Every year brings new changes. If you think Medicare is hard to understand as it is, then you should be aware of some changes in 2021.
Here’s a quick rundown: Medicare Part B premiums have increased, COVID-19 benefits have been added, and telehealth benefits have been expanded.
Higher Medicare Costs
Here are the 2021 changes to the costs of Medicare. Keep in mind if you have a higher income your Medicare Part B premium is higher.
- Medicare Part B premium is now $148.50
- Medicare Part B deductible is now $203.00
- Medicare Part A deductible is $1,484.00
In 2021 the income thresholds went up. For example, if you make more than $176,000 and file your taxes jointly, then you will pay more than the base rate of $148.50. The income threshold for 2020 was $174,000.
Change in Underwriting for Medicare Advantage Plans
The only health question asked on Medicare Advantage applications in the past was whether or not you had End Stage Renal Disease (ESRD). That has now been removed thanks to the 21st Century Cures Act.
Coverage for Acupuncture
If you have lower back pain, Medicare will cover no more than 12 visits for acupuncture in a 90-day period of time. However, if the beneficiary sees improvement then Medicare will cover an additional eight sessions.
COVID-19 Coverage
The vaccine for COVID-19, as well as any testing such as antibody or “serology” tests, is now covered by Medicare.
Increased Telehealth Benefits
Due to COVID-19, beneficiaries prefer having routine doctor’s visits virtually. As a result, Medicare has expanded its telehealth benefits. For example, you can now have your routine doctor’s visit over the phone or on the computer. E-visits and virtual check-ins are also covered.
Insulin Savings Program
Medicare is now offering drug coverage and access to certain types of insulin at no more than $35 for a 30-day supply. This is a direct result of the Senior Savings Model, part of Medicare Part D Prescription Drug Plans, which many drug plans are now participating in.
These changes took effect on January 1, 2021. Please don’t hesitate to reach out to Largent Insurance with any of your Medicare needs in this New Year. Give Marc Largent a call at (336) 408-9402.
