Medicare Part B Premiums to Increase Just $3.50 Per Month, Social Security Up $43
Contrary to the vast majority of expectations across the board, it would now appear that millions are actually destined for a break with their Medicare Part B premiums next year.
While the news may not exactly be anything to really throw a wild part over, monthly premiums for Medicare coverage of doctor visits and hospital outpatient services will, at least for most people increase by just $3.50 to a total of $99.90 for 2012, which is of course vastly less than had been suggested by government officials earlier this year.
As such, this now means that Medicare Part B premiums will only have risen by a total of 3.6% since 2008, which is a massive difference from the 20% increases many workers have seen in their employer-sponsored programs in the same time period.
For most, the increase marks the first in four years, mainly in light of a federal law which froze Part B premiums in the years when there was no cost of living adjustment (COLA) applied to Social Security payments. Of course, it was recently announce that the COLA for 2012 would be a welcome 3.6%.
This means that the monthly Social Security payments will now increase by a total of approximately $43 per month for retirees, beginning January 2012. Therefore, even after applying the increased to the Medicare Part B premiums, retirees will still be finding an extra $40 per month in their pockets.
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