2021 Medicare Costs & Premiums
2021 Medicare Costs & Premiums
Changes to 2021 Medicare costs and premiums was just announced in early November.
Medicare Part B
The 2021 Medicare Part B premium is increasing from $144.60 per month in 2020 to $148.50 in 2021.
The Medicare Part B deductible is a once per calendar year deductible. The amount of that deductible is $198 in 2020 but it is increasing to $203 in 2021.
Medicare Part A
There continues to be no premium for Medicare Pare A for most people.
The Medicare Part A deductible is increasing from $1,408 in 2020 to $1,484 in 2021. Remember, this is a per period deductible so it’s possible to pay this multiple times per year.
After meeting that deductible, there is no coinsurance for days 1-60 of each benefit period in the hospital. For days 61-90, the daily copay amount is increasing from $352 in 2020 to $371 in 2021.
Your 60 lifetime reserve days beyond that 90 period in the hospital is increasing the daily copay from $704 per day to $742 per day.
The last change to Part A is the daily copay for days 21-100 in a skilled nursing facility. The daily copay is increasing from $176 per day in 2020 to $185.50 per day in 2021. Remember, there is no coinsurance for days 1-20 in a Medicare covered skilled nursing facility stay.
How big are these changes?
Overall these changes are pretty reasonable. The premium for part B is only increasing $3.90 per month which is an increase of 2.7%.
The Medicare Part B deductible is only increasing by $5 which is 2.5%.
Obviously we would love to see prices stay the same but that’s just not reality. So an increase of less than 3% is always good news.
If you want to see if there are other ways to save money on your health insurance, please call me, Medicare Mike, right away at 855-712-7316.