Medicare changes every year. In this video, we go over what changes you can expect to see in 2021.
Part A is your inpatient coverage. Most beneficiaries don't need to pay a premium for Part A because they've paid in for at least 40 quarters. Yet, if you didn't pay in at all, your Part A premium is $471. If you paid in for at least 30 quarters, your Part A premium in 2021 will be $259.
Part A also comes with a deductible. For 2021, the Part A deductible is $1,484.
If you end up in the hospital for an extended period of time, Part A will pay 100% of the cost of your stay for the first 60 days. After the first 60 days, your daily coinsurance will be $371 and for days 91 through 150, it will be $742 per day.
Skilled nursing facility coverage also falls under Part A. For the first 20 days, Part A will cover 100% of the skilled nursing facility's cost. For days 21 through 100, you pay a daily coinsurance of $185.50. After 100 days, you're responsible for 100% of the cost.
Next, Part B is your outpatient coverage. This comes with a standard deductible of $148.50 for 2021. Higher-income earners are subject to higher premiums. The Part B annual deductible for 2021 is $203.
Medicare Advantage also comes with cost-sharing. The average monthly premium for an Advantage plan in 2021 is $21, which is the lowest it's been since 2007.
Advantage plans come with a maximum out-of-pocket limit. This limit for 2021 is $7,550 for in-network and $11,300 for out-of-network.
Another change for 2021 is Advantage plans now accepting patients with End-Stage Renal Disease (ESRD). Additionally, some Advantage carriers will start including long-term care benefits, such as personal care, transportation, meal delivery, and adult day care services. Yet, benefits will still not cover room and board or help with daily living activities.
For Part D, the average monthly premium for 2021 is $41. Premiums vary from state to state. The 2021 Part D deductible is $445.
The last thing we'll go over today is Medigap changes for 2021. Medigap includes two high-deductible plans. The high deductible for both High Deductible Plan G and High Deductible Plan F is $2,370 for 2021.
Medigap also includes two plans with maximum out-of-pocket limits. The maximum out-of-pocket for Plan L is $3,110, and the maximum out-of-pocket for Plan K is $6,220.
It's important to remember that most, if not all, of the cost-sharing for Parts A and B will be covered by a Medigap plan if you have one.
2021 Medicare Changes - https://www.medicarefaq.com/faqs/medicare-changes-in-2021/ Part A - https://www.medicarefaq.com/original-medicare/medicare-parts/medicare-part-a/ Part B - https://www.medicarefaq.com/original-medicare/medicare-parts/medicare-part-b/
Hi, Medicare community. So glad you can make it. If a you're Medicare beneficiary, you're well aware that Medicare does change annually. In today's video we're going to go over what changes you can expect to see in 2021. Hi everyone. I'm Lindsay Engle. Im the Medicare expert for Elite Insurance Partners and MedicareFAQ.com. Medicare cost-sharing changes annually and 2021 is no different. In today's video we're going to go over those cost-sharing numbers so you can be prepared for your out-of-pocket health care costs in 2021. First, we'll go over Part A. Part A is your inpatient Hospital coverage. Now for most Medicare beneficiaries, Part A is premium free, as long as you paid into Medicare for about 10 years or 40 quarters, then you will never have to pay a premium for Part A. For the few beneficiaries that didn't pay into Medicare at all, the Part A premium for 2021 is $471. If you paid into Medicare for at least 30 quarters, the premium you'll pay for Part A is $259. Now your Part A coverage also comes with a deductible. The Part A deductible is $1,484 for 2021. If you end up in the hospital for an extended period of time, Medicare Part A will pay 100% of the cost of your stay for the first 60 days. After 60 days, you'll have a daily coinsurance that's going to kick in. For days 61-90, the coinsurance is$371/day. And for days 91-150 the daily coinsurance will be $742/day. If you end up at a Skilled Nursing Facility coverage will also fall under Part A. For the first 20 days, your Part A will cover 100% of the costs at the Skilled Nursing Facility. For days 21-100, You'll pay a daily coinsurance of $185.50/day. After 100 days, you'll be responsible for 100% of the cost. Next, we'll go over Part B, which is your outpatient or doctor coverage. Part B comes with a monthly premium as well as an annual deductible. The standard Part B premium for 2021 is $148.50. Now, If you're a higher income earner, you may pay a little bit more. The Part B annual deductible for 2021 is $203. Next, we'll go over Medicare Advantage. The average monthly premium for Medicare Advantage plan in 2021 is $21. That's the lowest it's been since 2007. Medicare Advantage plans come with a maximum out-of-pocket limit. The maximum out-of-pocket limit for 2021 is $7,550 for in-network and $11,300 for out-of-network. Also in 2021, Medicare Advantage plans will now be accepting patients with End-Stage Renal Disease. In addition some Medicare Advantage carriers will start including long-term care benefits. Some benefits may include personal care, transportation, meal delivery, and adult daycare services. However, benefits will still not include coverage for room and board or help with daily living activities. Next, we're going to go over Part D. Medicare Part D is your prescription drug coverage. The average standard premium for 2021 for a Part D plan is $41. Premiums vary from state to state. The 2021 Part B Deductible is $445. The last thing we'll go over today is Medigap changes for 2021. Medigap comes with 2 high deductible plans. This includes High Deductible Plan G and High Deductible Plan F. The High Deductible for both Plan G and Plan F for 2021 is $2,370. Medigap also has 2 plans that come with maximum out-of-pocket limits. This includes Plan L and Plan K. The maximum out-of-pocket for Plan L is $3,110. The maximum out-of-pocket for Plan K is $6,220. Now, it's important to remember the cost-sharing that we spoke about earlier in the video that falls under Part A and Part B. When you have a Medigap plan most if not, all of that cost-sharing will be covered. So for a quick recap on premiums and deductibles for 2021. The Part A premium, if you do pay one is $471/month. The Part A deductible is $1,484. The Part B premium in 2021 is $148.50. The Part B deductible will be $203. The average Part D premium is $41 in 2021. The Part B deductible is $445. The Medigap High Deductible for 2021 for Plan F and Plan G is $2,370. The 2021 maximum out-of-pocket limit for Plan L is $3,110. The maximum out-of-pocket limit for Plan K is $6,220. Now that's a wrap on Medicare changes you can expect to see in 2021. I hope you found this video helpful. If you did make sure to subscribe to our YouTube channel. Don't forget turn notifications on so you're notified each time we upload a new video. We also have a great Medicare community on Facebook. We always include a link in the description so you can join. Until next time. Bye.