3 Ways Medicare Will Cost You More Money in 2020
Millions of seniors rely on Medicare to cover their health-related needs in retirement. But one major misconception about Medicare is that the program is entirely free. In reality, it's very expensive, and worse yet, its costs have the potential to climb, significantly, from year to year. In fact, seniors on Medicare can expect some rather notable changes going into 2020. Here are a few reasons enrollees will be looking at higher out-of-pocket costs in the new year.
The current standard monthly premium for Medicare Part B, which covers diagnostics, outpatient services, and preventive care, is $135.50. Beginning in 2020, this figure will climb to $144.60. That's an extra $109 a year on Part B premiums alone for seniors whose incomes don't subject them to a surcharge. Single tax filers with incomes above $87,000, or joint tax filers will incomes above $174,000, pay what's known as an income-related monthly adjustment amount, or IRMAA, on top of the standard premium.
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