2020 Medicare Changes
Nothing means more to us than hearing we’ve made a positive impact on our clients’ lives. We’re so grateful for all those who have shared their kind words with us over the years. Here are a few that touched our hearts! “They did a great job explaining the available options. We made the decision based on the data provided. It was a complicated process with so many choices. In the end we had enough information to make the right choice for us.” What Our Clients Think!
Keeping You Up to Date
A new year brings new beginnings and changes and 2020 is no different. Every year, adjustments are made to Medicare copayment rates, deductibles, and premiums, all of which take effect Jan. 1. As these changes take effect in the new year, here’s what you need to know. Increasing Monthly Premiums and Annual Deductible The first change is to Medicare Part B, the part that covers the medical and health services Medicare Part A does not. In 2020, the monthly premiums and the annual deductible in Part B have increased slightly from 2019. The monthly premiums for Medicare Part B have risen to $144.60, a $9.10 increase, while the annual deductible has climbed to $198, a $13 increase. These changes are the direct result of the rising cost of and spending for physician-administered drugs. Rising Cost of Drugs Today, the law states that the Centers for Medicare & Medicaid Services (CMS) is required to pay physicians a percentage of a drug’s total costs, as well as the average price of the drugs. This, in turn, leads to drug companies and physicians charging and prescribing higher-priced drugs so they receive higher Medicare payments. Year after year, this impacts Medicare beneficiaries, but plans are in process to try and lower drug prices in Medicare Part B. Keeping You Informed The goal of CMS is to provide all Medicare beneficiaries with the knowledge, tools, and information to make accurate decisions about their coverage. To help with this, CMS is releasing information regarding premiums and cost-sharing for Free-for- Service Medicare. Make sure to check Medicare.gov for regularly updated information regarding 2020 and future Medicare costs. Although costs continue to fluctuate, the industry expects Medicare premiums to decrease in the coming years. In fact, this year indicates a 23% drop in the costs from 2018, the lowest in the last 13 years, according to CMS. Meanwhile, beneficiaries can experience a steady rise in benefits, plan choices, and enrollment.
–Michael Branch, customer since 2017
“Jason has always been available to help us with questions. Very professional and his knowledge of the products is extensive! He’s wonderful to work with!”
–Elizabeth Baker, customer since 2018
“Jason was very informative and knowledgeable about the whole Medicare process. Jason helped us navigate and we think that we chose the right program for us based on his advice.”
–David Cruse, customer since 2017
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