The cost of your Medicare coverage is subject to change every year. With factors such as inflation and changing federal laws, this typically means that these prices will increase.
But not to worry—these increases are very small. It is still, however, important to know how your coverage is subject to change over time. So, to help you budget and prepare for the future, let’s take a look at the 2021 costs of Original Medicare.
General Overview of Cost Changes for Medicare
Every year, the cost of your Medicare coverage can change in 3 areas:
A premium is a monthly fee that may or may not be directly deducted from your Social Security benefits. If you do not qualify for premium-free Part A, this fee is $259 in 2021. A deductible is a yearly charge that must be met before you have access to the plan’s benefits. In 2021, the Part A deductible is $1,484.
Copayments and coinsurance fees are an out-of-pocket contribution you pay when you receive a benefit. For hospital care covered under Part A, you still pay $0 for the first 60 days in 2021. For the next 61-90 days in the benefit period, you will pay a $371 coinsurance fee.
You must also pay a premium, deductible, and certain copayment/coinsurance fees for Part B coverage. In 2021, these fees look something like this:
- A $148.50 monthly premium (may vary based on your income).
- A $203 yearly deductible that must be met before you can receive insured benefits.
- The same 20% copayment fee as previous years for all covered services.
The cost of other additional Medicare coverage (Part C, D, and supplements), will all vary based on a variety of factors, including your plan, the provider, location, etc. If you want to find out exactly how your costs for these plans change in 2021, contact your provider directly.
How Will These Changes Affect You?
Most of these changes, though increases from the previous year, will still likely have a minimal effect on you. For instance, most people qualify for premium-free Part A, meaning that you won’t need to worry about any increases there.
If you’re admitted to the hospital and have to pay your Part A deductible, it will be a $76 increase from 2020. And, for your Part B deductible, it is only a $5 increase.
The premium Part B rate also increases by $3.90 in 2021, for a total $46.80 increase for the whole year. And, for the other plans, any increases will vary.
Worried About the Cost of Your Medicare Coverage? Call Medicare Sharks
You can’t put a price on peace-of-mind. But, when your peace-of-mind relies on your Medicare expenses, you might have to.
With dedicated agents who have your back, you can make sure you are getting the best deal on your Medicare coverage. If you want unbiased Medicare advice that saves you time and money, call Medicare Sharks at 561-225-3022 or 561-225-3633.