2020 Standard Part B Premium $144.60

[MBSC]

2020 Standard Medicare Part B premium: $144.60

2020 Part B deductible: $198

The link below includes the new IRMAA thresholds updated for inflation and the IRMAA premiums.

https://www.cms.gov/newsroom/fact-sheets/2020-medicare-parts-b-premiums-and-deductibles

 

[W2R]

Thank you!

 

[marko]

But it says: "The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs"

What do drug prices have to do with Part B?

Question #2: On the IRMAA chart, is the income threshold on gross income or adjusted after deductions?

 

[Sarah S]

But it says: "The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs"

What do drug prices have to do with Part B?

Drugs administered in office and outpatient infusion centers are part B. Chemotherapy for cancer is most commonly mentioned but it includes other drugs an example would be IVIG for autoimmune diseases that can be over a million a year in the US

 

[marko]

But it says: "The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs"

What do drug prices have to do with Part B?

Drugs administered in off ice and outpatient infusion centers are part B. Chemotherapy for cancer is most commonly mentioned but it includes other drugs an example would be IVIG for autoimmune diseases that can be over a million a year in the US

Oh. Thanks.

 

[audreyh1]

But it says: "The increase in the Part B premiums and deductible is largely due to rising spending on physician-administered drugs"

What do drug prices have to do with Part B?

Question #2: On the IRMAA chart, is the income threshold on gross income or adjusted after deductions?

Chemotherapy among other doctor administered drugs.

No, before any deductions. IRMAA MAGI is AGI on 1040 tax form + tax-exempt interest income like from munis. You add lines 7 and 2a on the current 1040 form.

 

[Dtail]

Chemotherapy among other doctor administered drugs.

No, before any deductions. IRMAA MAGI is AGI on 1040 tax form + tax-exempt interest income like from munis. You add lines 7 and 2a on the current 1040 form.

Well at least they started to index the IRMAA limits.

 

[audreyh1]

Yes.

I suppose next year Medicare premium will be based on 2018 taxes, but 2020 IRMAA thresholds?

 

[Sue J]

Well, darn!

My SS COLA is just $11.00 and now $9.10 of that goes to the increase in Part B. I'm going to be very careful to use that excess of $1.90 in a wise manner.

 

[MichaelB]

Well, darn!

My SS COLA is just $11.00 and now $9.10 of that goes to the increase in Part B. I'm going to be very careful to use that excess of $1.90 in a wise manner.

That’s what my dear mum used to say.

“Quick, let’s run out now and get ourselves a cup of coffee before the price goes up and we’ll have to wait another year”

 

[ShokWaveRider]

My total premium for 2020 per month including Medicare Part B, Part G Supplement and Part D Drug Plan is: $336.05 or $4032.60 for the year.

 

[marko]

DW pays $15k for her BCBS coverage so I view what I pay for Medicare as "almost free".

My total premium for 2020 per month including Medicare Part B, Part G Supplement and Part D Drug Plan is: $336.05 or $4032.60 for the year.

 

[ShokWaveRider]

My total premium for 2020 per month including Medicare Part B, Part G Supplement and Part D Drug Plan is: $336.05 or $4032.60 for the year.

Quoting myself, that is odd...…

Anyways, it is a good deal or at least comparable to Canada as the average Canadian pays about $4351 per year CAN$ for their coverage for their family (Depending on which chart you look at), that is for a single earner, that goes up with income. 2 average earners in a household will pay approximately the same each as there really is not a concept of "Married Filing Joint" in Canada.

The only difference being that they do not have to be over 65 to get the benefit.

 

[Car-Guy]

Looks like one more year of the top tier for me. Either $462 or $491 in 2020... It's going to be very very close. But what's another $29 a month. After 2020 I'll finally get to pay the minimums for the first time. Unless they change the "means" testing amounts.

 

[Dtail]

My total premium for 2020 per month including Medicare Part B, Part G Supplement and Part D Drug Plan is: $336.05 or $4032.60 for the year.

Pretty good overall, but as you know Medicare for many Florida folks is more expensive than ACA plans.

 

[Teacher Terry]

My employee retiree insurance is 12k/year but if I give it up for ACA I cannot get it back. Can’t wait for DH to be 65.

 

[youbet]

Yes.

I suppose next year Medicare premium will be based on 2018 taxes, but 2020 IRMAA thresholds?

I think that’s it.

 

[wmc1000]

My total premium for 2020 per month including Medicare Part B, Part G Supplement and Part D Drug Plan is: $336.05 or $4032.60 for the year.

DW and I will incur a 2020 total of $6577.20 all-in which includes our Part B costs, Plan G Supplements, Part D plans PLUS the $195 deductible for each of us and the $10 per mo. DW's RX's will cost us. My drugs are at no cost.