The Centers for Medicare & Medicaid Services (CMS) released the 2021 Part B premium and deductibles recently.
While there is typically no premium for Part A coverage, beneficiaries enrolled in Medicare Part B pay a premium based on their income. 2021 rates are based on your 2018 reported income.
The majority of Medicare beneficiaries will pay the "standard" premium of $148.50 beginning in January as long as your 2018 income was less than $88,000 for single tax filers or $176,000 for joint filers. That is an increase of just under $4 per month from the standard premium of $144.60 in 2020.
Deductibles also increase from $198 to $203 for 2021. Once you have met your deductible, you'll typically pay 20% of the Medicare approved rate for services unless you have a Medicare Supplement or Medicare Advantage plan that covers these costs.
It's worth noting that many states, including Minnesota, have programs to help lower income residents pay these premiums. This can be a lifeline for many seniors and we will help you apply for extra help when you enroll in a plan.
Contact us today to discuss your Medicare options. You can also "window shop" for plans in your area on our Medicareful site:
