As we approach 2020, RetireMEDiQ provides you with important Medicare updates. The Centers for Medicare and Medicaid Services (CMS) recently announced the 2020 premiums and deductible amounts for Medicare Part B.
2020 Part B Premium & Deductible Figures
2020 Standard Part B Premium: $144.60 per month
Note: The 2019 standard Part B premium was $135.50.
2020 Part B Deductible: $198
Note: The 2019 Part B deductible was $185. Premiums and deductibles for Medicare Advantage and Medicare Prescription Drug plans are already finalized and are unaffected by this announcement.
Medicare Part B has a “Hold Harmless” provision, which annually applies to around 3 percent of enrollees. The provision states that an increase in Part B premiums must be less than the increase in the individual’s Social Security benefits. Read further about the Hold Harmless rule here.
Social Security benefits have remained relatively stable over the last few years, but in 2020 they will increase by 1.6 percent due to the Cost of Living Adjustment. As a result, some who were held harmless in the last several years will experience an increase in their Part B premium for 2020.