Medicare Blog: Moorestown, Cranford NJ

2021 Part B Premium and Deductibles

11/6/2020

CMS just announced the updated Part B premiums for 2021.

The standard Part B Premium increased $3.90/month from $144.60/month to $148.50/month
Part B deductible increased $5 from $198 to $203

This is good news as it is a relatively low increase (less than 3%) for both the Part B Premium and Part B Deductible.

The Income Related Monthly Adjustment Amounts (IRMAAs) were also updated for 2021. You can find the tables below for individuals with income greater than $88,000 (or joint filers with income less than $176,000). This income is based on your MAGI (Modified Adjusted Gross Income) from your 2019 Tax Return.

If you are in one of the higher income brackets for the Part B IRMAAs, there is an additional IRMAA for the Part D Drug Coverage. The updated table for 2021 can be found below.

8 Comments

Sharon m. OHare

11/7/2020 10:13:56 am

This is totally confusing to me. Does this mean more money is going to come out of my Social Security? I don't understand. Please give me some easy answers so I can understand. Thank You! Sharon OHare

Justin Lubenow

11/7/2020 10:18:35 am

Hi Sharon,
Yes, the Part B premiums come out of your Social Security check each month. Each year, the Part B premiums tend to increase. For example, in 2020 there was an increase of about $9/month. In 2021, there is a much smaller increase of about $4/month.

However, your Social Security check will likely still have a net increase in 2021, because the COLA (Cost of Living Adjustment) is 1.3% which is about $20/month for the average individual. So if your increase is $20/month, it will net to about $16/month increase (because of the $4 increase in the Part B premiums).

Hope this helps!
-Justin

Mary M Cermak

11/7/2020 04:01:30 pm

Justin, sorry but I am not to good at understanding your email. Will my monthly payment stay the same or is it increased? Does this mean my monthly payment for cigna will increase? Or is this charge by medicare> as u know I pay $209.29 monthly to Cigna. $33.50 to Part D.
Thank you for an answer, sorry to be a pest.
Mary Cermak

Justin Lubenow

11/8/2020 09:53:35 am

Hi Mary - The Part B premium is what you pay the government which is deducted from your Social Security check each month. Each year, the Part B premiums tend to increase. For example, in 2020 there was an increase of about $9/month. In 2021, there is a much smaller increase of about $4/month.

However, your Social Security check will likely still have a net increase in 2021, because the COLA (Cost of Living Adjustment) is 1.3% which is about $20/month for the average individual. So if your increase is $20/month, it will net to about $16/month increase (because of the $4 increase in the Part B premiums).

Hope this helps!
-Justin

Deborah Ross

11/8/2020 06:21:49 pm

there was a website where we could review are statements. I somehow can't find it, but I know I read it

Justin Lubenow

11/8/2020 06:43:18 pm

Hi Deborah - do you mean your Social Security statements? If so, you should be able to log in to your mySocialSecurity.gov site to see your statements.

Ernest Curley

11/20/2020 11:52:11 am

My wife received her plan for 2021. I have not received the final OK on mine. Will this be sent shortly. I was concerned maybe I had not responded properly.

Justin Lubenow

11/20/2020 12:17:57 pm

Hi Ernest, Yes yours was completed as well and sent to you on Nov 13. Perhaps it is stuck in your JUNK/SPAM. Regardless should be all set.

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2021 Part B Premium and Deductibles

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Justin Lubenow

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