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"easyMedicare made getting the coverage I deserved easy and saved me a great deal of money."

- Joe Theismann

Joe Theismann - NFL MVP and Super Bowl Champion

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Medicare Enrollment: 3 Things You Should Know About Medicare Costs in 2020

medicare-enrollment-2020-costs

Cost is often one of the key concerns that come up during Medicare enrollment. Medicare costs change every year and 2020 is no exception. Understanding the details of your healthcare costs can be critical to making informed choices about your coverage and care. Here are some of the updates you should be aware of so a bill doesn’t take you by surprise.

Average Medicare Advantage Premiums Are Down

Medicare Advantage Plans provide the same coverage as Original Medicare (Parts A and B) and often bundle prescription drug coverage and additional benefits as well. According to the Centers for Medicare & Medicaid Services, the average Medicare Advantage monthly premium is around $23 in 2020, the lowest it’s been since 2007. Some plans may have premiums as low as $0. Be sure to understand all of your costs, including premiums, deductibles, and copays before completing your Medicare enrollment.

More Medicare Advantage Plans Are Available

Insurance providers are offering more Medicare Advantage Plans in 2020, leading to an average increase of six plans per county (since 2018). This increase gives you more choice in finding a plan that suits your needs. The Center for Medicare & Medicaid Services reports the average number of plans per county is around 39, and these plans continue to grow in popularity with millions of enrollments each year.

The variety of plans offer variations, such as with or without prescription drug coverage, different types of provider networks, new benefits for chronic conditions, and more.

Medicare Part B Costs Have Increased

As costs for private plans drop, the required Medicare Part B premium has increased again, this time by $9 per month. That’s a significant rise compared to last year’s increase, which was only $1.50 per month.

Part B premiums are based on income. The standard premium is around $145 per month, but individuals or couples with higher incomes may have higher premiums. Individuals who are dual-enrolled in Medicare and Medicaid may be eligible for assistance with premium costs.

Medicare Enrollment Help Is Here

To learn about your specific Medicare costs this year or to find a plan that may have lower costs, call our licensed agents for a no-cost consultation at 1-800-991-4407 / TTY 711 from 9 a.m. to 11 p.m. Eastern, Monday through Friday.

You can also review Medicare Advantage Plans in your county using the Medicare Online Enrollment Portal. Just enter your zip code to see plans in your area, then easily sort and compare. If you find a plan that’s a good fit, you can follow the guided enrollment process right there on the site.