The Medicare Agent Blog

2021 Medicare Part B Premiums Remain Steady

In a press release issued November 6th, 2020, CMS announced the 2021 monthly Medicare Parts A and B premiums, deductibles, and coinsurance amounts.

Medicare Part B Premiums/Deductibles

The standard monthly premium for Medicare Part B in 2021 will be $148.50, an increase of $3.90 from 2020. The annual deductible for Medicare Part B beneficiaries is $203 in 2021, an increase of $5.00.

Medicare Part A Premiums and Deductibles

The Medicare Part A inpatient deductible that beneficiaries will pay when admitted to the hospital is $1,484 in 2021, up $76.00 from $1,408 in 2020.

Highlights for 2021 Open Enrollment

  • A 34 percent decrease in average monthly premiums for Medicare Advantage plans since 2017.
  • More than 4,800 Medicare Advantage plans are offered for 2021, compared to about 2,700 in 2017.
  • Medicare beneficiaries can join a prescription drug plan that will offer many types of insulin at a maximum copayment of $35 for a 30-day supply. More than 1,600 Medicare Advantage and Part D prescription drug plans are participating in the Part D Senior Savings Model for 2021. People who enroll in a participating plan could save up to an estimated $446 a year in out-of-pocket costs on insulin.
  • CMS has added a new “Insulin Savings” filter on Medicare Plan Finder to display plans that will offer the capped out-of-pocket costs for insulin. Beneficiaries can use the Medicare Plan Finder to view plan options and look for a participating plan in their area that covers their insulin at no more than a $35 monthly copay.

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