News from Social Security
* There will be a 0.3% Social Security COLA increase for 2017. Many of you will have already received your notice of the 2017 benefit from the Social Security Administration.
* Changes are coming for those who were born between 01/02/1955 through 01/01/1956. Their full retirement age will be 66 and 2 months.
Medicare Cost-Sharing for 2017
* Medicare Part A premium will increase to $413/month for those who have not worked enough quarters to receive Part A for free or a reduced cost.
* The standard Medicare B premium for 2017 will be $134 This will affect new enrollees. For most of those already on Medicare B it will remain under $109/mo. For those making over $85,00 for singles and $170,000 for couples, please go to Medicare.gov to see your premium
Deductible and co-pay changes:
Part A – hospital deductible per benefit period of 60 days - $1,316
Hospital co-pays: Days 1-60- $0; Days 61-90: $329; Days 91 and on: $658.
Skilled Nursing Facility (Rehabilitation) co-pays: Days 1-20: $0; Days 21-100: $164.50
Part B, Outpatient Deductible will be $183/year, cost sharing will remain, for the most part, at 80% paid by Medicare, and 20% responsibility of patient.
*Please note that if your income is at or below $2,435.40 / mo for singles and $3,284.10/ mo for couples , you may be eligible for the Medicare Savings Program and the State will pay your Medicare part B (and possible Part A, if needed)premium for you. It also provides automatic enrollment into the Federal Low Income Subsidy program(LIS) which can eliminate or reduce your Medicare D(prescription drug) premiums and give you lower co-pays.