In a release from the Railroad Retirement Board (RRB), the Centers for Medicare & Medicaid Services has announced that the standard monthly Part B premium will be $121.80 in 2016. However, most Medicare beneficiaries will not see an increase in their monthly Part B premiums because of a “hold harmless” provision in the law. Under that provision, Part B premiums cannot increase for current enrollees if there is no cost-of-living increase in social security benefits.
As a result, those individuals will continue to pay a monthly premium of $104.90, the same amount as in 2015. About 70 percent of Medicare beneficiaries will not see their Part B premiums increase due to this provision. However, the higher premium amount will apply to new enrollees in the program, and certain beneficiaries will continue to pay higher premiums based on their modified adjusted gross income.
Click here to read the full release from the RRB.
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