The federal government recently announced changes to Medicare Part B costs in 2021. These are very mild changes to what beneficiaries will pay.
Medicare Part B Premium:
|Medicare Part B standard premium in 2020||$144.60|
|Medicare Part B standard premium in 2021||$148.50|
Medicare Part B Deductible:
|Medicare Part B deductible in 2020||$198|
|Medicare Part B deductible in 2021||$203|
The Medicare Part B deductible is basically the only out of pocket cost that is paid for those who have a Medicare Supplement Plan G. That deductible will not impact those on Medicare Advantage plans or who have Medicare Supplement Plan F, (which is no longer available to new enrollees.)
Medicare Annual Enrollment Period
The Annual Enrollment Period (AEP) for Medicare is going on NOW. This is the time of year that you can enroll in a Medicare Advantage plan or a Medicare Part D prescription drug plan for 2021. If you’d like to look at some options, please contact us today.