Medicare Costs for 2020

Medicare Costs for 2020 are projected to increase, but, will likely not be approved until the Fall.

2020 MEDICARE COSTS
2019 AMOUNT 2020 PROJECTED AMOUNT
Medicare Part B Premiums $135.50 $144.30
Part A Deductible (Inpatient Hospital) $1,364 $1,420
Part B Deductible (Physician’s Services) $185 $197
Hospital Coinsurance Days 61-90 $341 $355
Hospital Coinsurance Days 91-150 $682 $710
Skilled Nursing Facility Coinsurance $170.50 $177.50
High Deductible Plan F $2,300
Plan K Out of Pocket Maximum $5,560
Plan L Out of Pocket Maximum $2,780

2020 Medicare Part B Costs

The base premium for 2020 Medicare Part B is prjoected to be $144.30, however, it’s still $135.50. Part B pricing is based on your income from 2 years prior, therefore your 2020 Medicare Part B costs are based on your 2018 income tax filings. The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment AmountIRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income (MAGI) is higher than a certain threshold. To avoid confusion, our chart below shows the entire premium you owe for your 2020 Medicare Part B Costs for each income bracket.

If your yearly income in 2018 was In 2020

You Pay

File individual tax return File joint tax return File married & separate tax return
$86,000 or less $172,000 or less $86,000 or less $135.50
above $86,000 up to $109,000 above $172,000 up to $218,000 Not applicable $189.60
above $109,000 up to $136,000 above $218,000 up to $272,000 Not applicable $270.90
above $136,000 up to $163,000 above $272,000 up to $326,000 Not applicable $352.20
above $163,000 up to $500,000 above $326,000 up to $750,000 above $85,000 up to $415,000 $433.40
above $500,000 above $750,000 above $415,000 $460.50

Medicare Part D Costs

2019 Medicare Part D – Plan Costs

2019 AMOUNT

PART D COSTS
Initial Deductible $415
Initial Coverage Limit (ICL) $3,820
Out-of-Pocket Threshold (TrOOP) $5,100
Coverage Gap (Donut Hole) Between $3,820 and $5,100

2019 Medicare Part D – Premium Costs

Base Part D premiums are set by your Part D insurance company. The average premium for 2019 is $33.19.

The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment AmountIRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income (MAGI) is higher than a certain threshold. To avoid confusion, our chart below shows the entire premium you owe for your 2019 Medicare Part B Costs for each income bracket.

If your yearly income in 2017 was In 2019

Your IRMAA is

File individual tax return File joint tax return File married & separate tax return
$85,000 or less $170,000 or less $85,000 or less $0
above $85,000 up to $107,000 above $170,000 up to $214,000 Not applicable $12.40
above $107,000 up to $133,500 above $214,000 up to $267,000 Not applicable $31.90
above $133,500 up to $160,000 above $267,000 up to $320,000 Not applicable $51.40
above $160,000 up to $500,000 above $320,000 up to $750,000 above $85,000 up to $415,000 $70.90
above $500,000 above $750,000 above $415,000 $77.40

2019 Medicare Advantage & Medigap Pricing

Medicare Advantage Plans and Medigap plans are dicated by the insurance companies. We go into this a little more in our Medicare Advantage vs Medigap article.

2019 Medicare & You Handbook

Medicare costs for 2019