2021 Costs for Medicare - Trusted Senior Specialists

The costs for Medicare vary every year. This is partially because new therapies and treatments are released, so Medicare updates their plans in accordance with the new healthcare available. Medicare’s evolving nature is important in ensuring that beneficiaries have access to the newest treatments available, a lifesaving feature of this health insurance.

Medicare Part A: 2021 Costs

Medicare Part A provides hospital insurance and in 2020 its deductible was $1,408. This amount could be put toward inpatient care that is deemed medically necessary. In 2021, the deductible is being raised by $76, making the new total $1,484. This deductible provides insurance for 60 days of inpatient treatment per benefit period. Once the 61st day begins, the coinsurance amount is $371 for each day. That coinsurance will last through the 90th day, rising to $742 for each lifetime reserve day used after that. Those receiving care in skilled nursing facilities will have a coinsurance of $185.50 for days 21-100.

If you pay a premium for Part A, it will be $471 in 2021. This is a $13 rise from the previous year. Paying this premium will ensure that your insurance is still active.

Medicare Part B: 2021 Costs

Medicare Part B is health insurance. It covers a variety of outpatient treatment and is an excellent solution to health insurance for many. The costs for Part B were adjusted and will be slightly higher than they were in 2020.

Medicare has increased the Part B premium by $3.90. The new total monthly premium in 2021 will be $148.50. By paying this premium, your health insurance will remain active and you’ll still have access to healthcare. While $148.50 is the standard monthly premium, individuals will have their premium adjusted based on their income. For instance, if you make more than $88,000 and up to $111,000, your monthly premium will be $207.90. Keeping this income adjustment in mind is important when enrolling in Part B. If your income changes, make sure to speak with someone from Medicare who can discuss the possibilities and your updated monthly premium.

The annual Part B deductible has also risen slightly. In 2020 it was $198 and it will now be $203 in 2021. Individuals must pay out-of-pocket until they’ve reached their deductible and then their Medicare insurance will cover most, if not all, of the remaining medical costs throughout the year.

Concerned About Medicare Costs? Let Us Help

Don’t let these Medicare costs keep you from getting the insurance you need.

If you’re ready to enroll in Medicare during 2021, give us a call. We can assist with the enrollment process and help you find a plan that will work well. We can even compare your options with you to make sure you’re getting the best deal!