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Medicare premiums will stay constant for most seniors

Print Posted by Jill Boynton December 8, 2010 10:14 AM

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There is some good news and some bad news when it comes to Medicare costs in 2011. Seniors will be happy to know that since there was no cost-of-living adjustment for Social Security benefits for 2011, there will also be no upward adjustment of the Medicare Part B premium that is deducted from the benefit. For most people that means the Part B premium stays at $96.40 or $110.50 per month (depending on when you signed up.)

The premium increases to $115.40 per month for those who sign up for Part B in 2011 and those whose premium is paid by Medicaid.

Seniors with high income (above $85,000 if single and $170,000 if married) will continue to pay more than $96.40. Click here for a table of income levels and associated premiums.

There is one new surprise for next year. High-income earners (same income thresholds as above) will also owe a new surcharge on their Part D premiums, ranging from $12 to $69.10 per month as income increases.

In addition the Medicare Part A deductible is going up from $1100 to about $1132 per month.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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Andrew Chan is the founder of Integrative Financial Advisors in Framingham. He provides comprehensive financial planning advice and investment management services. He has been an adviser for over 12 years and works with clients to integrate all aspects of their finances including investments, retirement, education funding, and tax planning.

Cheryl Costa is a principal at Forteris Wealth Management which is an independent, fee-only firm with offices in Framingham and Purchase, NY. She advises clients on investing, education funding, taxes and retirement planning. She has a BS from Worcester Polytechnic Institute and an MBA from Boston University and she is a Certified Financial Planner.

Jamie Downey has been an accountant for more than 14 years. He's a partner at Downey & Co. in Braintree. Prior to joining the firm, he served as a manager in the audit department of accounting firm KPMG.