Yes, the costs associated with Part B are different this year. Remember that Medicare Part B covers outpatient medical services.
Part B premium: The Part B base premium in 2020 is $144.60. Keep in mind, $144.60 is the standard premium for people with a yearly income below $87,000 for an individual ($174,000 for a married couple). If your income is higher than that, you may have to pay an income related monthly adjustment amount, also known as IRMAA. Most people with Medicare pay the standard premium. A small number of people pay a premium that is lower than the standard premium because their Social Security benefits did not increase enough to cover the increase in their Part B premium from 2019 to 2020.
Part B deductible and coinsurance: If you have Original Medicare, you will pay a Part B deductible of $198 in 2020. You will continue to pay a 20% coinsurance for services covered by Part B. The amount you pay for Medicare Advantage Plan deductibles, copayments, and/or coinsurances varies by plan.
|Original Medicare Part B Costs: 2019 vs. 2020|
|20% for most services||20% for most services|
|*If your annual income is higher than $87,000 for an individual ($174,000 for a couple), you will pay a higher Part B premium. Visit www.medicare.gov for Part B costs by annual income.|
If you have a Medicare Advantage Plan, your plan administers your Part B coverage. Remember that most people with Medicare, whether they have Original Medicare or a Medicare Advantage Plan, pay the Part B monthly premium. Some people with a Medicare Advantage Plan may also pay an additional monthly premium for being enrolled in that plan.
If you have the same Medicare Advantage Plan in 2020 as you did in 2019, your plan should have sent you an Annual Notice of Change (ANOC) or Evidence of Coverage (EOC) notice explaining any changes for the coming year. Review this notice to understand your plan’s costs, covered services, and rules. Contact your plan if you did not receive these documents in the fall or want another copy. If you chose a new Medicare Advantage Plan, you should get an EOC for the new plan. Review that document to understand the costs associated with the plan for 2020.
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