More Numbers for 2021
Last week I talked about some of the important Medicaid and VA numbers that will increase in 2021. This week we’ll review some more adjustments for 2021 in some of the other government programs and taxes relevant to our clients.
Medicare Part B premiums will increase slightly next year. Most people pay the standard premium which will increase from $144.60 to $148.50 next year. Anyone with income at $88,000 per year or less ($176,000 for a married couple) pays the standard premium.
For most people Medicare Part A is free. For those that must pay, the standard premium has increased from $458 to $471 per month. The deductible for hospitalization has increased. Last year it was $1408. For 2021 it has increased to $1484. The hospitalization copay for days 61 through 90 will increase from $352 to $371. At day 91 the copay will be $742 in 2021, up from $704 in 2020.
Skilled nursing under Medicare is covered 100% for the first 20 days. There is a copay for days 21 through 100. Last year the copay was $176. For 2021 it will be $185.50 per day. After day 100 there is no coverage under Medicare. That’s when Medicaid, long term care insurance or private funds are required to pay for care.