What is Medicare Part B Premium for 2020
Medicare healthcare plans are flexible, compact and encompass a large variety of facilities in different plans designed for usual and special cases. What is the Medicare Part B premium for 2020. It covers Medicare Part B which is extensive when it comes to the services which are medically necessary for out-patient care.
What’s New this Year (Medicare Part B Total Premiums)
According to the latest update in the enrollment policies, medicare part B premium is now at $144.60/ month for most enrollees. This corresponds directly with the increase in COLA( cost of living arrangement) as in 2019 COLA was more than adequate to cover the premium. For enrollees who have income below $87,000 per person, the premium is affordable, for those who are above this mark the premium paid is higher. Up till 2019, the limit was $85,000/person which meant $170,000 for a married couple, but the oncoming inflation in 2020 generated the need for adjustment. Now, for higher income beneficiaries the premium range is from $202.40/ month to $491.60/ month for each enrollee.
What You Need To Know
There is a rule of “hold harmless” which enables your provision limit to increase when your social security COLA is small. This ensures that unless you have an income of $87,000 or more, “hold harmless” prevents net social security checks from declining year to year. Almost all enrollees are paying the standard premium in 2020 which is $144.60 as they kept Medicare part B premium increment consistent with change in COLA.
The WHAT IF’S…
If a person does not enroll in Medicare part B plan during the open enrollment session, it raises the premium for later when they do. If you are looking for an all-around medical plan that covers more than most of your medical necessities, skipping part B is a very risky option.
This article details what is Medicare part B premium for 2020. Medicare Part B is a comprehensive package for out-patient care, offering ambulance services, physical therapy, dialysis, chemotherapy and radiation, selective surgical procedures along with diagnostic tests, preventive medical tests like pap test, HIV screening, glaucoma tests, diabetes screening, colorectal cancer and X- rays. For a plan that includes wheelchairs, hospital beds and oxygen masks as well, the Medicare Part B Premium increase each year only relates to year-to-year inflation and can be justified.