Changes to Medicare that will impact you occur yearly. It’s important to understand what you can expect and what will be expected of you when using your health insurance. Being informed and trusting experts can help you to make decisions that will benefit you. Let’s explore some of the differences in Medicare for the year 2021.
Premiums and Deductibles
Those who paid their Medicare tax and worked more than forty quarters don’t have to pay the Part A premium. Those who worked between thirty and thirty-nine quarters will pay $259 per month. If a person paid fewer than thirty quarters of tax, they will be responsible for $471 per month. The Part B premium is standard at $148.50, although it can be adjusted based on larger incomes. The deductible for Medicare Part A has increased by $76 in 2021, now $1484. The Part B deductible is $203, only having increased by $5 in 2021.
Patients needing care for a period longer than sixty days are subject to a coinsurance cost. Medicare Part A is charging patients $371 per day after the sixty days. After ninety days, the cost rises again to $742 per day. Both of these charges have increased from 2020 by $20-$40.
Medicare part D plans vary and are income adjusted. Deductibles may also vary depending on your chosen plan. Participants pay a quarter of the cost of medications after meeting their deductible. They can pay much less after meeting an out-of-pocket maximum of $6550.
One change that will positively impact many people is a decrease in the copay for insulin. Starting this year, over a thousand Advantage and Part D plans are charging $35 or less for the drug needed by so many diabetic patients. Another positive note is a result of an amendment to the 21st Century Cures Act. Now, all end-stage renal disease patients eligible for Medicare will be able to enroll in Advantage plans. The growing need for telehealth in response to the coronavirus pandemic has led to increases in services offered. Now telehealth is being covered in specialties like dermatology, psychiatry, and cardiology.
There are more advantage plans available for 2021, nearly five thousand according to the Centers for Medicare and Medicaid Services. The premiums for these plans are much less costly than in recent years. In fact, these premiums are lower than they’ve been since 2007. The open enrollment period for advantage plans ends on March 31. Therefore, participants can change their plan if they wish to before that date.
Many factors must be evaluated to make the important decision about which Medicare supplement and advantage plan to enroll in. It’s important to make this decision with the help of someone who is knowledgeable about what is best for your personal situation. The agents of Senior Benefit Services are experienced experts in how these plans can affect you. Let one of our agents be your trusted source of information and assistance.