Some of you are probably getting notices now about how much your Medicare Part B premium will be in 2011. For most beneficiaries, they won’t change because their Social Security payments won’t go up. But for those of you who don’t have it taken out of your Social Security or Railroad Retirement payment, or who are subject to the Part B high income premium surcharge, you will see an increase, to $115.40. And those of you who are subject to that surcharge (it’s between $46.10 and $253.70 per person per month – see the blog I posted 11/15/10), you get the double whammy of the increased rate PLUS the surcharge! But wait, it’s really worse – the increase in the basic Part B premium from $110.50 to $115.40 is partly due to the fact that someone has to make up the difference stemming from the situation that about three-quarters of Part B beneficiaries are paying a reduced rate (most of them $96.40) and SOMEONE has to make up difference, and that someone is you. (And, ironically, state governments who are subsidizing the Part B premiums of less well-to-do beneficiaries.) So if you feel a little burdened, it’s because you are!
Oh, and the quadruple whammy? If you are subject to the Part B high income surcharge and you also have Part D, in 2011 you will also pay a high income surcharge for your Part D prescription drug benefit. But not to worry, the surcharge is much less than Part B’s. It runs from $12.00 to $69.10 per person per month. (My posting of 10/04/10 has the details.)
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