Senior Advisors
  • Home
  • FREE Quotes
  • About YOU
    • Turning 65, Ready to enroll?
    • Working Past Age 65?
    • Already on Medicare, Looking to Save Money?
    • Currently on a Retiree Plan?
  • About Us
  • Products
    • Medicare Supplements & Medicare Advantage >
      • Medicare Supplement - Plan F >
        • Plan F (2022)
        • Plan F (2023)
      • Medicare Supplement - Plan G >
        • Plan G (2022)
        • Plan G (2023)
      • Medicare Supplement - Plan N >
        • Plan N (2022)
        • Plan N (2023)
    • Medicare Part D - Prescription
    • Medicare & Dental
    • International Travel
    • Long-Term Care Insurance
    • Cancer and Heart Attack or Stroke Insurance
    • Medigap Plans
  • Workshops
    • Register for Workshop
    • Watch Workshop Now
  • Carrier Partners
  • Medicare Blog
  • Testimonials
  • Contact Us
  • Become an Agent
  • Areas We Serve
    • Basking Ridge, NJ
    • Livingston NJ
    • Medford, NJ
    • Mountainside, NJ
    • Mount Laurel, NJ
    • Philadelphia, PA
    • Phoenix, AZ
    • Scotch Plains, NJ
    • Scottsdale, AZ
    • Short Hills, NJ
    • Summit, NJ
    • Westfield, NJ
    • Princeton, NJ
    • Washington Township
    • Monroe Township, NJ
  • Medicare FAQs
  • Coffee with Justin
  • Medicare Minute

2021 Part B Premium and Deductibles

11/6/2020

8 Comments

 
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.

Picture
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.
Picture
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

Reply
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

Reply
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

Reply
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

Reply
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

Reply
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.

Reply
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.

Reply
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.

Reply



Leave a Reply.

    Justin Lubenow

    See bio here

    CLICK HERE TO SEND US A TEXT!

    Archives

    January 2023
    November 2022
    September 2022
    August 2022
    June 2022
    April 2022
    March 2022
    January 2022
    November 2021
    September 2021
    July 2021
    April 2021
    March 2021
    February 2021
    January 2021
    November 2020
    October 2020
    September 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    May 2019
    April 2019
    February 2019
    January 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015

    Categories

    All

    RSS Feed

Our Services
Company

Products & Services
Carrier Partners
About
Testimonials
Contact Us
Moorestown Office |  214 W. Main Street, Suite 101, Moorestown, NJ 08057 | Tel:856-866-8900
 Servicing Moorestown, Cherry Hill, Mount Laurel, Haddonfield, Voorhees, Medford, Marlton,  Philadelphia, surrounding towns, and licensed in 30+ other states as well.
 
Cranford Office        |  15 Alden Street, Suite 8, Cranford, NJ 07016                  | Tel: 908-272-1970 
 Servicing Cranford, Westfield, Summit, Scotch Plains, Mountainside, Berkeley Heights, New      Providence, Basking Ridge, surrounding towns, and licensed in 30+ other states as well.
​
Phoenix Office  | P.O. Box 
71283. Phoenix, AZ 85050.                                         | Tel:  602- 996-1549
Servicing Phoenix, Scottsdale, Peoria, Sun City, Sun City West, Paradise Valley, Fountain Hills, Cave Creek, surrounding towns and licensed in 30+ other states as well.

Email:  info@senior-advisors.com                                     (Se Habla Español -Tel: 908.481.5678)   

Not connected with or endorsed by the United States government or the federal Medicare program.
​
​
Copyright © 2022 Senior Advisors, LLC       |     Licensing & Legal     |     Privacy Policy

  • Home
  • FREE Quotes
  • About YOU
    • Turning 65, Ready to enroll?
    • Working Past Age 65?
    • Already on Medicare, Looking to Save Money?
    • Currently on a Retiree Plan?
  • About Us
  • Products
    • Medicare Supplements & Medicare Advantage >
      • Medicare Supplement - Plan F >
        • Plan F (2022)
        • Plan F (2023)
      • Medicare Supplement - Plan G >
        • Plan G (2022)
        • Plan G (2023)
      • Medicare Supplement - Plan N >
        • Plan N (2022)
        • Plan N (2023)
    • Medicare Part D - Prescription
    • Medicare & Dental
    • International Travel
    • Long-Term Care Insurance
    • Cancer and Heart Attack or Stroke Insurance
    • Medigap Plans
  • Workshops
    • Register for Workshop
    • Watch Workshop Now
  • Carrier Partners
  • Medicare Blog
  • Testimonials
  • Contact Us
  • Become an Agent
  • Areas We Serve
    • Basking Ridge, NJ
    • Livingston NJ
    • Medford, NJ
    • Mountainside, NJ
    • Mount Laurel, NJ
    • Philadelphia, PA
    • Phoenix, AZ
    • Scotch Plains, NJ
    • Scottsdale, AZ
    • Short Hills, NJ
    • Summit, NJ
    • Westfield, NJ
    • Princeton, NJ
    • Washington Township
    • Monroe Township, NJ
  • Medicare FAQs
  • Coffee with Justin
  • Medicare Minute