A Recap of the Top 2020 Medicare Changes You Might Have Missed
Life changed in 2020. And health and healthcare became more important than ever. If you are currently on a Medicare plan you may have already heard about some of the changes to the system.
But if you still have questions or think you may have missed any of the changes made this past year, that’s okay! Just read the information below for a summary of 2020 Medicare changes that could impact your healthcare.
Premiums and Deductibles Increased
If you have a Medicare plan you may have noticed that the overall expenses were higher this year. The Medicare Part A hospital deductible increased from $1,364 to $1,408. And the Medicare Part B premium increased about $10 from 2019 to 2020.
Medicare Part B deductible was also higher in 2020 than in 2019 by about $8. For Medicare Part D which covers prescription drugs, the total cost increased to about $435 – $20 more than last year.
Delivery of Medicare Plans
COVID-19 changed the delivery of healthcare. Many Medicare services were offered via telehealth instead of an in-person visit with a doctor or other medical professional. Changes to the OIG work plan allow greater flexibility for patients to receive care remotely which will likely continue for some part of 2021.
Medicare coverage also includes free COVID-19 testing for patients and access to the COVID-19 vaccine. The vaccine will be available as part of Medicare Part D.
Medicare Supplement Plans
Medicare changes usually reflect an increased need in the community. Medicare supplement plans, also known as Medigap insurance, was created to help those in the Medicare community cover the costs of services that weren’t already covered in their plan.
Medicare 2020 prevented new members from signing up for the Medigap Plan C and Plan F. Those supplement plans cover Medicare Part B premiums.
However, new enrollees to Medicare could sign up for Medicare Plan G. This is a high deductible plan to help cover the gaps. After a person has reached their $2,370 deductible, Plan G covers the rest of the costs.
Medicare Part D Changes
In 2020 the out-of-pocket threshold cost to Medicare members for Part D increased from $5,100 to $6,350. In an effort to remove the “donut hole” effect after a person has met their initial limit, a new plan was put in place.
Once the initial limit is met, Medicare Part D will provide discounted rates on medication until the threshold amount is reached. All of the costs count toward the deductible.
2020 Medicare Changes and What To Expect in 2021
Now you have an idea of some of the major 2020 Medicare changes. These policies and trends will likely continue over the next year. Medicare members will hopefully gain early access to a COVID-19 vaccine protecting them from contracting or spreading the virus.
Healthcare costs may continue to rise, but with supplement plans and new coverage options, individuals should be able to receive the care they need at an affordable rate.
Looking for more health insurance info or 2020 trends? Check out the other articles on our site!