Retirement Insurance Planning

Moderate Increases to Part B Premium and Deductible

Last month, the Centers for Medicare & Medicaid Services (CMS) released the Medicare costs and coverage information for 2021.

Part B monthly premiums increased just under 3% to $148.50 as the minimum. Remember, you must continue to pay your Part B premium to be eligible for both Medicare Advantage and Supplement Plans.

The amount you pay could be more or less than the $148.50 for your Part B premium depending on your situation:

• Higher wage earners will pay more depending on their income range from their tax return 2 years prior to going on Medicare.
• If you are eligible to receive extra help toward your healthcare costs, the premium may be reduced.

Medicare annual deductibles for Part B also increased just under 3% to $203 per year. This amount is important to know if you have a plan that passes the cost for the deductible to you such as a Medicare Supplement Plan G.

Last Chance for Medicare Advantage and Prescription Drug Plan Annual Enrollment

If you’re looking to change Medicare Advantage or Prescription Drug Plans, the Annual Election Period ends on Monday, December 7. If you would like to schedule a time that is convenient for you to discuss your options, we have an online appointment booking tool or you can call us at 303-801-1677.