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Medicare Costs in 2020
How much will Medicare cost you in 2020? The cost of Original Medicare includes premiums, deductibles, and coinsurance for Medicare Part A and Part B. In addition, Medicare Part D can be an extra cost as well. It is important to take all cost into consideration to estimate the big picture of your healthcare in 2020.
Medicare Part A Costs in 2020
The premium cost of Medicare Part A typically comes at NO additional cost, assuming either you or your spouse have worked at least 10 years or 40+ quarters. If so, the Part A premium cost is zero. The Part A deductible is $1408 in 2020 for each benefit period of 60 days or less. For example, January, 2020 you are hospital inpatient and pay $1408 deductible. Then in April, 2020 you are hospital inpatient and must pay $1408 deductible again. Therefore, the worst case scenario a Medicare beneficiary goes in and out of the hospital 6 times in the year and pays maximum $8,448 total in Part A deductibles. To avoid these higher costs, you may want to explore your additional Medicare health plan options by calling Ignite Insurance Group to learn about your options and get a quote.
Medicare Part B Costs in 2020
The standard Part B premium is $144.60 in 2020. However, these numbers are based on your income tax bracket going back 2 years. The part B deductible is $198 in 2020 and once that has been met, it goes to a coinsurance is 20% of Medicare-approved medical costs that you would be responsible to pay. Since these percentages can add up, you may want to contact us directly to purchase additional coverage to cover these expenses.
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Medicare Part D Costs in 2020
Similar to Part B, Medicare Part D prescription drug costs varies based on income. If your tax return income in 2018 was $87,000 or less (either filed individually or filed married with separate tax return) or $174,000 or less filed jointly, then you only pay the plan premium in 2020 of $144.60. However, if you fall into a higher tax bracket going back 2 years, then you pay more than the plan premium. Please see the below diagram to find your cost for your Part B premium in 2020.
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