2021 Medicare Part A & Part B Costs Below
The Centers for Medicare & Medicaid Services (CMS) released information regarding 2021 premiums, deductibles, and coinsurance costs for Parts A & B. As a resource for iPros agents below is information sourced from CMS regarding the new figures.
Medicare Part A
In most cases, Part A does not have a monthly premium. If a beneficiary does not qualify for premium-free Part A there is an option to buy at either $259 or $471 monthly. Remember, these costs are only for those who did not qualify for premium-free Part A. The monthly premium amount will be dependent on their own or their spouse’s contribution to Medicare taxes.
Part A covers inpatient hospital care, skilled nursing, home health care, and hospice care.
Below are the figures for hospitalization costs for 2021. The inpatient deductible is $1,484. For days 61 through 90 the cost is $371 daily. Days 91 through 150 is $742 daily. After day 151 the beneficiary will incur all costs.
|Days 61-90||$371 daily|
|Days 91-150||$742 daily|
|Days 151 plus||All costs|
For a skilled nursing facility days 1 through 20 are covered. From days 21 through 100 the daily coinsurance is $185.50. For 100 days and on in a skilled nursing facility the beneficiary will incur all costs.
|Skilled Nursing Facility|
|Days 21-100||$185.50 daily|
|100 days plus||All costs|
Medicare Part B
Part B covers outpatient care, doctors’ services, preventive care, diagnostic tests, some therapies, and durable medical equipment.
The 2021 standard monthly premium is $148.50. The 2021 Part B annual deductible is $203. A beneficiary’s 2019 tax return will determine the premium they pay. View the table below for more information on potential premium amounts (for mobile version table is viewable here).
|Income in 2019 (Determines what you pay in 2021)|
|File individual tax return||File joint tax return||File Married & Separate tax return||You pay monthly|
|$88,000 or less||$176,000 or less||$88,000 or less||$148.50|
|Above $88,000 to $138,000||Above $176,000 up to $222,000||N/A||$207.90|
|Above $111,000 to $138,000||Above $222,000 up to $276,000||N/A||$297.00|
|Above $138,000 to $165,000||Above $276,000 up to $330,000||N/A||$386.10|
|Above $165,000 and less than $500,000||Above $330,000 and less than $750,000||Above 88,000 and less than $412,000||$475.20|
|$500,000 or above||$750,000 and above||$412,000 and above||$504.90|