2019 Medicare Costs Released

2019 Medicare Costs Released

By |2018-10-25T15:14:26+00:00October 25th, 2018|Financial Planning|

If you’re a Medicare recipient and you’ve been holding your breath to see what you’ll have to pay for Medicare in 2019, the wait is over—and it’s good news. The Center for Medicare and Medicaid Services has released the list of costs, deductibles, and price changes for next year.

On average, Medicare Advantage premiums will decline while plan choices and new benefits increase. On Average, Medicare Advantage premiums in 2019 are estimated to decrease by six percent to $28, from an average of $29.81 in 2018.

The standard monthly premium for Medicare Part B, goes up by $1.50 to $135.50. CMS also announced a $2 increase in the annual Part B deductible going from $183 to $185. Medicare part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.

There is a $24 increase to the Medicare Part A inpatient deductible that beneficiaries pay when admitted to the hospital. In 2019 the deductible will be $1,364, up from $1,340. Medicare Part A covers inpatient hospital, skilled nursing facility, and some home health care services. About 99 percent of Medicare beneficiaries do not have a Part A premium because they have at least 40 quarters of Medicare-covered employment.

One day before Medicare announced it’s 2019 price list, Social Security announced a 2.8% increase to SSA beneficiaries, the largest in seven years. The average Social Security check will increase by $39 to $1,461. The maximum benefit at full retirement age goes up by $73 to $2,861 per month. Historically, most increases to Social Security checks have been eaten up by increases in Medicare. That appears not to be the case for 2019.

Open Enrollment for Medicare runs October 15, 2018 and ends December 7, 2018.