The leaves are changing color. You have spent all day raking your leaves. The nights are also getting shorter and the temperature has fall. When you notice these seasonal changes, depending on which part of the country you live in, you should also check your mail if you have Medicare health insurance coverage. There may be important information about the amount you will need to pay for Medicare premiums and co-insurance for the next year.
When Medicare Rate Changes Are Announced
The Medicare Premiums and Co-Insurance rate changes are announced well in advance of the actual rate hikes. Medicare recipients will receive notification in the mail about rate changes in September or October. The Medicare web site also conveys this information to people who use the Internet. The fall notification only involves how the rates change. The rates will not go up or down for a few more months yet.
When Do Medicare Rate Changes Take Effect
The Medicare Premiums and Co-Insurance rates do not change until the beginning of the new year, regardless of when they are announced. Although the rates can go up or down, depending on the cost of living, the premiums for Medicare Part B and Medicare Part C advantage programs usually increase at the start of each year. The rates do not always change for people earning less than $85,00 per year.
Will the Medicare Premiums and Co-Insurance Rates Change for Me?
It depends on the amount of income you receive from social security, pensions, and employments. People who earn less than $85,000 per year see very few increases, while people in the 85,000 dollars per year to 174,000 dollars per year range usually see moderate increases of about 15%. The changes vary yearly for people who earn more than $174,000 per year. The paperwork sent in the mail should have a table that explains how the changes will affect each individual. If the premiums become too high for a Medicare recipient, a state’s Medicaid program may be able to help.