The standard Part B premium amount for 2020 will increase to $144.60.
If you receive benefits from Social Security, Railroad Retirement Board, or the Office of Personnel Management, then your bill is automatically deducted before benefits are deposited.
When you don’t receive these benefits, you’ll receive a bill for your Part B premium. This bill is called a “Medicare Premium Bill”.
You can also select to have the Part B premium deducted from an annuity.
For those with limited incomes or resources, you could qualify for extra help from your state in paying for Part B and/or Part A.
2020 Part B Premium Increases
Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount.
The 2020 Part B premium amount is $144.60. However, those with a modified adjusted gross income above a certain amount will pay an Income Related Monthly Adjustment Amount.
Since 2007, Part B premium surcharges for higher-income beneficiaries have impacted individuals with an income of more than $87,000.
For couples with an income above $174,000, you’ll notice a Part B premium surcharge.
Hold Harmless Provision & the Social Security COLA Increase
You’re held harmless and your premium won’t increase to $144.60 if the cost of living amount (COLA) in 2020 isn’t enough to cover the premium increase.
The premium increase instead becomes the same as your Social Security benefits increase.
Hold Harmless won’t apply to you if:
- You’re new to Medicare
- Subjected to the IRMAA
- Enrolled in the Medicare Savings Program (MSP)
- The MSP in 2018 but lost benefits due to income increase
- Or you didn’t re-certify
For those subjected to the Part B late enrollment penalty, your penalty won’t be waived and it can increase. This penalty is calculated based on the current premium.
Even if you don’t pay the higher amount, you’ll still be responsible for the penalty.
What Does Part B Cover
Part B will cover you when you need outpatient services. So, a specialist, doctor or other outpatient facilities will fall under the scope of Part B.
Although, Part B does cover many common things.
- Lab Tests
- X-rays, MRIs, EKGs, and CT Scans
- Ambulance services
- Diagnostic tests
- Durable medical equipment
- as well as flu shots
Part B is needed to enroll in additional coverage. By having Part B you’ll protect yourself from the high costs of medical attention.
If you need guidance, one of our licensed insurance agents can point you in the right direction.
How Do I Pay My Medicare Part B Premium Bill
Paying the Part B Premium bill in 2020 is simple. You can pay directly from a bank account by utilizing your online bill payment service.
If you aren’t comfortable with that you can pay by check, money order, credit as well as a debit card.
You can do this by simply sending the payment and payment coupon to:
Medicare Premium Collection Center
PO Box 790355
St.Louis, MO 63179-0355
If the credit or debit card you use only has month and year, leave the day field blank on the payment coupon.
You must submit payments with the coupon filled out on the bottom. When the bottom portion is incomplete, payment may not be processed.
Be sure to sign the payment coupon before submitting it to the address above.
What If Your Medicare Premium is Late
Medicare will send you a second bill to remind you to pay the premium. Although, if you avoid paying the premium by the due date of the second bill, a delinquent bill will be sent out.
However, if you avoid paying the delinquent bill, you’ll lose Medicare coverage.
Paying your Medicare premiums should be highly important to you, this is your healthcare coverage.
Part B Deductible Costs
The Part B deductible will cost $198 in 2020. However, you only pay this once a year.
Once the deductible is met, you pay 20% of the Medicare-approved amount on covered services. You can enroll in a Medicare Supplement that covers your Part B deductible for 2020.
This will help eliminate out of pocket costs associated with Medicare. If you have questions as well as concerns, talking to a licensed insurance broker will benefit you.
Our brokers can educate you on Medicare, find the best plan for your needs, and walk you through enrollment. It’s as simple as that.
Get Help with Part B Out of Pocket Costs
There are many out of pocket costs left up to the beneficiary to pay when it comes to Part A & Part B. Although, supplement insurance compliments your Original Medicare.
It helps pay for out of pocket costs such as coinsurance, copayments, deductibles as well as excess charges. There are many plans to choose from. Click or call to get a quote today!
Get peace of mind with a Medicare Supplement policy today. You can get an online price quote by clicking here.