What Will You Pay for Medicare in 2021?

Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2021 if you’re enrolled in Original Medicare Part A and Part B.

Medicare Part B Premiums

According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $148.50 in 2021.

People with higher incomes may pay more than the standard premium. If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2019) is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following table.

You filed an individual income tax return with MAGI that was: You filed a joint income tax return with MAGI that was: You filed an income tax return as married filing separately with MAGI that was: Monthly premium in 2021 including any IRMAA is:
$88,000 or less $176,000 or less $88,000 or less $148.50
Above $88,000 up to $111,000 Above $176,000 up to $222,000 N/A $207.90
Above $111,000 up to $138,000 Above $222,000 up to $276,000 N/A $297.00
Above $138,000 up to $165,000 Above $276,000 up to $330,000 N/A $386.10
Above $165,000 and less than $500,000 Above $330,000 and less than $750,000 Above $88,000 and less than $412,000 $475.20
$500,000 and above $750,000 and above $412,000 and above $504.90

Other Medicare costs

The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2021:

  • Part A deductible for inpatient hospitalization: $1,484 per benefit period
  • Part A premium for those who need to buy coverage: up to $471 per month (most people don’t pay a premium for Medicare Part A)
  • Part A coinsurance: $371 per day for days 61 through 90, and $742 per “lifetime reserve day” after day 90 (up to a 60-day lifetime maximum)
  • Part A skilled nursing facility coinsurance: $185.50 for days 21 through 100 (for each benefit period)
  • Part B annual deductible: $203

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Certain information herein has been obtained from third party sources and, although believed to be reliable, has not been independently verified by Cutler Capital Management LLC and its accuracy or completeness cannot be guaranteed. No representation is made with respect to the accuracy, completeness or timeliness of this information.

2020-12-21T22:39:49+00:00