Medicare: What's new in 2020?
Many people think enrolling in Medicare is a once-in-a-lifetime event that’s timed with retirement. But such a set-it-and-forget-it attitude about health care coverage options can be a costly mistake.
Each year, Medicare beneficiaries have the opportunity to re-shop their health and drug coverage choices during the annual open enrollment season (Oct 15 - Dec 7) for coverage that begins Jan 1. Unfortunately, few do.
The stakes are higher than usual during this year’s enrollment period due to 2020 changes for people with Medicare supplemental plans, new all-inclusive Medicare Advantage plans entering the Bay Area, and richer benefits offered as part of existing plans.
Here’s what’s changing in 2020:
Higher Part B premium: The basic Medicare Part B premium is expected to rise from $135.50 per month for most beneficiaries to $144 per month in 2020.
Higher Part A deductible: The Part A deductible for inpatient hospital stays is expected to rise from $1364 to $1420 next year.
Plans C and F going away: Individuals turning 65 in 2020 will not be allowed to enroll in these plans. This means that those staying on their Plan C or F may experience faster premium. increases as younger, healthier adults will not be able to offset the costs that health insurers face
Lower Part D premiums: The average monthly premium for a Part D prescription drug plan is expected to decline by 13.5% to $30—the lowest level since 2013.
Shrinking donut hole: The coverage gap for prescription drugs will continue to exist in 2020, but the amount that Medicare beneficiaries will have to pay will be less.
New 2020 plans and benefits: New low cost Medicare Advantage plans will be available in Alameda County next year, many which include generous supplemental benefits at no cost such as eyeglasses, dental coverage, acupuncture, chiropractor, over-the-counter items, and more.
Enrollment in Medicare Advantage plans is forecasted to grow to an all-time high in 2020, as these plans expand their benefits and lower their premiums next year. In fact, Alameda County will have 8 additional Medicare Advantage plans to choose from.
For anyone whose premiums have increased or health needs have changed, a Medicare insurance checkup is in order. By reviewing your current coverage with an insurance specialist, you may find that you can save money and get more benefits.
Calyx Advantage offers free Medicare insurance consultations to help people find the right plan that includes their doctors, prescriptions, and offers the most benefits at the lowest cost. This year, Calyx Advantage aims to help Bay Area seniors save more than $100,000 annually on Medicare insurance.
Calyx Advantage is located in the Alameda South Shore. It provides objective, unbiased guidance on which Medicare plans will help you save money and get better coverage. To schedule a free consult, call 510-474-0515 or visit www.calyxadvantage.com.