Medicare Part B makes up the portion of Medicare that covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. Most everyone on Medicare including those covered by Original Medicare and those covered by a Medicare Advantage Plan are required to pay a monthly Part B premium. The vast majority of folks that are enrolled in Medicare (99%) don’t have to pay for Medicare Part A which covers inpatient hospital, skilled nursing facility, and some home health care services.
Each year the Medicare Part B premium is adjusted. For 2021, the Medicare Part B monthly premiums not surprisingly are higher than the 2020 amounts. The standard monthly premium for Medicare Part B enrollees will be $148.50 for 2021, an increase of $3.90 from $144.60 in 2020.
Additionally, a Medicare beneficiary’s Part B monthly premium is based on income. These income-related monthly adjustment amounts (also known as IRMAA) affect roughly 7 percent of people with Medicare Part B. Income adjustments are also applied to Medicare Part D (Prescription Drug Plans). The 2021 Medicare Part B total premiums and adjustments to Part D for high-income beneficiaries are presented in the BBG65Plus table below:
You can read more about all the 2021 adjustments here.
For more information, contact BBG65Plus.