Part B Medicare Premium Likely to Increase for 2016

 Health insurance
Premium projected at $159.30

The projected 2016 premium  increase for Medicare Part B (Medical Services), is 52%, bringing the monthly amount from $104.90 to $159.30 starting in January.

How will you be affected?

If you are already receiving Social Security Benefits and having your Medicare Part B premium deducted from your monthly checks, you will not experience an increase. If you are turning 65 next year and not receiving Social Security Benefits, you will likely have to pay the increased fee. Although the increase is probably a temporary one, with experts predicting the 2017 premium to come down to about $122.00 a month, it is still a burden to anyone living on a fixed income. Democrats have introduced a bill that would freeze Medicare premiums at the 2016 level, and President Obama is working with Congress to lessen the projected increase, but the short-fall must be made up somehow, with Medicare recipients being the major source of shouldering the cost.