The new year arrived in a blink of an eye, and so did Medicare's Open Enrollment Period (which ended December 2019 ). It's not too late to plan for the year ahead and get the health coverage you need. We'll fill you in on some changes we can expect this year and how it may affect your current Medicare plan.
2020 Medicare Key Takeaways
Costs are adjusted periodically and can affect premiums, deductibles, and other aspects of Medicare. These changes may be small but can add up in the long run. At first glance, these are a few changes for Medicare enrollees in 2020:
-
Higher standard Part B premium increases to $144.60/month, the deductible rising to $198.
Advertisement -
Medigap Plans C and F will no longer be available for new enrollments.
-
The high-income brackets have been inflation-adjusted for Medicare Part B, and D. "High-income" will start at $87,000 instead of $85,000.
-
Medicare beneficiaries for Parts A & B could pay premiums as much as $458 a month, depending on what was paid any taxes - compared to the maximum of $437 from last year.
-
The standard premium for drug plans has dropped from $32.50 to $30.
Keep in mind that your 2020 rates will be based on 2018 tax returns. You can learn more about your Medicare premiums by searching for plans in your area. Get a free quote without any obligations when you speak to a licensed agent.
MassHealth Pharmacy Reforms
The Baker-Polito Administration signed reforms that would allow MassHealth to negotiate with drug manufacturers. The 2020 fiscal budget will provide us with more drug price transparency. If direct negotiations fail and the drug costs are still high, MassHealth can establish a target rate through a public process. Remember, there is also the alternative of a free drug-discount card or program, which sometimes saves you more money than what your plan can offer you.
Medicare Plan Finder Tool
Medicare is becoming more tech-savvy. Last month, the Medicare Plan Finder tool was revamped and upgraded for the first time in a decade. However, due to system malfunctions, beneficiaries were given the wrong information, causing them to select plans that cost too much and don't meet their medical needs.
Centers for Medicare & Medicaid Services addressed the issue by announcing that beneficiaries would be able to change plans in 2020 if they need it. In the meantime, the CMS is working diligently to fix and improve Plan Finder.
Medicare Savings Program
Under the Medicare Savings Program (MSP), MassHealth and the federal government share expenses in specific Medicare plans. Starting New Year's, the income eligibility will be expanded. This will reduce Medicare costs for 40 thousand beneficiaries. It's good to see the year 2020 started on a positive note, especially for the low-income elderly and those with disabilities.
Medicare Advantage
Democratic presidential candidates are attempting to uproot the private insurance industry and pushing for single-payer versions of "Medicare for All." Meanwhile, seniors are receiving new benefits in their Medicare Advantage plans. Our elderly can now expect health plans that also include more services such as preventative care like screening to see if you need a hearing aid, vaccines and cancer screenings as well as outpatient healthcare.
Starting January 1st of this year, hundreds of thousands of seniors are able to receive the same benefits as traditional Medicare. Medicare Advantage plans contract with the federal government to provide extra benefits and services to seniors, such as disease management and wellness programs.
Reviewing Your Current Medicare Coverage
There are plenty of resources available for residents in the States. You can get answers and counseling from the SHINE (Serving the Health Insurance Needs of Everyone) Program. This is absolutely free and completely confidential for new enrollees and renewals.
We can expect to see a brighter future for everyone enrolled in Medicare, and things only seem to be on the up, for now.
