Every October, Medicare gets a makeover. Now, through December 7, those on Medicare have the opportunity to make changes to various aspects of coverage.
According to MedicareResources.org these are Key Takeaways for 2020:
- The Part B deductible is projected to increase to $197 for 2020.
- Part A premiums, deductible, and coinsurance are projected to be higher in 2020.
- Medigap Plans C and F will no longer be available for purchase by newly-eligible Medicare beneficiaries.
- The Medicare Plan Finder tool has been upgraded for the first time in a decade.
- The income brackets are high-income premium adjustments for Medicare Part B and D will be inflation-adjusted for the first time in 2020; “high-income” will start at $87,000 for a single person, instead of $85,000.
- Medicare Advantage enrollment is expected to continue to increase.
- Part D donut hole will no longer exist after the end of 2019, but a standard plan’s maximum deductible will increase to $435, and the threshold for entering the catastrophic coverage phase (where out-of-pocket spending decreases significantly) will increase to $6,350.
For those wishing to talk to a “real live person” about the best options for yourself, or for someone in your care that is on Medicare, we recommend the good people at The Medicare Plan Store. Let them know we sent you.