Health and Education Updates
Medicare Part B Premium Changes Medicare Part B premiums may rise 52% in 2016 for some Social Security Recipients. Are you part of the 30% of Social Security Recipients who will be hit with the 52% increase in Part B costs? If you pay standard Part B premiums and have them deducted from your Social Security check, then you do NOT need to worry about this increase. Those who do face the increase include:
- People who pay higher-income Part B premiums
- People enrolled in Part B but pay premiums directly to Medicare (perhaps because they’ve delayed Social Security benefits)
- People who pay permanent penalties because they signed up late for Part B
- Those who are not yet enrolled in Part B, but will sign up in 2016
There are several great articles on the ironically titled “Medicare Hold-Harmless Provision.” Just google ‘Medicare 2016 premium increase’ and read the stories from Kiplingers, AARP, or other news sources.
Education Planning – FAFSA UPDATE The FAFSA (Free Application for Federal Student Aid) filing timeline is changing next year. Students will be able to file a 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date is a permanent change which will allow students to complete and submit a FAFSA as early as October 1 every year. (There is NO CHANGE to the 2016–17 schedule, when the FAFSA will become available January 1 as in previous years.)