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Beginning October 15, 2016 to December 7, 2016 (open enrollment) is the time to review your Medicare Supplemental coverage and monthly costs for the following year, that being 2017.
In addition to reviewing your supplemental coverage; Medicare part B may have some financial impact next year if your income is higher than $85,000 for individuals ($170,000 if filing jointly). Some may see increases of over 50 % in Part B premiums.
Part B covers 2 types of services
2. Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.
You pay nothing for most preventive services if you get the services from a health care provider who accepts assignment.
I provided a short video explaining the benefits of Medicare Part B
There will be no Social Security cost-of-living adjustment, or COLA, in 2016, which will leave the benefits of nearly 65 million people no higher next year than they were this year. It’s the third time since 2010 that this has happened.
There will be no cost of living increases in social security (COLA) for 2016, therefore 70 % of Medicare participates will not see any increase in the Part B of Medicare. The zero COLA means that 70% of all Medicare beneficiaries will continue in 2016 to pay the same $104.90 monthly Part B premiums they are paying this year.
During the open enrollment period stated above, you will have the option to review your supplemental insurance coverage for Medicare and make changes if necessary. This means comparison shopping several insurance companies for coverage and cost of premiums.
Don’t forget to look into Medicare Part D (drug plans) as well; the enrollment dates apply to Part D.
Insurance companies do not reward its customers for being loyal customers, so it will be in your best interest to shop around for the best premium rates and coverage. Remember you have only until December 7, 2016 to make any changes.
Visit my blog to view a video pertaining to Medicare Coverage.
