November 9, 2019

Uncategorized

On November 8, 2019, the Centers for Medicare & Medicaid Services (CMS) released the 2020 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs….

https://www.cms.gov/newsroom/fact-sheets/2020-medicare-parts-b-premiums-and-deductibles

Part B  2019 and 2020 Comparisons

  2019 2020
Monthly Premium $135.50 $144.60
    *increase of $9.10
Deductible $185 $198
    *increase of $13

 

Part A Deductible 2019 and 2020 Comparisons

  2019 2020
Inpatient hospital deductible $1,364 $1,408
Daily coinsurance for 61st-90th Day $341 $352
Daily coinsurance for lifetime reserve days $682 $704
Skilled Nursing Facility coinsurance $170.50 $176

 


The standard monthly premium for Medicare Part B enrollees will be $144.60  for 2020.

More about Part B: 

Original Medicare Part B (also known as Medical Insurance) covers outpatient hospital / emergency room visits, some preventative care, and physician services.  As it was announced on 11/08/19, the Part B monthly premium  will be $144.60, which is an increase of $9.10 from the $135.50 it was in 2019. (This is quite a jump from the $1.50 increase from 2018 to 2019).

The annual deductible will be $198, an increase of $13 from 2019. (This is also quite a jump from the $2 increase from 2018-2019). After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and Durable medical equipment (DME).

The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs. These higher costs have a ripple effect and result in higher Part B premiums and deductible.

*Medicare Advantage Plans and Medicare Prescription Drug Plans are unaffected by this


 

The standard annual deductible for Medicare Part A beneficiaries will be $1,408 in 2020. 

More about Part A:

Original Medicare Part A (also known as Hospital Insurance) covers inpatient hospital care, skilled nursing and home health care. As it was announced on 11/08/2019, the annual deductible for Part A will be $1,408an increase of $44 from 2019’s cost of $1,364. 

This deductible covers beneficiaries’ share of costs for the first 60 days of inpatient hospital care in a benefit period. 

*This only pertains to enrollees who have 40 quarters of employment

For more information on the 2020 Medicare Parts A and B premiums and deductibles (CMS-8068-N, CMS-8069-N, CMS-8070-N), please visit https://www.federalregister.gov/public-inspection.


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