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Due to technical difficulties, Kirtland CU branches, other than Gibson, are temporarily unable to provide in-branch services,  Online and Mobile Banking remain available for your banking needs. We apologize for any inconvenience.

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Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.

What Will You Pay For Medicare in 2021?

By Kirtland Financial Services

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Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2021 if you’re enrolled in Original Medicare Part A and Part B.

Medicare Part B premiums

According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $148.50 in 2021.

People with higher incomes may pay more than the standard premium. If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2019) is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following table.

You filed an individual income tax return with MAGI that was:You filed a joint income tax return with MAGI that was:You filed an income tax return as married filing separately with MAGI that was:Monthly premium in 2021 including any IRMAA is:
$88,000 or less$176,000 or less$88,000 or less$148.50
Above $88,000 up to $111,000Above $176,000 up to $222,000N/A$207.90
Above $111,000 up to $138,000Above $222,000 up to $276,000N/A$297.00
Above $138,000 up to $165,000Above $276,000 up to $330,000N/A$386.10
Above $165,000 and less than $500,000Above $330,000 and less than $750,000Above $88,000 and less than $412,000$475.20
$500,000 and above$750,000 and above$412,000 and above$504.90

Other Medicare costs

The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2021:

  • Part A deductible for inpatient hospitalization: $1,484 per benefit period
  • Part A premium for those who need to buy coverage: up to $471 per month (most people don’t pay a premium for Medicare Part A)
  • Part A coinsurance: $371 per day for days 61 through 90, and $742 per “lifetime reserve day” after day 90 (up to a 60-day lifetime maximum)
  • Part A skilled nursing facility coinsurance: $185.50 for days 21 through 100 (for each benefit period)
  • Part B annual deductible: $203

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.

To access your investment account – click the button below. The login page for LPL will open in a new window.

If you have access issues, CONTACT KIRTLAND FINANCIAL SERVICES.

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