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What is your Medicare Part B premium in 2021? - YouTube
Channel: BCMWI - Medicare Plan Specialists Since 1976
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Hi there, I'm Tabitha Moldenhauer,聽
broker with Benefit Consultants-Midwest.聽聽
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Our question today is: how much will you pay聽
for Medicare Part B in 2021? Medicare Part B聽聽
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is your Medicare outpatient coverage. Even if you聽
worked and paid Medicare taxes for 40 quarters,聽聽
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and are eligible to receive Medicare聽
Part A with no premium charge,聽聽
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you still do have a premium with Medicare聽
Part B. If you receive Social Security,聽聽
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your Medicare Part B premium is automatically聽
taken out of your Social Security deposit.聽聽
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If you do not receive Social Security yet, you聽
will receive a bill from Medicare for your Part B聽聽
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premium. Most people pay the standard Medicare聽
Part B premium, which in 2021 is $148.50 a month.聽聽
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If your modified adjusted gross income as reported聽
on your IRS tax return from two years ago is above聽聽
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a certain amount, you'll pay the standard premium聽
plus an Income Related Monthly Adjustment Amount,聽聽
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otherwise known as IRMAA. IRMAA is an extra聽
charge that gets added to your premium.聽聽
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It's also a lovely name for a government fee.聽
You can see on the chart here what extra fee is聽聽
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associated with what income level. Your IRMAA can聽
be adjusted every year. It's all dependent on the聽聽
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tax returns from two years ago, so if your income聽
changes, your IRMAA also changes. There are a聽聽
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couple other potential complications with Medicare聽
Part B premiums. If you didn't get Medicare Part B聽聽
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when you were first eligible, your monthly premium聽
may go up by 10% for each 12-month period that聽聽
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you could have been covered by Medicare Part B聽
but were not. In most cases, you'll have to pay聽聽
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this penalty each time that you pay your premiums聽
for as long as you have Medicare Part B. Usually,聽聽
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you don't pay a late enrollment penalty if you聽
meet certain conditions that allow you to sign up聽聽
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for Part B during a special enrollment period. The聽
most common situation where this comes up is if聽聽
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you're working past age 65 and are staying on your聽
group health plan. Your HR manager will be able to聽聽
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tell you if your group coverage is considered聽
creditable coverage by Medicare. If it is, then聽聽
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you don't need to enroll in Medicare Part B until聽
you are ready to leave your group health coverage.聽聽
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I have another video I'll link to that explains聽
more in detail the situation of working past age聽聽
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65. If you're concerned about Medicare Part B聽
enrollment timing, please see that other video聽聽
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or give us a call, 877-312-1414, or talk to聽
your benefits manager at work to find out if聽聽
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your coverage is considered creditable coverage聽
by Medicare. If you have low income, you may聽聽
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be able to get help from your state to pay your聽
Medicare premiums. In some cases, Medicare savings聽聽
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programs may also pay Medicare Part A, which is聽
your hospital insurance, and Medicare Part B,聽聽
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deductibles, co-pays, and coinsurance amounts.聽
These programs get a little bit complicated,聽聽
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so I am going to include a link in the description聽
to more information. As always, if you have any聽聽
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questions about this topic, or if you would like聽
more information on Medicare plans available聽聽
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in your area and in your situation, please聽
feel free to reach out. Visit our website,聽聽
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bcmwi.com. Feel free to email me or聽
call 877-312-1414. Have a great day!
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