2020 Medicare Changes Summary:
- The standard Part B Premium is $144.60/month
- Medicare Part B deductible increased to $198 per year
- Medicare Part A premiums, (if applicable) deductible, and coinsurance are higher in 2020.
- Medigap (Medicare Supplement) Plan C and Plan F are no longer available for purchase by newly eligible Medicare beneficiaries.
- The income brackets for high – Income premium adjustments for Medicare Part B and D have been adjusted for inflation. “High – Income” starts at $87,000 for a single person, instead of $85,000.
- Part D coverage gap (commonly known as the donut hole) is more affordable. Once you enter the coverage gap, brand name and generic drugs will be limited to a 25% co- insurance. Some people never reach the coverage gap, as the threshold is $4020.
Read More about 2019 Medicare Changes here.
Hospital Insurance (Part A)
Part A – Hospital Coverage, is generally offered at no additional cost to qualifying individuals who have at least forty calendar quarters, ten years, of employment in any job in which Social Security taxes were paid for in the United States.
Medical Insurance (Part B)
Part B, Doctors and Outpatient services, is optional coverage that requires a premium to be paid monthly. The premium will be based on, up to, the previous two years of annual income. Part B is not full coverage. There is still a deductible to be met and other out of pocket expenses.
Prescription Drugs (Part D)
Part D, or Prescription Drug Plans (PDPs), is the part of Medicare that provides prescription drug coverage. Medicare Part D Plans are provided only through private insurance companies that have legal agreements with the government; it’s never provided directly from the government. If you want Part D, you must choose Part D coverage that works with your Medicare health benefits.
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