The Centers for Medicare and Medicaid Services (CMS) announced on Thursday, November 10, that the standard monthly premium for Medicare Part B beneficiaries not receiving Social Security benefits will be $134 in 2017, a 10 percent increase from the 2016 premium of $121.80.
Medicare Part B beneficiaries who do not receive Social Security benefits make up about 30 percent of all Medicare beneficiaries, but they pay to cover most Medicare cost increases for all beneficiaries, according to CMS as reported by Healthcare Finance.
The remaining 70 percent of Medicare beneficiaries will pay an average premium of $109, compared to $104.90 for the past four years – an increase of about 4 percent. Their Part B premium rates are low due to hold harmless provision that prevents premiums from increasing beyond the Social Security cost-of-living adjustment (COLA). The Social Security COLA for 2017 is 0.3 percent.
Medicare Part B beneficiaries who do not benefit from the hold harmless provision include those who do not receive Social Security benefits, those who enroll in Part B for the first time in 2017, and those who pay an income-related premium.
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