January 1st of each year is a time that many make resolutions to make changes in their lives. But it’s also a time that Medicare makes changes for the upcoming year. In 2021 there are a couple of changes in Medicare that everyone should know.
The first is the Part B premium. Those of you who started Medicare during or prior to 2020 may see a change in your Part B premium for 2021. Early indications are that your Part B premium may go up. For those who are starting Part B in 2021 the premium will be $148.50 per month. This amount could be higher for people making more than $88,000 per year.
The Part A deductible is also changing in 2021. The Part A deductible in 2020 was $1,408 per benefit period. In 2021 the Part A deductible will be $1,484 per benefit period. Remember, the Part A deductible is not an annual deductible and can hit you more than once in a calendar year. The Part B deductible will be $203 in 2021. The Part B deductible is an annual deductible.
The third change to be aware of is the amount you and your drug plan will have to pay before you reach the coverage gap or “donut hole”. In 2020 that amount was $4,020. The amount in 2021 is $4,130. This is a good thing for those affected because it means your plan can pay more before you reach the gap.
If you are affected by any of these changes in 2021 and do not understand them just contact us at the number below and we will be glad to go over them with you. For those of you going on Medicare in 2020 you can call our office and sign up for one of our free Medicare Education classes. They are taught each month and will explain all the above for you.
If you have questions regarding any aspect of Medicare or Medicare health plans feel free call us at Alabama Health Guidance (256-648-5710), stop by our office at 885 Florence Blvd (Four Lane Shopping Center) or email me at email@example.com.