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Wednesday, December 13, 2017

Medicare Costs Going Up in 2018

Medicare recipients should be preparing for increased costs in 2018 that may or may not be covered by their Part B coverage.

Seniors on Medicare can anticipate an increase in premiums of 23 percent on doctor visits and outpatient care depending on how they are covered.

The Centers for Medicare & Medicaid Services (CMS) recently announced that the standard monthly premium will jump from $25 a month to $134 a month if they are paying a lower monthly premium as part of a hold harmless legal provision.  This includes approximately 70 percent of Medicare Part B enrollees.  

The purpose of the hold harmless provision was to keep Medicare Part B payments from rising more than the recipient’s Social Security cost-of-living adjustment, commonly known as COLA. After several years of low or no annual COLAs, Social Security recipients will get a 2 percent COLA increase in 2018.



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