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Special Announcements Regarding Changes in Medicare
Medicare and Social Security
While most people don't pay a monthly premium for Part A Medicare, in itself, is not really "free." It's important to know and understand the different costs associated with it.
Medicare Part A (Hospital Insurance) Costs
Part A monthly premium
Most people don’t pay a Part A premium because they paid Medicare taxes while working. If you don’t get premium-free Part A, you pay up to $471 each month.
Hospital stay in 2021, you pay
■ $1,484 deductible per benefit period ■ $0 for the first 60 days of each benefit period
■ $371 per day for days 61–90 of each benefit period
■ $742 per “lifetime reserve day” after day 90 of each benefit period (up to a maximum of 60 days over your lifetime
Skilled Nursing Facility stay, in 2021, you pay
■ $0 for the first 20 days of each benefit period
■ $185.50 per day for days 21–100 of each benefit period
■ All costs for each day after day 100 of the benefit period
Medicare Part B (Medical Insurance) Costs
Part B monthly premium
Most people pay the standard Part B premium amount ($148.50 in 2021). Social Security will tell you the exact amount you’ll pay for Part B in 2021. You pay the standard premium amount if:
■ You enroll in Part B for the first time in 2021.
■ You don’t get Social Security benefits. ■ You’re directly billed for your Part B premiums.
■ You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $148.50 in 2021.)
If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard Part B premium and an income-related monthly adjustment amount (see section to the right on Social Security.)
Social Security Administration
The Social Security Administration uses the income reported two years ago to determine a Part B beneficiary's premiums. So the income reported on a beneficiary's tax return is used to determine whether the beneficiary must pay a higher monthly Part B premium.
Income is calculated by taking a beneficiary's adjusted gross income and adding back in some normally excluded income, such as tax-exempt interest, U.S. savings bond interest used to pay tuition, and certain income from foreign sources. This is called modified adjusted gross income (MAGI)
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