ACA marketplace health insurance
Health is the most important thing in one’s life. Being in good health means you have the ability to live your life to the full. Given its importance to all of us, it’s only natural to start any discussion about costs in 2021 with healthcare costs.
Insurance companies involved in the Affordable Care Act program informed that the average premium rates would grow by 8.4% in 2021. According to insurers, there are two main things that will determine the healthcare costs’ increase. Firstly, the direct costs generated by the testing and treating of millions of people infected with COVID-19. Secondly, thousands of people postpone their regular medical visits in 2020, which means there will be many more medical visits in 2021. The health problems of many of the people who deferred health care in 2020 will aggravate, requiring, therefore, more costly treatments.
Medicare Parts A and B
Another thing for which Americans will pay more in 2021 is Part A and Part B coverage. Medicare officials announced that Part B premiums will increase from $144.60 in 2020 to $148.50 in 2021, which means a $3.90 increase. The Part B deductible will rise by $5, from $198 to $203.
As for Part A, which covers inpatient hospital, skilled nursing facility, and some home health care services, people will have to pay as follows: for inpatient hospital deductible – $1,484 in 2021, an increase of $76 from $1,408 in 2020; daily coinsurance for 61st-90th Day – from $352 in 2020 to $371 in 2021; for skilled nursing services, the daily coinsurance for days 21 through 100 of extended care services will become $185.50 in 2021 from $176.00 in 2020.
Make sure you also take a look at the 7 Biggest Social Security and Medicare Changes in 2021.
Medicare prescription drug benefits
Apart from the extra money they will have to pay for being admitted to the hospital and receiving care, Medicare beneficiaries will also have to shell out more money for prescription drug coverage. Medicare Part D premiums will rise by an average $3, from $38 to $41.
You might not think much about a $3 increase but, in reality, it means a rate rise of 9%. Check out these 25 States with the Most Affordable Healthcare Costs.
