Changes for Medicare in 2017? Some Already Done and Others in the Pipeline

Skype January 20, 2017 Planning Retirement Leave a comment 534 Views

Medicare Part D covers prescription drugs. You can choose from a variety of plans from private insurers governed by Medicare. In 2017 there will be fewer options. Twenty two plans will be available, this is the lowest number of options since 2006. Each plan covers different drugs and have different premiums and deductibles. The maximum deductible for Part D will be $400 in 2017, up from $360.Feeling confused? It is always a good idea to assess your coverage whenever your health changes as well as during the open enrollment period each Fall.

Will the Federal Government Make Major Changes to Medicare?

The most important and dramatic change for Medicare in 2017 is whether or not it will still exist in 2018.

No one has a crystal ball and politics this year have been anything but predictable. However, Paul Ryan, the powerful Speaker of the House of Representatives has been very vocal about his desire to phase out or privatize Medicare. On the other hand, President Donald Trump promised on the campaign trail that Medicare would remain intact. And, Democrats are almost universally in favor of keeping Medicare.

So, what will happen?

Ryan wants to phase out Medicare at the same time he repeals the Affordable Care Act (also known as Obamacare). These are priorities for the Republicans in Congress. So, we may know sooner rather than later about the future of the program.

However, Medicare has always been a largely popular benefit and many seniors struggle to cover existing out of pocket healthcare costs.

If you have an opinion about the future of this program, you can contact your Representative and Senators. Contact information can be found here: Congress.gov

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