Medicare premiums, deductibles, and
co-payments change every year. Here's a handy crib sheet
for 2007:
Medicare Part
A:
(Covers inpatient hospital,
skilled nursing facility, and some home health
care). For each
benefit period Medicare pays all covered costs
except the Medicare Part A deductible during the
first 60 days and coinsurance amounts for hospital
stays that last beyond 60 days and no more than 150
days. |
| Part
A Premium: |
Participants with
more than 40 quarters of paid work history: $0
Participants with 30 to 39 quarters
of paid work history: $226 per month
Participants with less than 30 quarters of work
history: $410 per month. |
| Part
A Deductible: |
$992 per Benefit
Period. |
| Part
A Co-Payments: |
Hospital Days 61
through 90: $248 per day
Hospital Days 91 through 150 (Lifetime
Reserve Days): $496 per day |
|
Skilled Nursing Facility Coinsurance: |
$124.00 per day for days 21 through
100 each benefit period. |
Medicare Part B:
(Covers Medicare eligible physician services,
outpatient hospital services, certain home health
services, durable medical equipment) |
| Part B Premium: |
Starting January 1, 2007, Your Part
B Premium will be Based on Your Income. Most people
will pay the standard monthly Part B premium of
$93.50 in 2007. Some people will pay a higher
premium based on their modified adjusted gross
income.
Your monthly premium will be higher if you file an
individual tax return and your annual income is more
than $80,000, or if you are married (file a joint
tax return) and your annual income is more than
$160,000.
If you meet these criteria, Social Security will use
income from three years ago. For example, the income
reported on your 2005 tax return will be used to
determine your monthly Part B premium in 2007. If
your income has decreased since 2005, you can ask
that the income from a more recent tax year be used
to determine your premium, but you must meet certain
criteria.See the table below for 2007 High Income
premiums. |
| Annual Deductible: |
$131.00 per year. |
| Co-Payment: |
20% of the Medicare-approved amount
for services after the $131.00 annual deductible is
met. |
The chart
below shows the 2007 Part B monthly premium amounts
based on income. These amounts change each year. There
may be a late-enrollment penalty.
|
You
Pay |
If Your
Yearly Income is |
| |
Single |
Married Couple |
|
$93.50 |
$80,000 or
less |
$160,000 or
less |
|
$105.80 |
$80,001-$100,000 |
$160,001-$200,000 |
|
$124.40 |
$100,001-$150,000 |
$200,001-$300,000 |
|
$142.90 |
$150,001-$200,000 |
$300,001-$400,000 |
|
$161.40 |
Above
$200,000 |
Above
$400,000 |
| |
If You Are
Married but You File a Separate Tax Return From Your
Spouse, and Your Yearly Income is: |
|
$93.50 |
Under $80,000 |
|
$142.90 |
$80,001-$120,000 |
|
$161.40 |
Above $120,000 |
  |
