With a new year comes new changes to Medicare. You may be eligible for Medicare sometime soon, or maybe Medicare’s been your health coverage for years now. Either way, the annual changes that came with 2020 could impact you and it’s important to understand how.
Premium and Deductible for 2020
Most times, beneficiaries don’t pay a premium for Part A benefits. For the few individuals that do, you'll pay a premium ranging from $252 to $458 each month depending on how much you’ve contributed to Medicare taxes over the years.
In 2019, the Part A annual deductible was $1,364. With this year’s changes, it has increased to $1,408, which all Medicare beneficiaries will encounter. However, beneficiaries with a Medigap plan will not have to pay this deductible. All Medigap plans, with the exception of Plan A, cover the Part A deductible.
The Part B monthly premium also saw an increase of $9.10, bringing the total premium cost to $144.60 while the new Part B deductible is $198—a jump of $13 from 2019.
