2020 Estimates for Social Security & Medicare Costs

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The Wall Street Journal recently posted online (September 19, 2019) the estimated increase for Social Security recipients for 2020 to be approximately 1.7 to 1.8% from current.  An average recipient receives $1305 a month so the increase could be approximately $27 at that level. 

Medicare’s trustees projected on Monday (September 16, 2019) that the standard monthly premium for Medicare Part B will increase by $8.80 a month to $144.30, however a final figure is expected later in the fall.

These increases partly reflect  “the fact that healthcare prices are increasing at levels that significantly exceed overall inflation which has been the case for many  years”, states Shai Akabas, director of economic policy at the Bipartisan Policy center in Washington DC.

In addition, those individuals with higher incomes (over $85,000 for a single persona and $170,000 for a couple) have not had an adjustment for their additional premiums since 2011.  There will be adjustments in 2020.  For example, a couple that has Adjusted Gross Income between $170,000 and $214,000 will pay $202.00 a month for Part B, up from $189.60.  The cost increases will be greater for those at the higher income levels as another tier at much higher incomes (+$750,000) will be added.

Medicare has not yet stated the updates for the Part A hospitalization payment, skilled nursing per day charges or Part B annual deductible.  Look for these changes to be announced in late November, early December.  Also, remember that Social Security letters of the increase and collection of Medicare premium always come out in early December.

Finally, in the past I have written and explained about Plan F Medicare Supplement not being offered to newly eligible Medicare beneficiaries starting January 1, 2020.  Anyone who turned 65 prior to January 2020 who may be still working, or want to change to a different carrier and keep Plan F may.  It is all newly eligible who will have Plan G as their most comprehensive plan available.

Call us at Health Insurance Advisor if you have questions about any of this.  We want to make sure you have accurate information!

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Article details from www.wsj.com/articles/medicare-b-costs-for-retirees-projected-to-rise-11555978694

 

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Janis VanAhn
Health Insurance Advisor, LLC
INTEGRITY + EXPERIENCE + SERVICE = SOLUTIONS
p. 515.225.9994
e. jvanahn@health-insadvisor.com

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A little more about us:
The Business Warrior group has some of the industry’s top experts in all the areas your business needs to be successful. Amongst the contributors is Janis VanAhn, owner of Health Insurance Advisor, LLC. For 19 years Janis has worked in and around the health insurance industry initially providing service to agents and employers related to employee benefits, individual healthcare and Medicare, while more recently becoming appointed as an individual agent with various quality carriers to provide this service to individuals through her own business.

Four years ago Janis was ‘blessed’ with being let go from her job at an insurance agency. Staying within insurance was her path…but in what capacity. 2010 was the year Janis began her career as an independent insurance agent specializing in health insurance. Finding quality, cost-effective healthcare for individuals and families under age 65 as well as working with those who are Medicare eligible truly was her passion. She has made this a true specialty and positioned herself as someone to work with whether it is a financial professional or property & casualty agent with a client that needs assistance, to a group of seniors turning 65 and they keep receiving Medicare information and are confused about what to do.

Janis enjoys the one on one contact with clients as well as looking forward to speaking to groups about healthcare. Her excitement for this industry is what drives her to stay in tune with Healthcare Reform and what is currently happening and what will happen with coverage from now to past 2014.

‘Educating individual and Medicare consumers to make informed choices’ is her mission because if people are educated and understand, they will make informed choices that they are comfortable with.

Get to know Health Insurance Advisor, LLC and Janis Van Ahn by visiting the website, or contact her with your questions to find a solution.

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