Seniors with higher income should prepare for higher Medicare premiums

The Obama administration's heathcare reform packaged revised a number of measures in Medicare, most notably closing the doughnut hole that could have forced some seniors pay for their own prescription drugs. However, there is also legislation that requires retirees who made an income over $80,000 (or $170,000 for couples) pay higher Medicare Part B premiums each month, according to SeniorJournal.com.


This year, wealthier seniors living under Medicare will pay anywhere from $161.50 to $369,10, compared to the normal premium of $115.40.

Some experts fear that these expenses may actually make many affluent older adults leave the system altogether and become enrolled with a private insurer. In turn, this could boost the prices for other retirees.


Still, the policy has its supporters.


"Given where we are fiscally in this country, I really don't have a big problem with making that argument that we ought to be asking seniors in that income category to pay a larger share," said James Capretta, a fellow at the Ethics and Public Policy Center, according to the news provider.


Those who are enjoying a healthy retirement living may also want to consider setting aside additional funds for unanticipated medical expenses. One report by the Employee Benefit Research Institute suggests that a women who want a 90 percent chance of full coverage that she is covered should save $152,000.


© Copyright