According to a recent report by CNBC, Medicare Part B premiums are expected to rise for millions of seniors across the country in 2018, putting even more financial strain on elders trying to enjoy their golden years while living on fixed incomes. The increased costs means many seniors should prepare to pay more for their doctors visits and outpatient care.
An estimated 70 percent of Medicare Part B enrollees paying lower monthly premiums due to the “hold harmless” rule will likely see their monthly premiums jump from $25 to $134, over the average of $109 per month in 2017. The hold harmless provision is a legal clause that prevents an individual’s premiums from rising more than their Social Security cost of living adjustment for that year.
The extra amount enrollees pay will go towards paying the full amount of the $134 Part B premium and fortunately, for an estimated 28 percent of those individuals, they will still pay below that capped amount. Even higher income earners, those making $85,000 or more, will remain unchanged with rates varying from $187.50 to $428.60.