Updated November 22, 2019 Chance Rueger is a
Medicare sales agent licensed to sell in 50 states
The Centers for
Medicare & Medicaid Services (CMS) recently released the 2020 premiums and
deductibles for Medicare Part A and Part B plans.
Part B monthly
premiums will rise about 7% for 2020. This news comes after we learned that
the Social
Security cost-of-living increase for next year will only raise
benefits by 1.6%.
2020 Medicare Part B
costs
Medicare
Part B is the medical insurance piece of Original Medicare. Part B
covers things like doctors’ visits, outpatient care, ambulance services, and
more.
Monthly premium: Medicare
Part B requires you to pay a monthly premium of $144.60 in 2020 (up
$9.10 from $135.50 in 2019) if you make less than $87,000 a year. If your
income is higher, you’ll pay more — up to $491.60 a month for the highest
earners.
Annual deductible: $198 (up $13
from $185 in 2019)
The Breakdown
The monthly Medicare
Part B premium, which covers doctor visits, lab tests, and some preventative
services, will go up about 7% to $144.60. The annual deductible is $198. Once
your deductible is met, Part B generally pays 80% of the Medicare-approved
amount for covered services.
You are responsible
for the remaining 20% — and there is no maximum amount for out-of-pocket
expenses. That means you could end up paying hundreds or even thousands of
dollars if you need medical care. Also keep in mind that Medicare Part B does
not pay for dental services, hearing, and vision.
A Medicare
Supplement Plan can fill in the 20% gap.
Who’s eligible for
Medicare Part B?
Most people are
automatically eligible for Medicare Part B when they turn 65. However, you must
be a U.S. citizen or a legal resident who has been living continuously in the
U.S. for at least 5 years.
If you’re under 65,
you may also be eligible for Part B if you have end-stage renal disease or ALS.
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