Major Changes in Medicare for 2021

If you’re not new to Medicare, these changes are especially important to know, as they may affect your budget and any planning you may have done. If you’re new to Medicare, it’s important that you know the landscape. So, make note of what may affect you.

Part A

If you do not qualify for Part A, your hospital insurance part, you have premiums. For 2021, if you work between 30 and 39 quarters, your premium would be $259 per month. If you worked 29 or fewer quarters, your premium would be $471 per month.

If you’re on Original Medicare (these do not apply to Medicare Advantage plans), you have a $1,484 deductible per benefit period (read what a benefit period is here). Then your 20% coinsurance begins. There is no maximum-out-of-pocket (MOOP) limit for Original Medicare.

Below you’ll find the deductibles and coinsurances for Original Medicare Part A for 2021.

Part B

Part B, your medical insurance part, premiums rose in 2021 by $3.90 for anyone earning less than $88,000 per year, to $148.50 per month. Many believe that is the premium for everyone, but it’s not. Based on your income, it can be as high as $504.90 per month. The deductible is $203 for the year for Original Medicare (does not apply to Medicare Advantage).

Below you’ll find Part B premiums based on income.

Part D

Part D, your prescription drug plan part, is not offered via Medicare. You must choose your own plan and prices vary based on your prescription drug needs. If you are relatively healthy, you can find plans as low as $8 per month. If you have complex issues and take many prescriptions, you need to find a plan that will accommodate them in their formulary (list of drugs covered) and could cost you as high as $50+ per month.

Many Part D plans have no deductibles, but they can have as high as $445 for 2021. If you get your Part D through a Medicare Advantage plan, many have $0 deductibles.

Insulin Dependent Diabetics

If you’re an insulin-dependent diabetic, there are special plans known as C-SNP (Chronic Special Needs Plans) that offer the “Part D Savings Model.” Not all C-SNPs participate in this model, but if your plan does, it will make several variants of insulin available for a maximum copay of $35 for a 30-day supply.

There you have it! To make sure you don’t miss any important information or changes in Medicare, Medicare Advantage, Extra Help and other programs, rules and regulations that affect your benefits and eligibility, subscribe to the YourCareRep.com newsletter. You can do so below.

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Eddie Velez | Licensed Florida Medicare Advantage Specialist

Eddie Velez is a former combat infantry Marine, and a Florida licensed insurance agent, specializing in Medicare Advantage and life insurance. With over 15 years serving seniors in a ministerial position, and with healthcare through Care Entrée. And now offering 5-star rated plans with Cigna, CarePlus, Aetna, Humana and UnitedHealthcare (coming soon, Florida Blue), plus Mutual of Omaha for life, and GTL and Prosperity for Hospital Indemnity and final expense insurance. Eddie is patient, caring and will get you the most benefits at the highest savings possible.