After holding steady at $104.90 a month for four years, the standard Medicare Part B premium that most recipients pay will ri...Read more
Medicare's Basic Part B Premium to Stay at $104.90 for 2015
- January 27th, 2015
The Centers for Medicare and Medicaid has announced the Medicare premiums, deductibles, and coinsurances for 2015. For the second year in a row, both the standard Medicare Part B premium of $104.90 a month and the Part B deductible of $147 will remain the same. Meanwhile, cost-sharing for hospital and skilled nursing stays will rise slightly. In a statement, Secretary of the Department of Health & Human Services Sylvia Burwell attributed the stabilization of Part B premiums to cost savings from the Affordable Care Act, aka "Obamacare."
Here are all the new Medicare figures:
- Part B premium: $104.90/month (unchanged)
- Part B deductible: $147 (unchanged)
- Part A deductible: $1,260 (was $1,216)
- Co-payment for hospital stay days 61-90: $315/day (was $304)
- Co-payment for hospital stay days 91 and beyond: $630/day (was $608)
- Skilled nursing facility co-payment, days 21-100: $157.50/day (was $152)
Higher-income beneficiaries will pay higher Part B premiums. The amounts for 2015 will remain unchanged from 2014 as well:
- Individuals with annual incomes between $85,000 and $107,000 and married couples with annual incomes between $170,000 and $214,000 will pay a monthly premium of $146.90 (unchanged).
- Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000 will pay a monthly premium of $209.80 (unchanged).
- Individuals with annual incomes between $160,000 and $214,000 and married couples with annual incomes between $320,000 and $428,000 will pay a monthly premium of $272.70 (unchanged).
- Individuals with annual incomes of $214,000 or more and married couples with annual incomes of $428,000 or more will pay a monthly premium of $335.70 (unchanged).
Rates differ for beneficiaries who are married but file a separate tax return from their spouse:
- Those with incomes between $85,000 and $129,000 will pay a monthly premium of $272.70 (unchanged).
- Those with incomes greater than $129,000 will pay a monthly premium of $335.70 (unchanged).
The Social Security Administration uses the income reported two years ago to determine a Part B beneficiary's premiums. So the income reported on a beneficiary's 2013 tax return is used to determine whether the beneficiary must pay a higher monthly Part B premium in 2015. Income is calculated by taking a beneficiary's adjusted gross income and adding back in some normally excluded income, such as tax-exempt interest, U.S. savings bond interest used to pay tuition, and certain income from foreign sources. This is called modified adjusted gross income (MAGI). If a beneficiary's MAGI decreased significantly in the past two years, she may request that information from more recent years be used to calculate the premium.
Local Elder Law Attorneys in Ashburn, VA
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
Those who enroll in Medicare Advantage plans may have different cost-sharing arrangements. On average Medicare Advantage premiums are expected to rise $2.94 a month to $33.90 in 2015.
For more information on the Medicare figures, click here.
For Medicare's "Medicare costs at a glance," click here.
For more about Medicare, click here.
Last Modified: 01/27/2015