The two most significant changes will directly impact many San Luis Obispo seniors who rely on Medicare health insurance and whose monthly income includes social security benefits. Social Security declared that there would be no cost-of-living adjustment (COLA) for the upcoming year. In the last 40 years, this is only the third time that COLA has not been included in social security payments.
Those who presently have their Medicare premiums withdrawn from their social security payments and are not subject to income-related additional changes will continue to pay $104.90 per month. For all others, including those who pay their Medicare premium directly, and for those with higher income, the new, basic premium will be $121.80.
The premium for Part B of the Medicare health plan, which covers doctor’s visits and outpatient care, has been based on the beneficiary’s income since 2007. This means that those with higher incomes will pay a higher premium for Part B of Medicare in 2016 than they have in past years. This increased premium also affects new enrollees to the Medicare plan. While the 2015 premium was $104.90, the 2016 premium will be $121.80.
In addition, San Luis Obispo Medicare users will see increases in the deductibles and copays for Medicare benefits in 2016.
Many beneficiaries are confused and afraid of the financial impact of these 2016 Medicare changes. The Medicare San Luis Obispo specialists at Susan Polk Health Insurance Agency offer comprehensive health insurance plans which cover deductibles and copays, giving Medicare enrollees the protection and assurance they need. Medicare beneficiaries who work with Susan Polk feel confident in their future, knowing that their health expenses are covered through the most cost-effective plans.
For more information on how to get the most suitable Medicare plan, call the specialists at Susan Polk Health Insurance Agencyat (805) 544-6454.