Nov 11, 2019
Medicare’s Part B premium for outpatient care will rise by nearly 7% in 2020. That comes to an additional $9.10 a month for 2020. Part B covers doctor visits and outpatient care.
In addition, Medicare announced that the annual Part B outpatient deductible will increase by $13 to $198 next year. And Part A in-patient deductible will increase by $44.
While these increased costs for Medicare may not sound like much, tell that to the 34% of retirees who receive 90% or more of their income from Social Security—where their average check is $1,470 a month, and for many, even less. Tell that to the seniors who have little or no savings—who already can’t afford their housing, their food, and other basic living costs.
And while Social Security announced a modest cost-of-living increase that works out to about $24 a month for the average retired worker, now, these increased Medicare costs may eat away up to 14 of those 24 dollars!
Isn’t Medicare supposed to be the saving grace for seniors in the United States? But right now, more than half of seriously ill Medicare enrollees face financial hardships over medical bills, and prescription drugs are the leading problem.
These new increases will only add insult to injury.