Medicare Part B Premium: Will There Be an Increase?

Medicare part b premium

You may know about the Social Security boost this year. Along with the Social Security raise came a Medicare part B premium increase.

Medicare Part B Premiums

Most Medicare beneficiaries are required to pay a monthly Medicare Part B premium in order to receive medical care for things such as doctor visits and outpatient care. However, there are parts of Medicare, for eligible users, that will allow retirees to skip out on paying the additional premiums fees for the service.

Medicare Part B Premium

The Medicare Part B premium has been on the rise over the past years, but beneficiaries are looking for a break next year like was seen in 2012. The Center for Medicare and Medicaid Services are projecting the premium costs to stay at a flat rate in the coming year though.

Hold Harmless Provision

The only upside that Medicare beneficiaries have seen lately is the hold harmless provision. This provision is an agreement that both sides will not hold the other responsible. In other words, it prevents the Medicare Part B premium from rising for those whose Social Security cost of living adjustments (COLAs) can’t cover the added premium cost.

The provision helped a lot of beneficiaries from seeing the premium increases that affected the new enrollees, but it was only temporary.

Many retirees lost most of their scheduled Social Security COLAs to the higher premium costs now.

Stay tuned for news on Medicare Part B premium costs in 2019. 

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