Ritter Insurance Marketing, Craig Ritter

Social Security Increases and Medicare Part B Premium for 2012 Coming in October

10/20/2011 UPDATE:  Social Security benefit increase for 2012 was finalized yesterday at 3.6%.  Here is a link to my blog post on this along with some refinement of where the Medicare Part B premium for 2012 will land when it is announced the week of October 24th.

10/15/2011 UPDATE:  Medicare’s Annual Enrollment Period began today!  The Annual Enrollment Period (or AEP) runs from October 15th 2011 through December 7th, 2011.  To find information on your 2012 Medicare Advantage, Part D or Medicare Supplement options from a local insurance agent, click here.

Here is the Original Story:

Here is a link to an early story on the upcoming increases for Social Security Benefits and Medicare Part B premiums for 2012.  The number should be out in early to mid October.  The past 2 years, Social Security benefits have not increased due to the way that inflation is calculated.  Medicare beneficiaries are “held harmless” to Part B premium increases unless they are new to Medicare, in which case that get the higher premium.  About 75% of Medicare beneficiaries are paying the $96.40/month, however, those who were enrolled in Part B in 2011 are paying a much higher rate:  $115.40.

I’ll need to do a little research to see if there is a SS increase, if those paying the $96.40 will jump the whole way up to the $115.40, or if they will only get an increase based on their current premium.  A few years back, the Part B premium was pretty standardized, however, today there are a multitude of premium rates someone could be paying.

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