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Trending in Healthcare - December 2016

 

Medicare Premium, Coinsurance, Deductible, and Therapy Caps Update for 2017

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The Centers for Medicare and Medicaid Services ("CMS") just released the new Medicare premium, coinsurance, and deductible rates for 2017.

For in-patient hospital services furnished in calendar year ("CY") 2017, the deductible amount is $1,316 (an increase of $28 from 2016). The deductible covers all of a beneficiary's costs during days 1-60 of a Medicare-covered in-patient hospital stay. The daily coinsurance rates for in-patient hospital stays beyond day 60 through day 90 will be $329. If a beneficiary utilizes hospital lifetime reserve days during 2017, the coinsurance amount per day will be $658.

For skilled nursing facility services furnished in calendar year 2017, the daily coinsurance rate for Medicare days 21 through 100 will be $164.50. This is an increase of $3.50 from 2016.

The Part B medical insurance for those who meet the "hold harmless" provision for 2017 will increase to $109, compared to $104.90 for the past four years. The Part B deductible also increased to $183 for 2017. This is an increase of $16.

The following chart summarizes the Part B premiums for those who are subject to the income-related additional premium amounts:

Beneficiaries who file an individual tax return with income: Beneficiaries who file a joint tax return with income: Income-related monthly adjustment amount: Total monthly premium amount:
Less than or equal to $85,000 Less than or equal to $170,000 $0.00 $134.00
Greater than $85,000 and less than or equal to $107,000 Greater than $170,000 and less than or equal to $214,000 53.50 187.50
Greater than $107,000 and less than or equal to $160,000 Greater than $214,000 and less than or equal to $320,000 133.90 267.90
Greater than  $160,000 and less than or equal to $214,000 Greater than $320,000 and less than or equal to $428,000 214.30 348.30
Greater than $214,000 Greater than $428,000 294.60 428.60

Some individuals who have fewer than 40 quarters of Medicare-covered employment choose to purchase Medicare Part A benefits by paying a monthly premium. The Part A premiums for those with fewer than 30 quarters of coverage will be $413 per month, an increase of $2 from 2016. For individuals with 30 to 39 quarters of coverage, the reduced premium will be $227, a decrease of $1 from 2016.

Outpatient therapy caps for physical therapy and speech language pathology combined will see an increase from $1,960 to $1,980 for CY 2017. Occupational therapy will also see a $20 increase from last year to $1,980 for CY 2017.

If you have questions regarding Medicare premiums, coinsurance, deductibles, or therapy caps for 2017, please contact your Marcum advisor.

 
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