El Paso Medicare Part B premiums have been increased for 2020 reported the Centers for Medicare & Medicaid Services (CMS). The base benefit increases from $135.50 a month to $144.60 a month to almost 7 percent. This rise of $9.10 dollars per month was a modest increase compared to last year’s increase of $1.50 dollars per month. In El Paso, you may qualify for an exception or reduction in the cost of the Part B premium in two ways. First, if you are entitled to government benefits you could pay $0 a month for Part B. Second if you enroll in Medicare Advantage Plan that gives you a return on premium you could save $$$ depending on the plan (Call us to find out more).

High-income payers in El Paso also get an increase in surcharges for 2020. Senior citizens with high incomes (above $87,000 single or $174,000 married) will have to pay a higher monthly premium of $491.60 for the top bracket (people earning $500,000 or more).

Medicare Part B premium covers the services of physicians and outpatient services. This increase in Part-B Medicare premiums decreases the annual social security payments for pensioners. Medicare Part B premiums typically are deducted from monthly Social Security checks.

Remember that the annual Medicare Open Enrollment Period ends this December 7th. Medicare health and drug plans can make changes each year—things like cost, coverage, and what providers and pharmacies are in their networks. October 15 to December 7 is when all people with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs. If you need to know more about what plans and extra coverage is available in your neighborhood call us at 915-613-5511 (Calling this number will direct you to a licensed sales agent in El Paso Texas).

The annual deductible for all Medicare Part B El Paso recipients also will increase to $198 in 2020, up from $185 in 2019 by $13.

– What’s the cause of this year’s big increases? Increased drug spending by physician-administered drugs according to CMS.

CMS announced a 1.6% percent living cost adjustment by 2020. A disabled worker’s average social security benefit will increase by $24 dollars a month.