Medicare 2020 costs at a glance
|2020 Costs at a Glance|
|Part A premium||Most people don't pay a monthly premium for Part A because they've paid into Medicare from payroll deductions for 40 quarters (10-years) or more. If however, you have less than 30 quarters and you are required to pay for Part A, the monthly premium is $458. This monthly premium is reduced to $252 if you have between 30 - 39 quarters.|
|Part A hospital hospital and inpatient deductible||
You pay: $1,408 deductible for each benefit period of 60 days. After 60 continuous in-patient days, the daily co-insurance is $352. After 90 continuous in-patient days the daily co-insurance is $704 up to 150 days.
|Part B premium||Most people pay $144.60 each month for Part B however, premiums are determined on the "adjusted gross income" (AGI) filed with the IRS with a look-back period of 24 months. Incomes higher than $87,000 (single) or $174,000 (married filing jointly) are subject to the "Income-Related Monthly Adjustment Amount" (IRMAA) and will pay a higher monthly premium for Part B.|
|Part B deductible and coinsurance||
In 2020, the annual Part B deductible is $198. After the deductible is met, you are responsible for 20% of all Medicare-approved charges. This includes doctor visits, lab tests / scans, ambulance transport, and most out-patient services. However there are many services billed under Part B and subject to the 20% co-insurance while hospitalized.
Some preventive services are not subject to the co-insurance.
|Part C premium||Part C refers to Medicare Advantage plans. Many Advantage plans have very low or no monthly premium.|
|Part D premium||The Part D monthly premium varies by plan and the state you live in. Higher-income consumers will pay more and are subject to IRMAA.|
This information comes from www.medicare.gov/your-medicare-costs
By contacting the phone number on this website you will be directed to a licensed agent.