The press and political rhetoric are full of talk about a tremendous increase in the Medicare premium for Part B in 2016.
However, if you currently pay the $104.90 standard premium not to worry, your premium will not increase in 2016.
Those beneficiaries who have to worry are those new to Medicare in 2016 and anyone paying above the standard premium. In other words, higher income Medicare beneficiaries are subsidizing the vast majority who are protected by the Social Security hold harmless provision.
But if you feel guilty by letting others pay your premium, take heart. If there is a Social Security COLA in 2017, you will get to make up what you didn’t pay in 2016.