Medicare Part B Cost 2020 – What You Need to Know

medicare part b cost 2020

Medicare plan part B sufficiently covers the out-patient expenses of its participants. It is useful for retired people who want to ensure that their check-up routines continue uninterrupted, and in case of any emergency, they can avail ambulance services and critical first aid treatments.

Medicare Part B Cost 2020

In the year 2020, Medicare has upgraded and adjusted its plans in the wake of inflation. The Medicare part B cost 2020 is now a monthly premium of $144.60 for most participants, which is $9.10/month more than 2019.

In addition to that, you also have to pay extra costs such as $198 as deductible, which you are required to pay before plan B starts. In this also there is an increment of $13 from 2019. Once it’s done though, part B will cover 80% of your costs, with only 20% remaining that you have to pay.

How Do I Know My Premium?

After keeping it unchanged up till 2017, Medicare has revised Medicare Part B cost 2020 keeping the income brackets in view. The income brackets which were created for high-income Medicare enrollees made it simpler to draw people of different incomes into categories most suited to their plans. For a majority of the enrollees, the premium is set at $144.60/month. Retirees with high incomes have to pay more for their monthly premium of part B plan. For example, individuals with income of $87,000 to $109,000 will have to pay $202.40/month, the people with an income of $109,000 to $136,000 will have to pay $289.20/month, for people who have an income of $136,000 to $163,000 premium is now $376/month, while those who fall in the bracket of $163,000 to $500,000 the premium is $462.70/month. And participants who exceed $500,000 will be paying $491.60/ month.

The cost of Medicare plan part B in 2020 also makes premiums higher for beneficiaries who have delayed enrollment.

It Gets Better…

People who have to go for preventive visits and treatments, such as pap tests, HIV screening, glaucoma tests, hearing tests, diabetes screening, colorectal cancer, etc, get everything covered in the Medicare Part B Cost 2020. For a better and smoother program, people who enroll in Medicare Advantage Plan can pay their part B premiums along with Medicare Advantage plan premiums and their private insurer can combine it all in one plan. For Social Security retirees, there is also a bonus of $16,728 if they are deemed eligible.

Wrap Up

Medicare part B cost 2020 is revised to categorize enrollees in various income brackets. This way, health care does not become a burden for those with lower incomes, and the retirees can spend their days in peace.

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