Medicare’s Open Enrollment Period (AEP) began last month on October 15, 2020, and it runs through December 7, 2020. During this time Medicare-eligible beneficiaries can choose to enroll in original Medicare (Parts A and B) or a Medicare Advantage plan (Part C) from a private insurance company (such as not-for-profit, Aspire Health Plan) to receive Medicare benefits. You can also choose or change your Medicare Part D plan (for prescription drug coverage).
Recently the Centers for Medicare and Medicaid Services (CMS) announced monthly Medicare Parts A and B premiums, deductibles and coinsurance amounts. Overall, the Medicare Part B premium will increase by 2.7% in 2021. The deductible will also increase by $5. Remember that Medicare Part B covers medically necessary doctor’s services, outpatient care, home health services and durable medical equipment and other medical services. See the table below for a comparison:
| Medicare benefit | 2021 rates | 2020 rates | Increase |
|---|---|---|---|
| Part B premium | $148.50 | $144.60 | $3.90 |
| Part B deductible | $203.00 | $198.00 | $5.00 |
Additional Medicare increases for 2021 are shown in the table below:
| Medicare benefit | 2021 rates | 2020 rates | Increase |
|---|---|---|---|
| Part A deductible – Days 1-60 | $1484.00 | $1408.00 | $76.00 |
| Part A co-insurance – Days 61-90 | $371.00 | $352.00 | $19.00 |
| Part A co-insurance – Days 91-150 (lifetime reserve days) | $742.00 | $704.00 | $38.00 |
| Skilled Nursing Care – Days 21-100 | $185.50 | $176.00 | $9.50 |
All price changes go into effect on January 1, 2021. Keep in mind that all premiums and deductibles for Medicare Advantage and Medicare Part D plans have already been finalized and are not affected by this announcement from CMS. Visit our plans & rates page for more information about Aspire Health Plan’s MAPD plans for the 2021 plan year.
Don’t forget that Original Medicare is the most basic form of Medicare and it does leave some pretty significant gaps in your healthcare coverage. We cover what’s missing from Original Medicare in a previous blog post. If you have any questions about enrollment in Medicare (or Medicare Advantage), give Aspire Health Plan a call at (831) 657-0700.
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