not officially, anyway. CMS has announced the Medicare numbers for 2018, and they look pretty good.
$134 – This is what the standard monthly premium for Medicare Part B will be in 2018. Note that this was also the standard monthly premium for Medicare Part B in 2017. In other words, there’s no change to the standard premium. The actual amount people pay, however, may change because of the hold harmless provision, which ensures that people do not see a decrease in their Social Security benefits due to an increase in the amount deducted for Medicare.
$109 – This is the average Medicare Part B monthly premium paid by people who had their premium deducted from their Social Security benefits in 2017. It’s lower than the standard monthly premium –by $25 – because of the hold harmless provision. For 2018, Social Security benefits will increase by 2 percent. People who paid $109 in 2017 will pay more for Medicare Part B in 2018, but they will not see a decrease in their Social Security checks.
$183 – This is the Medicare Part B annual deductible for 2018. This was also the Medicare Part B annual deductible in 2017.
$1,340 – This is the Medicare Part A annual inpatient hospital deductible in 2018. In 2017, the Medicare Part A annual inpatient hospital deducible was $1,316. That an increase of $24.
$7,560 – This is the 2018 resource limit for individuals who qualify for the full low-income subsidy. For married couples, the full low-income subsidy resource limit is $11,340. For other low-income subsidies, the limit is $12,600 for individuals and $25,150 for married couples.
$30 – This is the average monthly premium for Medicare Advantage in 2018. This is a decrease of $1.91, or 6 percent, from the average premium of $31.91 in 2017.
$33.50 – This is the average monthly premium for Medicare Advantage prescription drug plans in 2018. This is a decrease of $1.20 from the average premiums of $34.70 in 2017.
CMS Administrator Seema Verma said, “Medicare’s top priority is to ensure that beneficiaries have choices for affordable, high-quality care that fit their needs. Next year, no beneficiary protected by the hold-harmless provision will see a Part B premium increase that is greater than the increase in their Social Security benefits. We encourage Medicare beneficiaries to explore their options to make an informed choice between Original Medicare and Medicare Advantage before Open Enrollment ends on December 7.”