On Friday Medicare announced the Part B rates that most Medicare enrollees will be responsible for paying in 2020. Effective January 1, 2020 the standard monthly premium for Medicare Part B enrollees will be $144.60. This represents an increase of $9.10 from the $135.50 enrollees paid in 2019.
Starting in 2007, a beneficiary’s Part B monthly premium has been based on income. Income-related monthly adjustment amounts (IRMAA) affect approximately 7 percent of all Medicare beneficiaries. The 2020 Part B premium levels adjusted for income as well as the Part D (Prescription Drug Plan) are shown in the following tables:
2020 Medicare Part B Income-Related Monthly Adjustment Amounts
Part D (Prescription Drug Plans) IRMAA in 2020
And, If your modified adjusted gross income is above a certain amount, you may also pay a Part D income-related monthly adjustment amount (Part D IRMAA). Those amounts for 2020 are listed below.
An ‘Annual poll of employers by Kaiser Family Foundation finds premiums rose 5% for family plans; ‘It’s the cost of buying an economy car.’
Let us show you how we help our employees operate at substantially below this scary number through SharedFunding.
Click here for The Wall Street Journal article for more insights into the survey results.
Groupons have been in the medical news lately (for example “Groupons For Medical Treatment? Welcome To Today’s U.S. Health Care” and “Groupons for medical care are helping patients save money“) with stories of deeply discounted rates for some medical tests in several local markets across the country.
Here’s the net of the good and bad from a smattering of the news reports.
Good because the lower rates may make the tests affordable for some who need them and who may otherwise pass because they simply can’t afford. In other words, if you have to have a test and don’t have coverage or if you have coverage but your plan’s deductible coupled with your network’s contracted rate for the test are out of reach, the Groupon rate may make it affordable.
Bad because the discounted rates sometimes prompt people to undergo testing unnecessarily and often without their doctor’s input or supervision. In some respects, it could be a cousin to a practice known as “predatory testing” (offering free initial tests designed to encourage more not so free tests and/or costly treatments…….when they may not be necessary or advisable in the first place.)
And, bad because the quality is sometimes not up to par leading to a retest which usually ends up being performed somewhere else at an additional cost. Essentially, patients end up having to pay multiple times to have the test done right.
According to one of the reports “Groupon dictates the price for its deals based on the competition in the area — and then takes a substantial cut”…
‘They take about half. It’s kind of brutal. It’s a tough place to market,’ said a provider that signed on with Groupon to market for his testing facility.”
Makes me think we could do just as well or even better fending for ourselves with a qualified provider of our choosing without Groupon as the middleman. If a test is needed, first talk to your doc and ask for a list of multiple qualified providers. And/or, check your insurance carrier’s online provider network directory for participating providers. Most insurance carriers now have online cost comparison tools that you can access by logging into your account. They are simple to use and allow you to shop for where you receive your healthcare. Once you have your lists of providers, check for quality ratings and pricing information.
After you do a little homework, select a few qualified providers. Ask each of the providers for their best rates; and, what kind of break they’ll give you for pre-payment or paying in cash.
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- Tom Barrett
- September 23, 2019
- affordable, cost, costs, coverage, employees, employers, health plans, healthcare, high deductible, insurance, kaiser, medical
- 0 Comments
We have some very exciting news to share with you. Earlier this year, with great encouragement from our clients, we launched bbg65Plus.
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In launching bbg65Plus, we’re excited to serve the needs of our business clients as well as the Medicare needs of our families, friends, colleagues, and neighbors in the communities where we live and work.
So, for anyone needing assistance and hoping to experience Medicare Peace of Mind, please contact us. We’d love to help.
And, of course, we’d be very grateful if you’d help us spread the word.
(e) 65Plus@bbginc.net; (p) 866.845.8600 x130
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- Tom Barrett
- July 18, 2019
- confusion, cost, coverage, employees, employers, federal, health plans, healthcare, HHS, insurance, medical, medicare, open enrollment
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