Just Announced: 2020 Medicare Part B Premiums & Deductibles

By RetireMEDiQ

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.

The part B premium is subject to income claimed in 2018. If you filed an individual tax return greater than $87,000 or a joint return greater than $174,000 in 2018, your Part B premium may be higher.

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.

If you have any questions about how the 2020 Part B premium and deductible may affect your plan, please contact us at 1-877-222-1942 or client@retiremediq.com.

If you are not yet a RetireMEDiQ client and would like to learn more about your plan options or Medicare costs, please contact us at 1-866-600-5638 or advice@retiremediq.com

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