Since Medicare’s inception in 1966, the Part B premium had risen an average of 7.7 percent per year. But in 2017, it increased nearly 28 percent for certain Medicare recipients. It turns out there is a way for you to limit those cost increases. The question is, should you?
Let’s start with a quick review of Medicare. Part A, hospital insurance, covers in-patient hospital stays, surgeries and post-hospital skilled nursing care. If you have contributed to Social Security for 40 quarters or more, you are entitled to Medicare Part A coverage once you reach age 65 at no cost. You also may be entitled to Part A coverage without having to pay a premium through your spouse or based on other extenuating circumstances.