It’s that time of year! Medicare Part B and D enrollees should have received notice in early December of changes to their premiums. Changes are effective 01/01/12 and will show on an enrollees next Social Security check, or premium invoice. These premiums can represent a significant cost for retirees and it’s important to always add them into one’s personal health expense budget calculations. The good news for 2012 is that premiums are dropping by more than 10%. For Part B, here’s the new premium table:
|
If your Annual Income is: |
You pay | |
| File Individual Tax Return | File Joint Tax Return | |
| $85,000 or below | $170,000 or below | $ 99.90 |
| $85,001-$107,000 | $170,001-$214,000 | $139.90 |
| $107,001-$160,000 | $204,001-$320,000 | $199.80 |
| $160,001-$214,000 | $320,001-$428,000 | $259.70 |
| Above $214,000 | Above $428,000 | $319.70 |
And, for Part D prescription drug coverage, here’s the new premium surcharge table:
|
If your Annual Income is: |
You pay | |
| File Individual Tax Return | File Joint Tax Return | |
| $85,000 or below | $170,000 or below | Your Part D premium |
| $85,001-$107,000 | $170,001-$214,000 | $11.60 + Plan Premium |
| $107,001-$160,000 | $204,001-$320,000 | $29.90 + Plan Premium |
| $160,001-$214,000 | $320,001-$428,000 | $48.10 + Plan Premium |
| Above $214,000 | Above $428,000 | $66.40 + Plan Premium |
To read the original press release from the Department of Health & Human Services, please go to: http://www.hhs.gov/news/press/2011pres/10/20111027a.html
If you know a Medicare enrollee that is in a higher income tier and they’ve had a significant decrease in their gross income, they should contact the Social Security Administration to have their premiums reviewed for a downgrade adjustment. For more details, and SSA contact information, start here: http://www.socialsecurity.gov/pubs/10536.html
January 13, 2012
Employee Benefit & HR News