Large Medicare Hike For 2017 Will Now Be Cut in Half

Some Medicare beneficiaries in 2017, mostly higher-income earners or people new to the system, were facing for their health care premiums would rise by as much as 22 percent next year – elevating the cost to an estimated $149 per month. Now it appears they will have to pay less than half that increase.

In October it was announced the Social Security cost-of-living adjustment (COLA) for 2017 would be 0.3 percent. This is the third consecutive year in which the nation’s 65 million seniors face little or no increase in their Social Security benefits, despite rising health care premiums and drug costs.

The Centers for Medicare and Medicaid Services, an agency of the Department of Health and Human Services, stepped in on Nov. 10th and announced that the 22-percent premium hike had been cut by more than half.

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