Medicare Changes in 2021
Happy New Year! Congratulations on making it through one very tough and challenging year.
Every year, Medicare plans go under review, and their premiums, deductibles, and coinsurance amounts may change. While the rates do, unfortunately, tend to increase in price, it’s important to remember that your Medicare insurance is vital, and having this coverage will save you money in the long run. In today’s blog, we’ll be discussing the recent changes that have been implemented in Medicare deductibles and monthly premiums at the start of this year.
Which Plans Are Affected
This year, the only changes to standard rates on Medicare plans are on the deductibles for Part A and Part B as well as the premium for Part B. First, let’s break down what these two Medicare plans cover, which will help you better understand which of your plans have changed in price. Medicare Parts A and B, when enrolled in together, are often called Original Medicare as they are the foundation for all other Medicare plans. Part A includes hospital services and coverage, while Part B includes other healthcare coverage such as doctor’s visits. Usually, it is suggested that you do not have one Part without the other. Additionally, in order to qualify for certain supplemental Medicare coverage, you may need to be enrolled in Part A, B, or both. In all, it is crucial to remain on Medicare Part A and/or B if you are currently enrolled, regardless of the following price changes.
Medicare Part A Change
The deductible for Medicare Part A has increased from $1408 in 2020 to $1484 in 2021, effective January 1st.
Out of the three changes, this one is the most significant. Those who are enrolled in Medicare Part A will notice an increase of $76 on their standard deductible. As mentioned above, Medicare Part A is an important plan to have, as it covers your hospital expenses. Get in touch with The Medicare Enrollment Center if you have any questions about this deductible increase and to review your options for additional coverage.
Medicare Part B Change
The deductible for Medicare Part B has increased from $198 in 2020 to $203 in 2021, effective January 1st.
The monthly premium for Medicare Part B has increased from $144.60 in 2020 to $148.50 in 2021, effective January 1st.
This year, both the deductible and the monthly premium for Medicare Part B have increased. Less significant than the change for Part A, you will notice that your Part B deductible will increase by $5 and the premium will increase by $3.90. Medicare Part B plans cover all of your out-of-hospital healthcare expenses, so it is important to remain enrolled although the prices have increased. For more assistance and information regarding these Medicare Part B price changes, contact The Medicare Enrollment Center.
One-on-One Assistance at The Medicare Enrollment Center
Whether you are currently enrolled or you are turning 65 this year, get in touch with The Medicare Enrollment Center to help you better understand the world of Medicare and the plans that you are enrolled in. We are dedicated to saving people money and we believe that there is plenty of money to be saved in Medicare insurance alone. Let us review your current coverage and explore your options to see where we can save you money. Don’t wait, call Solomon Insurance Group and The Medicare Enrollment Center today!