Medicare Premiums Increasing in 2016
Recently, you have seen in the media discussion on Medicare B premiums increasing in 2016 by 52% for every 7 in 10 Medicare Beneficiaries. If you have not started drawing Social Security, then your Medicare increase is not capped, which means this affects you. For some of you, you may be deferring your Social Security benefits to maximize your benefit and may be wondering if that is the best choice for you.
While it is important to understand these recent changes in Medicare premiums, I believe it is more important to understand how these changes may affect you. Obviously, you cannot control the cost of Medicare. Instead, my advice is to focus on what you can control and be proactive with planning to see how these changes may affect your long-term financial security.
For example, if you are deferring taking your Social Security benefit and the increase in deferring your benefit is greater than the increase in your Medicare premium, then it may make sense to continue deferring your Social Security. However, for some of you, it may not make sense at all to continue to defer.
My recommendation is to sit down with an advisor that understands these issues and has experience in this area of planning that can go through your specific situation. We believe that having a healthcare plan is a core component to an effective retirement plan. You are welcome to give our office a call (775) 853-9033 and schedule your complimentary Complete Planning Review today.