Medicare Part B Premium 2021
Estimated reading time: 4 minutes
In CMS.gov press release, Medicare Part B premium will increase $3.90 from $144.60 in 2020 to $148.50 in 2021. If you enroll in Medicare Part B after November 1, 2020, you will pay the $148.20 Part B premium in 2021. However, most Medicare beneficiaries will not have this 2.7% Part B increase.
For most Medicare beneficiaries who had Medicare Part B before November 1, 2020, and had their Part B premium withdrawn from their Social Security benefits, you will only have a 1.3% increase in 2021. Learn more about COLA – Cost of Living Adjustment – and the Medicare Hold Harmless Provision restricting Part B premium increases.
Did you know your Part B premium pays for FREE preventive services?
Medicare Part B – FREE Preventive Services
Medicare Part B covers outpatient preventive services to detect health conditions early, so treatment is most effective. The following preventive screenings are FREE. You pay no deductible and no co-insurance costs unless the doctor performs a biopsy.
- Colorectal cancer screening: fecal occult blood tests
- Colorectal cancer screening: sigmoidoscopies
- Nutrition therapy services
- Welcome to Medicare
- Yearly “Wellness” visit
However, most preventive services are free after you pay the Part B deductible. Some of these FREE Part B services include vaccination shots and counseling:
Medicare Part B Deductible 2021
In addition to the Part B premium increase, the Part B deductible will rise $5 from $198 in 2020 to $203 in 2021. Furthermore, all Medigap Plans after January 1, 2020, require you to pay the Part B deductible. If you are new to Medicare in 2021, the most comprehensive Medicare Supplement you can get is Plan G.
Senior Healthcare Direct can help you find the most cost-effective Medicare Supplement Plan. Call 1-855-468-4717 or get your quote.
If you were a high-income earner, your Medicare Part B premium will increase in 2021.
Medicare Part B Premiums in 2021
The chart shows 2021 Part B premiums for all income levels. Individuals or married couples filing separately who earned $88,000 or less will pay the standard premium of $148.50. Furthermore, if you and your spouse both had modified adjusted gross income (MAGI) of $176,000 or less, you also pay this standard premium.
In all cases, your IRS tax return is from the previous two years. Thus, your 2019 tax return is the basis for your 2021 Part B monthly premiums. For high-income earners whose MAGI is greater than $88,000 per person, you will pay the standard Part B premium of $148.50 plus an Income Related Monthly Adjustment Amount (IRMAA).
For example, with a 2019 MAGI is $120,000, you pay $148.50 + $297 IRMAA for a total monthly payment of $445.50.