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Tag: Medicare

Covid relief bill may trigger $36 billion cut to Medicare, higher student loan fees

Finance
Bill Clark | CQ-Roll Call, Inc. | Getty ImagesA Covid relief bill backed by Democrats could trigger billions of dollars in cuts to Medicare and other federal programs, like ones that support unemployed workers and student-loan borrowers, if it's ultimately passed.The funding cuts would take effect in 2022 and last for several years.Republicans are using the specter of pullbacks to argue against issuing more pandemic aid, which includes $ 1,400 stimulus checks and more jobless benefits.More from Personal Finance:Stimulus bill would make health insurance more affordable for millionsThe $ 15 minimum wage is in trouble. Here's what to knowTexas judge finds national eviction ban unconstitutionalIt's unclear lawmakers would allow them to occur. Even if they survive, the exact impact of cuts on...

Some Medicare costs are higher in 2021. Here’s how you may be able to cut them

Finance
hobo_018 | E+ | Getty ImagesAs happens every time the calendar flips to a new year, Medicare cost adjustments are about to take effect.This generally means paying more for some parts of your coverage, effective Jan. 1.For Medicare's 63 million beneficiaries — most of whom are 65 or older — certain costs change year to year and can affect premiums, deductibles and other cost-sharing. While the upward adjustments don't necessarily involve huge dollar amounts, they can add up."Though the increases are small, we do see retirees worry over them," said Danielle Roberts, co-founder of insurance firm Boomer Benefits. "For folks living on just Social Security, increases of even just a few dollars are a concern."For folks living on just Social Security, increases of even just a few dollars are a con...

Here’s what to watch for if a Medigap policy is part of your Medicare coverage

Finance
bymuratdeniz | E+ | Getty ImagesBy this point, Medicare beneficiaries likely know that now is the time of year to get their 2021 coverage straight.While many individuals stick with what they have, others may be exploring a more suitable option. If that involves a Medicare supplement plan, aka Medigap, it's important to know the various rules that apply and to understand the coverage and cost differences among those policies.Medicare's annual open enrollment — now underway through Dec. 7 — is when you can change coverage for next year. That includes enrolling in an Advantage Plan (Part C), which delivers Part A (hospital coverage) and Part B (outpatient care coverage) and usually Part D (prescription drug coverage). You also can switch to another Advantage Plan.Or, you can drop it in favor ...

Here’s how much higher-income Medicare beneficiaries will pay for coverage in 2021

Finance
shapecharge | E+ | Getty ImagesMedicare beneficiaries who pay extra for coverage due to higher income should be aware that those monthly surcharges are creeping up for 2021.With the standard premium for Part B (which covers outpatient care) now set at $ 148.50 next year, those so-called income-related monthly adjustment amounts, or IRMAAs, will result in about 8%, or 5 million, of Medicare's 62.8 million beneficiaries paying anywhere from $ 207.90 to $ 504.90 for that coverage. (See chart below.)In 2021, the adjustments will kick in for individuals with modified adjusted gross income above $ 88,000; for married couples who file a joint tax return, that amount is $ 176,000.Zoom In IconArrows pointing outwardsFor Part D prescription drug coverage, the additional amounts range from $ 12...

Medicare Part B premiums will rise by 2.7% in 2021

Finance
bymuratdeniz | E+ | Getty ImagesThe standard monthly premium for Medicare Part B will be $ 148.50 in 2021, officials announced Friday. The $ 3.90 increase is 2.7% more than the 2020 figure of $ 144.60, according to information released by the Centers for Medicare and Medicaid Services. The deductible for Part B, which covers outpatient care, durable equipment and some other services, will be $ 203 next year, up $ 5 from $ 198 in 2020.Meanwhile, the deductible for Medicare Part A (hospital coverage), which is per benefit period (which generally starts when you are admitted to the hospital) will be $ 1,484 in 2021, up $ 76 from this year's $ 1,408.More from Personal Finance:Medicare beneficiaries say they’d take early Covid vaccineHere's how to handle an unexpected inheritanceTips ...