November 10, 2020

Uncategorized

On November 6, 2020, the Centers for Medicare & Medicaid Services (CMS) released the 2021 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs….

The standard monthly premium for Medicare Part B enrollees will be $148.50 in 2021.

Part B  2020 and 2021 Comparisons
 20202021
Monthly Premium$144.60$148.50
  *increase of $3.90
Deductible$198$203
  *increase of $5

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 11/06/20, the Part B monthly premium will be $148.50, which is an increase of $3.90 from 2020. (This increase is less than the $9.10 increase we saw in 2019-2020.)

The annual deductible will be $203, an increase of $5. (This is also less than the $13 increase we saw from 2019-2020.) 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 $1,484 in 2021

Part A Deductible 2020 and 2021 Comparisons
 20202021
Inpatient hospital deductible

$1,408

$1,484
*increase of $76

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 11/06/2020, the annual deductible for Part A will be $1,484an increase of $76. (This is a jump from the $44 increase in 2019-2020.)

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 htps://www.cms.gov/newsroom/press-releases/2021-medicare-part-b-premiums-remain-steady


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