Our UFT retirees did a tremendous job of pressuring members of Congress to agree on a bipartisan budget compromise that helped halt skyrocketing Medicare premiums and deductibles.
There will be an increase in the 2016 Medicare Part B monthly premium, as the Centers for Medicare & Medicaid Services announced on Nov. 10.
However, because there was no increase in the cost-of-living adjustment (COLA) for Social Security benefits in 2016, 70 percent of Part B Medicare enrollees will not have to pay higher Part B premiums in 2016 due to the so-called “hold harmless” provision in the Social Security law. They will continue to pay the same monthly premium of $104.90 as they did in 2015. That is due in large part to our work.
The 30 percent of enrollees who will pay a higher monthly premium, which will range from $121.80 monthly (or higher, depending on income), fall into one of these five groups:
- You enroll in Part B for the first time in 2016
- You don’t receive Social Security benefits
- You’re directly billed for your Part B premiums
- You have Medicare and Medicaid, and Medicaid pays your premiums (your state will pay the standard premium amount of $121.80)
- Your modified adjusted gross income as reported on your IRS tax return from two years ago is above a certain amount.
If you’re in one of these five groups, here’s what you’ll pay:
|If your yearly income in 2014 (for what you pay in 2016) was||You pay (in 2016)|
|File individual tax return||File joint tax return||File married and separate tax return|
|$85,000 or less||$170,000 or less||$84,000 or less||$121.80|
|Above $85,000 up to $107,000||Above $170,000 up to $214,000||Not applicable||$170.50|
|Above $107,000 up to $160,000||Above $214,000 up to $320,000||Not applicable||$243.60|
|Above $160,000 up to $214,000||Above $320,000 up to $428,000||Above $85,000 and up to $129,000||$316.70|
|Above $214,000||Above $428,000||Above $129,000||$389.80|