With 2021 upon us, we wanted to take a minute to remind you of a few important Medicare updates:
-First, the Part B premium for most Medicare beneficiaries will increase from $144.60 to $148.50. Keep in mind if you have higher income, you may pay a higher Part B monthly premium. The annual Part B deductible will increase from $198.00 to $203.00. These changes will be effective as of 01/01/2021.
-Part D drug plan and Medicare advantage plan deductibles also reset on 01/01/2021. If you have enrolled in a new Part D or Medicare Advantage plan for 2021, you should have received your new ID cards and plan materials. If you have not enrolled in automatic premium draft, you should have received a coupon book or invoice for premium payment. If you have questions regarding any of the above, please reach out to us. We are here to help.
-If you have a Medicare supplement plan, your plan automatically “renews”. An important reminder is that you can change your Medicare supplement any time of the year. If you would like us to “shop” your rate to see if a more cost effective option is available, please give us a call. Again, we are here to help.
-Another quick reminder that original Medicare does not cover dental, vision and hearing. We have great options that may be a fit for your needs. Let us know if you would like us to provide additional information on the options available.
-Cancer plans have been gaining popularity and may be something you wish to consider for your health insurance portfolio. Medicare and your supplement plan do a great job of covering for chemo, radiation, surgery, etc. However, many people find themselves exposed where cancer drugs are concerned even with Part D drug coverage. These plans pay a lump sum amount upon diagnosis to be used in any way you see fit. The premiums are very affordable. If you would like more information, please let us know.
Lastly, we want to take this opportunity to thank you again for allowing us to assist with your Medicare needs. We appreciate each and every one of our clients. We are here for you whatever you need so please feel free to reach out to us at any time. We are honored to have earned your business and we look forward to being of service for many years to come.
Wishing you a safe and healthy 2021 and beyond…