Now is a great time to get started on long-term care planning as part of a comprehensive estate planning package. Elder Law attorneys use the following information to help you determine your income from government programs like Medicare and Social Security and incorporate these figures into a plan to accomplish your goals.
Take a look at the changes occurring in 2021:
Medicare
Medicare provides health insurance if you are over the age of 65 and the Centers for Medicare & Medicaid Services (CMS) recently released the 2021 premiums, deductibles and coinsurance amounts.
Medicare Part A
Part A primarily covers inpatient hospital care. For those who have at least 40 quarters of qualifying employment, no premiums are required for this benefit; however, there are deductibles that must be met for the first 60 days of Medicare-covered inpatient hospital care.
Medicare Part A Deductible for 2021: $1,452 for each benefit period
Medicare Part B
Part B covers physician services, outpatient hospital visits, qualifying home health services and some other medical services not covered under Part A. Each year these premiums, deductibles and copayment amounts are adjusted according to the Social Security Act. The most recent budget passed by Congress will raise the monthly premium for Part B by $4 per month.
Medicare Part C
Also known as the Medicare Advantage Plan, Part C’s monthly premium will decrease by $2 per month in 2021.
Medicare Part D
Part D covers the prescription drug plan and the amount deductible from taxes will increase slightly from $435 in 2020 to $445 in 2021.
Social Security and Supplemental Security Income
The Social Security Administration announced last month that benefits for the 70 million Americans receiving these income supplements will increase 1.3% in 2021. The increase is due to a cost-of-living adjustment and will be in effect as early as January 2021.
To learn more about long-term care planning and estate planning contact Stouffer Legal in the Greater Baltimore area for a consultation.
