Now that we have turned the page on 2020 and are firmly settled in the year 2021 it’s a good thing to look at how your Medicare costs have changed in the new year. This is important for you to do if you’re a caregiver for a loved one who is aging in place or if you are the person who is living on your own at home in the new year.
As with all health insurance the costs rise over time and Medicare is no different. The good news is that costs have remained relatively even over the course of the years and changing the calendar from 2020 to 2021 is no different. Here are the new costs vs. the old costs so you have a clear picture of where your benefits stand.
- Part A Premium
- 2020: $458
- 2021: $471
- Part A hospital inpatient deductible and coinsurance
- 2020: $1408/benefit period
- 2021: $1484/benefit period
- Part B Premium (depending on your income)
- 2020: $144.60
- 2021: $148.50
- Part B hospital inpatient deductible and coinsurance
- 2020: $198/benefit period
- 2021: $203/benefit period
- Part C Premium (depending on your income): varies by plan
- Part D Premium (depending on your income): varies by plan
This is just basic information and the Medicare website has many tools you can use to zero in on your premiums and co-pays to make sure you have an exact understanding of the costs that you will be paying out of pocket in 2021.