[ad_1]
Almost all Americans 65 and over turn to Medicare for help paying for health care. Traditional health insurance is based on two components: Part A coverage for hospital and inpatient care, and Part B coverage for doctor visits and outpatient treatment.
Every year, changes to Medicare affect those who rely on the program for their financial security during their retirement years. Let’s take a closer look at the latest Part B in 2021.
Medicare Part B coverage
Medicare Part B covers most of the care you are providing do not must be admitted to a hospital or other treatment facility. This includes routine doctor visits as well as outpatient surgery. You’ll also turn to Part B for a host of needs ranging from medical equipment and ambulance transportation to diagnostic testing and treatment for mental health issues.
Image source: Getty Images.
Part B covers a few different types of care. Medically necessary conditions are generally covered, with services used to help detect, diagnose, and effectively treat a medical condition or disease. However, there are also preventive care services that fall under Part B, including an initial intake when you turn 65 and annual check-ups to follow up and make sure you’re still healthy.
Medicare Part B is not completely comprehensive in its coverage. Many elderly patients need dental care, eye exams for glasses or contact lenses, and hearing aids, and Part B usually does not cover them. In addition, some less universally accepted treatment options are not eligible for Medicare reimbursement, leaving these costs up to you.
Medicare Part B costs higher in 2021
To get Part B, you have to pay monthly premiums. Most people will pay $ 148.50, which is an increase of $ 3.90 per month from 2020. The increase would have been much higher without special legislation passed by Congress to limit the increase.
Medicare looks at your income for two years to decide if you should pay higher monthly premiums for Part B. The table below shows the income levels corresponding to income for 2019, to determine the Part B premiums for 2021. You could owe up to $ 504.90. in monthly premiums.
|
For individuals with this income: |
Or co-filers with this income: |
The total monthly premium in 2020 will be: |
|---|---|---|
|
$ 88,000 to $ 111,000 |
$ 176,000 to $ 222,000 |
$ 207.90 (up to $ 5.50) |
|
$ 111,000 to $ 138,000 |
$ 222,000 to $ 276,000 |
$ 297 (up to $ 7.80) |
|
$ 138,000 to $ 165,000 |
$ 276,000 to $ 330,000 |
$ 386.10 (up to $ 10.10) |
|
$ 165,000 to $ 500,000 |
$ 330,000 to $ 750,000 |
$ 475.20 (up to $ 12.50) |
|
Over $ 500,000 |
Over $ 750,000 |
$ 504.90 (up to $ 13.30) |
Data source: Centers for Medicare & Medicaid Services. Note: Married persons filing separately who have lived together at any time during the year pay $ 475.20 if their income is $ 88,000 to $ 412,000 or $ 504.90 if their income is over 412,000 $.
There are also two other things Medicare Part B participants must pay for. First, a deductible of $ 203 applies in 2021, which is $ 5 more than in 2020. You will need to pay this amount before Part B coverage begins to pay its share. Additionally, Medicare only covers 80% of the costs for most items. You have to pay the remaining 20%.
Be smart about your health
To stay healthy, you’ll need health care in retirement, and Medicare Part B is a key part of making it affordable. What you pay for the coverage could save you from having to face bills that you could never pay without it – so make sure you know everything you are entitled to receive from the federal program.
[ad_2]
Source link