The 2021 Medicare part B premium is increasing slighlty to $148.50/mth. Also the annual deductible for dr visits is increasing to $203/ year.
The standard Part B premium amount in 2020 will be $144.60. Most people will pay the standard Part B premium amount. If you modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium
Part B deductible & coinsurance
You pay $185 per year in 2019 ($198 in 2020) for your Part B Deductible. After your deductible is met, you typically pay 20% of the Medicare-approved amount for these:
The 2020 Medicare Part B Premium Is Expected to Rise
The standard Part B premium is $135.50 per month in 2019.
The 2019 Social Security and Medicare Trustees’ Report projects the standard premium for
Medicare Part B will increase to $144.30 per month in 2020.
If the 2020 projection is accurate, it would represent an increase of 6.5 percent.
When you enroll in Medicare, a letter generates to inform you that your application is being processed. That letter contains a number that some people misinterpret as their Medicare number. See the answer to the question "Is a BNC number the new Medicare number?" below:
No, although both have the same purpose: to reduce the visibility of your Social Security number on government documents.
The new Medicare number is a new number that doesn't include your Social Security number. New cards with the new numbers are being mailed out now.
The BNC (Beneficiary Notice Code) is unique to every document. Here's the government's explanation of the BNC:
In concert with the Centers for Medicare and Medicaid Services’ efforts to remove the SSN from Medicare cards, in FY 2018 we plan to replace SSNs with BNCs on benefit verification notices, which account for approximately 11 million mailed documents. We will also replace SSNs with BNCs on approximately 28 million Social Security post-entitlement notices, and on certain mailed documents sent to appointed representatives, which account for an additional 2.6 million mailed documents.
My previous post stated the government was not increasing the part B deductible for 2019. Well, I guess they changed their mind. It is increasing by $2.00 annually, the new deductible for part B (dr visits)will be $185/ year.
Good news, the part B Medicare deductible will remain $183 for the 3rd year in a row! I'm very happy that seniors will not have to pay more out of pocket costs as they start the year with doctor's visits.
Here's some good info:
Medicare 2019 Part B Premiums, Deductible and CoinsuranceMedicare Part B covers two areas of services:
In 2019, the Medicare Part B deductible will be $183. Once the deductible has been met, the recipient is responsible for paying twenty percent coinsurance of the Medicare-approved amount for the following:
Here's an interesting article about the Medicare Part D prescription drug plans and an attempt to make the "donut hole" out of pocket costs less expensive for people on Medicare:
The Medicare Access and CHIP Reauthorization Act (MACRA) helps prevent fraud and identity theft, while also protecting taxpayer dollars. MACRA requires that all Medicare beneficiaries be assigned a New Medicare Number, which is randomly generated and does not identify with the beneficiary's personal information.
Medicare is a national health insurance plan provided by the government. When you purchase a Medicare Supplement plan (Medigap plan) from a private insurance company, the plans are strictly regulated by the federal and state government. Many people confuse a Medicare Supplement plan ( Medigap plan) with a Medicare Advantage plan. Often people use the term "supplement plan" when they are referring to an "advantage plan". There are major differences between the coverages. If you do not understand those differences, you should really work with an agent who does. There is no cost to using an agent, they get paid by the carrier if you decide to purchase a plan.
MACRA has many components, one of which is a limit on first dollar coverage in certain Medicare supplement insurance plans for individuals considered "newly eligible" and a transition away from using Social Security numbers as identifiers. It also includes a change to the way Medicare pays healthcare professionals. Currently, healthcare professionals are paid based on the number of services they perform. MACRA allows for healthcare professionals to be compensated on quality of care as opposed to the number of services they perform.
"Newly eligible" is defined as anyone who is turning 65 on or after January 1, 2020 or anyone who is eligible for Medicare benefits due to age or disability as defined by the Centers for Medicare and Medicaid Services (CMS) on or after January 1, 2020.
As of January 1, 2020 MACRA does the following:
Prohibits first dollar Part B deductible coverage on Medicare Supplement so Plans C and F cannot be sold to those "newly eligible" for Medicare.
Makes Plans D and G the new guaranteed issue plans for those who are "newly eligible" within the guaranteed acceptance rules for Medicare Supplement plans.
Mandates that a Social Security Number can no longer be used as an identifier.
Plans C and F can still be sold after January 1, 2020 BUT only to Medicare beneficiaries who were age 65 PRIOR to 1/1/2020 or first became eligible for Medicare PRIOR to 1/1/2020 regardless of what plan they had previously.
Plans C and F are NOT going away. Current policyholders can continue with their Plan C or Plan F and may continue to buy Plans C and F beyond January 1, 2020. Example: A customer who bought Plan F (or any other plan) in 2018 can purchase any plan, including C and F, prior to January 1, 2020 or thereafter.
MACRA mandates the removal of Social Security Number (SSN) based Health Insurance Claim Number (HICN) from Medicare Cards to address the risk of beneficiary medical identity theft and fraud.
New numbers are unique and randomly assigned
The new number will be referred to as the Medicare Beneficiary Identifier Number (MBI)
Beginning April 2018 new cards will be issued and will continue through April 2019.