No change to standard Medicare premium next year: Good news, or not?
The Centers for Medicare and Medicaid Services (CMS) have revealed that the standard Medicare Part B premium for new enrollees will not change for 2018. That’s good news, right? Well, not necessarily for the 70% of Social Security recipients who have their Medicare premium deducted from their Social Security benefit. Current Social Security beneficiaries who have been protected by the “hold harmless” provision pay less than the standard $134 Part B premium now, and the COLA increase will be applied to their premium to bring it up to the standard. That could mean that the average Social Security beneficiary won’t see any of the COLA increase because they’ll be paying a larger Medicare premium. This Investment News article by Mary Beth Franklin explains details of the effect of Medicare premiums on Social Security benefits. Click here to read more.