When enrolling in Medicare, you need to be aware of the costs associated with each plan, especially Original Medicare as it will most likely be what you enroll in first. Let’s take a look at how the 2020 costs of Original Medicare compare with the expected 2021 costs.
For many, Part A is premium-free as long as you or your spouse paid Medicare taxes for at least 10 years. You may also be eligible for premium-free Part A if:
If you are under 65, you may be eligible for premium-free Part A if:
For others, the Part A premium must be paid. As of 2020, the Part A premium will either be $252 or $458 (this amount depends on how long you have worked and paid Medicare taxes). In 2021, these amounts will raise to $259 and $471.
The Part A deductible in 2020 is $1,408. In 2021, the deductible will raise to $1,484. The coinsurance for Part A also increases.
Medicare Part B is based on income and can be paid for by the state. As of 2020, the Part B premium $144.60. In 2021, the premium will be $148.50.
The annual deductible for Part B in 2020 is $198. In 2021, the deductible will be $203. After the deductible is met, you will typically pay 20% of the Medicare-approved amount for these specific services:
If you have any questions pertaining to the expected 2021 costs of Original Medicare, or would like to discuss the costs of other Medicare plans, reach out to Proinsurance Hawaii today. We will gladly answer any questions you may have and help you understand your potential out-of-pocket costs.
