CMS just announced the updated Part B premiums for 2021.
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
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Justin Lubenow
11/7/2020 10:18:35 am
Hi Sharon,
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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.
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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.
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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
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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.
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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.
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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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