Medicare Rates for 2021
Medicare Rate Increases in 2021: What You May Be Able to Expect
Medicare rate increases are typically announced in November each year, so any Medicare cost changes effective for 2021 won’t be announced until late in 2020.
In this guide, we take a look at Medicare rate increases from 2019 to 2020 to shed some light on what we might be able to expect for 2021 Medicare costs.
We also outline some 2021 Medicare cost projections based on the annual Medicare Trustees Report.
2021 Medicare Part B Cost Projections
Based on reporting from the Centers for Medicare & Medicaid Services (CMS), the projected 2021 Medicare Part B premium will be $148.50 per month.1
It’s important to note that this figure only represents an estimate of 2021 Part B premiums. Actual 2021 premiums will be determined in the fall of 2020.
The standard Part B premium in 2020 is $144.60 per month. That’s an increase of $9.10 from $135.50 in 2019.
While most people pay the standard Part B premium, you may pay more if you had a higher reported income two years prior to enrolling in Medicare Part B..
The table below shows the additional amount you will pay in 2020 — called the Income-Related Monthly Adjustment Amount, or IRMAA – based on your Modified Adjusted Gross 2019 Income.
|2018 Individual tax return||2018 Joint tax return||2018 Married and separate tax return||2020 Part B premium|
|$87,000 or less||$174,000 or less||$87,000 or less||$144.60|
|More than $87,000 and up to $109,000||More than $174,000 and up to $218,000||N/A||$202.40|
|More than $109,000 up to $136,000||More than $218,000 up to $272,000||N/A||$289.20|
|More than $136,000 up to $163,000||More than $272,000 up to $326,000||N/A||$376.00|
|More than $163,000 up to $500,000||More than $326,000 up to $750,000||More than $87,000 up to $413,000||$462.70|
|More $500,000||More than $750,000||More than $413,000||$491.60|
Medigap plans can help cover your 2021 Medicare costs.
Call 207-370-0143 to speak with a LOCAL licensed insurance agent.
Will My Medicare Supplement Insurance Premiums Go Up?
Medicare Supplement Insurance, or Medigap, provides coverage for certain Medicare Part A and Part B out-of-pocket expenses like deductibles, coinsurance and copayments.
The lowest cost Medigap plan premium in Maine currently is $198.60 per month.2
This cost figure is weighted, which means that some 2020 Medigap plan premiums in some areas may be higher.
Each type of Medigap plan offers a different combination of standardized benefits. Plans with fewer benefits may offer lower premiums.
Other factors such as age, gender, smoking status, health and where you live can also affect Medigap plan rates.
Medigap premiums can increase over time due to inflation and other factors, so you can typically expect Medigap plan premiums to be higher in 2021 than they are currently in 2020.
Compare 2020 Medicare Supplement Insurance Plan Costs
A licensed insurance agent can help you find Medigap plans that are available where you live. You can find out the types of benefits each available plan may offer, the insurance companies that sell them and the premium costs you can expect to pay.
You can request an online plan comparison for free, with no obligation to enroll.
A local Medicare Advisor will not only dig into the details for a plan best suited for you, but assist with any service related needs you encounter after your plan becomes effective. If priorities or prescriptions change from year to year, we will conduct policy reviews to determine whether another plan is worth considering.
There is no substitute for a qualified, local professional to navigate Medicare insurance with. Check out our map to find one of our 32 local agents endorsed by Plan Advisors.
Would you like my help?
If you would like help understanding your costs or need help finding a plan or if just want to ask a few questions, you can 207-370-0143 or use my simple form on the CONTACT page of this site to send an email message.
The best part about working with me is that it will not cost you anything to talk with me to discuss your options and review the plans that are available. I am an independent insurance agent and I am paid by the insurance companies (not you) in the form of a commission when you enroll in a plan.
You will not pay anything to meet with me and you will pay the same price for your insurance that everyone pays whether they had my help or not.
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1 Medicare: Part B Premiums. (Updated April 4, 2019). EveryCRSReport.com. Retrieved from www.everycrsreport.com/reports/R40082.html.
2 TZ Insurance Solutions LLC internal sales data, 2019. This data is based on the Medicare Supplement Insurance policies TZ Insurance Solutions LLC has sold. It is not a comprehensive national average of all available Medicare Supplement Insurance plan premiums.