Premiums for Medicare Part B will rise by a modest amount in the new year. The average premium for Part B, which covers physician services, outpatient hospital services and medical equipment, will rise to approximately $109 for most retirees, according to an announcement from the Centers for Medicare & Medicaid Services. That’s just slightly more than the typical premium of $104.90, which has been in place for the last four years. Medicare’s premiums didn’t rise by much because they’re tied to Social Security’s cost-of-living adjustment for benefits in 2017. The Social Security Administration announced a 0.3 percent increase in benefits in October. A “hold harmless” rule protects about 70 percent of recipients from large Medicare premium hikes during years in which the Social Security COLA is low. Those individuals, on average, will be paying $109 each month for their Part B coverage in January. The remaining 30 percent of older Americans, however, are not covered by this provision and will face higher costs. For those people, they will be paying a standard monthly premium of $134 for 2017, up from $121.80 in 2016. See the article below for premiums that will be paid by the highest income beneficiaries.

CNBC

About Jerry

Jerold E. Rothkoff, a practicing New Jersey and Pennsylvania attorney, is the Principal of the Rothkoff Law Group, an elder care law firm. Jerry dedicates his practice to serving clients in the areas of life care planning, long-term care planning, Medicaid & VA benefits, and advocacy for the elderly and disabled. He is past President of the NJ Chapter of the National Academy of Elder Law Attorneys, former chair of the elder law section of the NJ State Bar Association, and past President of the Life Care Planning Law Firm Association. Jerry continues to be an outspoken advocate for the rights of the elderly and disabled. He writes for and gives presentations regularly to attorneys and other professionals about legal issues related to seniors and those with disabilities. Jerry’s community activities include the Twilight Wish Foundation, the Delaware Valley Stroke Council, the Alzheimer’s Association, as well as numerous other advocacy groups. When not in the office, Jerry spends time with his wife, Erica, and their five children, eighteen-year old identical twin girls, Liza and Julia, fifteen-year old fraternal twin boys, Evan and Gregory, and six-year old Aitan.

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