The Cost of Medicare

Those of you who particiapte in Medicare have probably heard that the monthly premium for Part B will be $134 in 2018.  Although this figure has not increased from 2017, it does not mean that Medicare will cost the same in the coming year.

A large percentage of Part B enrollees have been covered by a “hold harmless” provision in the law that assures that the premiums can’t increase more than the Cost of Living increase for Social Security benefits.  Since those increases have been very small in the past several years, their Part B premiums have been held at a lower number (usually about $109 per month).  Now that Social Security will be increasing by 2% for 2018, those participants’ Part B premiums will increase as well.

The annual deductible for Part B of $183 will be the same in 2018 as it has been in 2017.  However, the deductible for a hospital stay covered by Medicare Part A will increase by $24 to $1,340 in 2018.  For participants who remain in the hospital for more than 60 days per benefit period, the daily co-pay for days 61-90 will increase by $6 to $335 per day. And the daily co-pay for a stay in a skilled nursing or rehab facility covered by Medicare Part A after the first 20 days is increasing by $3 to $167.50 per day.

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