Every year, Medicare updates the premiums that you pay for Medicare Parts A, B and D, as well as your deductibles, copays, and coinsurance. Sometimes, the Medicare Part B increase is significant. But luckily, that is not the case this year.
Original Medicare has two parts, which provide inpatient coverage and outpatient coverage. Most Medicare beneficiaries pay nothing for their Part A hospital (inpatient) benefits because they have usually pre-paid for these benefits via FICA payroll deductions throughout their working years.
Just like insurance that you’ve participated in during your working years, Medicare has cost-sharing that you pay as you use your benefits. These come in the form of deductibles, copays and coinsurance.
The Medicare Part A deductible will increase by $24 for $1364 next year. This covers your first 60 days in the hospital. Afterward, beneficiaries pay a daily copay of $341 per day for Days 61–90 and $682/day for Days 91–150. If you have a stay in a skilled nursing facility, you’ll pay $170.50 per day for Days 21–100.
When it comes to Medicare Part B (what is used to pay for outpatient services), next year, most beneficiaries will pay $135.50/month for Part B. This is an increase of only $1.50 per month from the 2018 Part B premiums.
The Part B deductible is also going up, but only by $2. It will be $185 in 2019. Once that deductible is satisfied, Part B will pay 80% of your covered expenses. You are responsible for the other 20% unless you have supplemental coverage in place to cover that for you.
Beneficiaries can check their estimated 2019 Medicare premiums by logging into their MyMedicare.gov account.