In Idaho Falls, ID, there are roughly over 8,000 seniors. 31% of these seniors have a Medicare Part C, or Medicare Advantage Plan, while 24% have Original Medicare with a Medicare Supplement Plan. This means about 45% of seniors may not be insured and could potentially face costly coverage gaps. That’s why to get the most from your Medicare coverage in 2021 and avoid these coverage gaps, it’s important to understand the costs of Medicare.
2021 Medicare Part A Cost
Most Medicare beneficiaries receive premium-free Medicare Part A. However, some Medicare beneficiaries who are required to pay a Part A monthly premium in 2021 will pay either $259/month (if you or your spouse worked 30 to 39 quarters during your lifetime) or $471/month (if you or your spouse worked less than 30 quarters).
If you have a hospital stay, your Medicare Part A deductible in 2021 will be $1,484 per benefit period. For days 1 through 60 as an inpatient, you will pay $0 for each benefit period. Days 61 through 90 will be a daily $371 coinsurance. Days 91 and beyond will be a coinsurance of $742 for each lifetime reserve day. After the lifetime reserve days, you will cover all costs.
2021 Medicare Part B Cost
The standard premium for Medicare Part B in 2021 is $148.50/month if you filed an individual tax return and your income was $88,000 or less. If you file a joint tax return and your income is $176,000 or less, you will also pay $148.50. Anyone with income over these amounts should expect to pay more in premiums.
Part B also has a $203 deductible. After the deductible is met, you will be responsible for only 20% of Medicare-approved services.
2021 Medicare Part C
Many Medicare Advantage Plans have $0 premiums. However, the average premium for one of these plans in 2021 is $21, which is a decrease from $23 in 2020. Medicare Advantage also has a maximum out-of-pocket limit of $7,550.
2021 Medicare Part D Cost
Part D covers prescription drugs and is provided by private insurance companies – the cost varies depending on the drug plan you choose. But, the average premium for Medicare Part D will be $30.50. Some Part D plans also have a maximum deductible of $445, though some Part D plans may fully waive the deductible.
If you live in Idaho Falls, ID, and need more information about your Medicare options, do not hesitate to contact Generations Insurance. We are local to you and are willing to help you find a plan that meets all your needs.