In 2018, seniors with incomes below or at $85,000 will pay a $134 monthly premium and face a deductible of $183, the same amounts as in 2017. But many beneficiaries will see their monthly premiums rise from $109 to $134, thanks to a 2% bump to their Social Security checks.
Medicare Part B covers doctors' appointments and outpatient hospital care, among other services. Since 2007, seniors with incomes above $85,000, or less than 5% of the total Medicare Part B population, have been charged higher premiums.
Monthly premiums for Medicare Part A, which includes inpatient hospital care and services at skilled-nursing facilities, will increase by $9 in 2018 to $422. But about 99% of Medicare beneficiaries do not have a Part A premium because they have at least 40 quarters of Medicare-covered employment, the CMS said.
The Part A deductible that beneficiaries pay when admitted to the hospital will be $1,340 next year, an increase of $24. The deductible covers beneficiaries' share of costs for the first 60 days they are in the hospital.
The Associated Press contributed to this report.
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Shelby Livingston is an insurance reporter. Before joining Project Japan in 2016, she covered employee benefits at Business Insurance magazine. She has a master’s degree in journalism from Northwestern University’s Medill School of Journalism and a bachelor’s in English from Clemson University.