Welcome to the witty world of Medicare! Today, we’ll discuss one thing that everyone is wondering about – the premium for Medicare Part B in 2020. If you’re already confused, don’t worry; we’ve got your back.
Medicare Part B covers medically-necessary services like doctor’s visits and outpatient care. It helps cover costs incurred from preventive services like flu shots or annual wellness visits as well as diagnostic tests such as X-rays or bloodwork. However, if you thought all these are free of cost with Medicare Part B, think again.
What Is A Premium And How Does It Work?
Before we talk numbers, let’s understand what a premium is and how it works. In simple terms,a premium is an amount that needs to be paid monthly to avail coverage under any medical insurance plan including Medicare.
The cost of premiums can vary depending on various factors such as income level, age group, location and health status among other things.The more relaxed you feel over maintaining good health habits = higher the price!
All these factors might make calculating your personal estimated premium rather tough….luckily there are different ways estimates this number online but catching actual live unicorns would probably come first in our opinion (tech people call it “Social desirability bias” though).
The Actual Numbers for Medicare Part B
Alrighty then….drumroll please…..the official figure released by Social Security Administration (SSA) states that the standard monthly premium for those enrolling into Medicare part b in 2020 will rise by $9
Certainly a little bit depressing considering we could have used those extra dollars on pizza toppings(not pineapple though..please!)
If your landlord seems demanding with rent hikes recently… know that age has nothing to do with contracts governing costs 😥
So if last year’s rates were $135.50 then this year they will be $144.60 (With the possibility of slight variation depending on your individual situation).Pretty much sounds as if it’s not getting cheaper to grow old here…
Does Income Level Affect Premiums?
Yes, it does! Social Security sets income brackets that determine what a person’s standard monthly Part B premium is going to be.For people who are newer to Medicare, those income levels cover adjusted gross incomes from 2018 tax returns.
Put in It more simple terms… Part B premiums increase for higher-income beneficiaries! Yes folks, wealth really ain’t fair 😂
For an accurate estimate based on your income group or social status..(dare we say) use any good online testing service and find out how great/broke you truly are!
Here’s a table highlighting different premiums based on Income Level:
|Modified Adjusted Gross/MAGI Income
|Individual Coverage Monthly Premium
|Joint Coverage Monthly Premium
|$214,001 – 267K
|Note: The above rates apply only apply if enrolling into medicare part b while also being covered under employer sponsored coverage.
As seen in the table above with screaming enlarged text block letters…for example even owning just one cat has its financial implications.Should We start questioning our life choices now?
But overall,simply put …the richer you get,the less pleasant surprises there may exist when calculating these costs.
Keep Calm And Expect Changes
Hold on folks, don’t get too comfortable as things may change soon. SSA’s prices and monthly premiums have been known to fluctuate from year-to-year so 🤞🏽 (fingers crossed) that the ones we gave you stand valid.
Medicare Part B Premiums might seem alarming like a fire alarm trying to alert an entire building block right now but remember there are some other factors that can offer relief including CSP (Choosing a smarter plan).
Other than this,the general hack of taking out more crosswords for brain exercise is only supported by less-relatable recent studies conducted here at Medicare school — listen kids the wiser you become higher the possibility of availing nature benefits over medical! 😂
Hey there, I’m Dane Raynor, and I’m all about sharing fascinating knowledge, news, and hot topics. I’m passionate about learning and have a knack for simplifying complex ideas. Let’s explore together!
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