A few days ago, CMS put out a press release outlining the monthly premiums for Medicare in 2021. Changes in premiums from year to year are always a concern for those on Medicare, and it was also projected that Medicare spending would increase in 2021 due to various factors caused by the pandemic. Luckily, Medicare premiums are staying stable. This was accomplished through various recent legislation, which should hopefully put the minds of those on Medicare at ease.
Specifics:
Medicare Part B covers various services not covered by Part A. These include outpatient hospital services, home health, medical equipment, and more. The ‘standard monthly premium’ for those enrolled in Medicare Part B will rise by only $3.90, making it $148.50 for 2021. Meanwhile, the annual deductible for Part B also rose by just $5. That deductible is now $203. As for Part A? Around 99 percent of those on Medicare do not pay a Part A premium. The Part A inpatient (hospital admittance) deductible will increase from $1,408 to $1,484 in 2021. Medicare Advantage plans and Part D plans are ‘at historic lows,’ according to CMS–a fact that is unrelated to this most recent announcement.
What does this mean for you?
Overall, you can rest assured that your Medicare premiums and deductibles are staying stable with very slight increases. In addition to original Medicare remaining stable, we are seeing Medicare Advantage plans continue to decrease in cost and increase in benefits. As we are still in the middle of the Open Enrollment Period, feel free to contact us at (208)918-0201 or email us at danielinsuranceidaho@gmail.com to review your plan options and make sure you have a plan that meets all your needs.