Medicare

Medicare Part B 2020 deductibles, premiums increasing

Medicare Part B Premiums/Deductibles

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.

Each year the Medicare premiums, deductibles, and copayment rates are adjusted according to the Social Security Act. For 2020, the Medicare Part B monthly premiums and the annual deductible are higher than the 2019 amounts. The standard monthly premium for Medicare Part B enrollees will be $144.60 for 2020, an increase of $9.10 from $135.50 in 2019. The annual deductible for all Medicare Part B beneficiaries is $198 in 2020, an increase of $13 from the annual deductible of $185 in 2019.

Source: Medicare Part B 2020 deductibles, premiums increasing

Categories: Medicare

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2 replies »

  1. .

    I will not see half of my 2020 Social Security increase because it will go to the increase in Medicare Part B premium. That Medicare premium amount is added to the [never indexed for inflation] amount where SS becomes taxable, therefore the Medicare Part B premium is subject to income tax. When I was working, my corporate health insurance premium I paid from my corporate salary was NOT taxed as income.

    To add insult to injury, the IRS has recently announced its 2020 inflation adjustments. While the standard deductions are increasing a little in 2020… the over age 65 extra standard deduction will NOT be increased for inflation. Once again seniors are thrown under the bus.

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    • I don’t understand what you mean about the Medicare premium added to SS amount that becomes taxable. It’s not added, but is an after deduction from the gross SS benefits. Company paid health benefits are not taxable income and your premium may have been paid on a ore tax basis. On the other hand the Part B is only 25% of the full cost and you are not taxed on the other 75%.

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