2021 Medicare Changes: What Insurance Agents Need to Know

2021 Medicare Changes: What Insurance Agents Need to Know
December 28, 2020

Medicare is always changing, and it can be hard to keep up with it all, so we’ve compiled all the major Medicare changes coming for 2021.


 

2021 Medicare Costs

First up, we have the Medicare Parts A and B costs.

If you haven’t seen it yet, the Part B premium is increasing to $148.50, and the Part B deductible is increasing to $203. Also, the IRMAA income ranges have increased a little bit – the first income adjustment range now starts at $88,000 for individuals and $176,000 for couples filing jointly.

For Medicare Part A, the deductible is increasing to $1,484.

There are some other changes, as you know, such as the Part A premium for the 1% of folks who pay it as well as the Part A daily coinsurance – you can visit the announcements section on our website or Medicare.gov for more information.

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2021 Medicare Advantage Changes

On the Medicare Advantage side, the only health question – End-Stage Renal Disease – is going away for coverage starting on January 1, 2021.

Also starting January 1 is MA plans have the flexibility to offer extra benefits that target any chronic health condition. In the past, plans were limited to a specific set of conditions. Examples of extra benefits include meals, pest control, carpet shampooing, and home improvements.

It should also be said that MA plans are continuing to grow at a rapid rate. In 2020, 36% of all Medicare beneficiaries are enrolled in MA plans. The Congressional Budget Office projects that percentage will rise to about 51% by 2030.

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2021 PDP Changes

For Medicare Part D, many 2021 drug plans are participating in the Part D Senior Savings Model, which offers extra insulin benefits. The maximum copay under these plans is $35 for a 30-day supply, a big savings for clients who need insulin.

Medicare Benefit Changes In 2021

Medicare now covers up to 12 acupuncture visits in a 90-day period for chronic lower back pain, telehealth coverage under Medicare has expanded, and when the COVID-19 vaccine becomes available, Medicare will cover it in full.

Medicare Technology

Over the past couple years, we’ve seen Medicare make some major improvements to their technology, like redoing Plan Finder and releasing their What’s Covered smartphone app.

We can expect to see more improvements and updates in 2021 as CMS continues its eMedicare initiative.

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Conclusion

That’s all for now! Be sure to visit our website for continued updates, and be sure to subscribe to our YouTube channel to be notified of new videos.

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