What You Need to Know About Your 2020 Medicare Benefits
There are several Medicare changes taking place in 2020, and we’ve read through all the fine print to bring you a quick recap.
Plan F Is Phasing Out January 1, 2020
First up is Plan F phasing out starting January 1st of 2020. If you currently have a Plan F, you can keep it. If you become eligible for Medicare on or after January 1st of 2020, you can no longer buy a Plan F. Your new go-to option is going to be Plan G.
If you’re a client here at Medicare Allies, your agent will monitor your rates and let you know of any recommended changes.
2020 Medicare Deductibles and Premiums Have Increased
The 2020 Medicare deductibles and premiums have also been announced. The Part A deductible is increasing from $1,364 to $1,408 and the Part B deductible is increasing from $185 to $198. Finally, the Part B premium is also increasing from $135.50 to $144.60.
IRMAA Brackets Have Increased
If you have a high income, you pay a higher premium for Medicare coverage (called IRMAA, or Income-Related Monthly Adjustment Amounts).
As of 2020, the income thresholds have gone up slightly. For example, if you’re married filing jointly and make more than $174,000, you’ll pay more. Previously, that threshold was $170,000, but the slight increase is to account for inflation.
Read More: Are Medicare Costs Based On Your Income?
Medicare Technology Is Getting Better
Over the past year or so, Medicare has been working to upgrade their technology. Medicare has revamped their website, the Plan Finder tool is much easier to use, and there’s even a new smartphone app that explains what’s covered by Medicare.
These upgrades are part of the Trump Administration’s eMedicare initiative, and we expect to see even more upgrades in 2020.
The Donut Hole Is Going Away
Another big change happening affects those who have very expensive prescriptions. If that might be you, you may have entered something called the “donut hole,” which is a coverage gap in your Part D drug coverage.
The donut hole is closing in 2019 for brand-name drugs. Starting in 2020, the donut hole will also close for generic drugs. Moving forward, you’ll be responsible for 25% of the cost.
Medicare Advantage Is Becoming More Popular
Finally, Medicare Advantage plans continue to soar in popularity. Premiums are the lowest they’ve been in 13 years, and there are more options than ever – especially for those in larger cities. In 2020, Medicare expects over 24 million people to enroll in Medicare Advantage.
Need Help? Call Medicare Allies
Those are the big changes taking place in 2020. If you have any questions about how these changes will affect you or your coverage, give us a call, and we’ll be happy to help.
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At the end of the day, your Medicare Planner will give you clarity and peace of mind knowing that your financial future is in great hands.
Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Medicare Allies.