2019 Medicare Premiums and Deductible Increase
On October 12, 2018, the Centers for Medicare and Medicaid Services (CMS) announced the 2019 Medicare premiums and Medicare deductible increase for Part A and B. These changes may be small, but CMS strives to empower beneficiaries and promote complete transparency when it comes to selecting healthcare coverage. Medicare deductibles and premiums increase due to the pressure on Congress from the rise in Medicare enrollment and the demand for coverage.
2019 Medicare Premiums Increase
It’s easy to get overwhelmed when you hear “2019 Medicare premiums increase.” Medicare, in general, can be confusing, but don’t worry! The 2019 Medicare premium increase is small, and likely will not have an effect on most beneficiaries.
Part A premiums are not affected. Part B premiums are expected to increase by $1.50, from $134 to $135.50. However, an estimated 3.5% of beneficiaries (2 million) will pay less than this amount due to the Social Security “hold harmless” provision which prevents the increased premium to exceed the increase in Social Security benefits. Additionally, if you make more than $85,000 a year, your monthly Part B premium will be adjusted based on your income. The income-based 2019 premiums for Part B are as follows:
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2019 Medicare Deductible Increase
Similar to the 2019 Medicare premiums increase, the deductible increase is also quite small. This change may not impact most beneficiaries. All Medicare Part B beneficiaries will likely see an increase of $2 for their annual deductible from $183 to $185. Additionally, the Part A inpatient hospital deductible will increase from $1,340 to $1,364.
Medicare Advantage and Medicare Supplement 2019
Premiums and deductibles for Medicare Advantage plans have been finalized and are not impacted by this announcement. In fact, beneficiaries may see a decrease in premiums and an increase in plan options. Medicare Supplement plans will not be affected.
What does this mean for you? If your premium went up and you need a better option, the time is now! The annual enrollment period is October 15 through December 7. During this time you can switch or enroll in the best plan that fits your needs and budget. Our licensed agents can answer any questions you may have. If you’re interested in scheduling a no-cost, no-obligation appointment, fill out this form or call us at 833-438-3676.