Have you experienced a steep spike in health insurance rates in 2020?

In 2020, about 70 percent of Medicare recipients experienced a 7 percent increase in their monthly Medicare Part B insurance premiums, amounting to about $9 a month, and an annual deductible increase of $13.¹ 

According to CMS.gov, the increase was due to “rising spending on physician-administered drugs. These higher costs have a ripple effect and result in higher Part B premiums and deductible.”

It is uncertain if Medicare rates will rise or fall in the next calendar year. Many factors could influence health insurance rates related to Medicare:

Don’t miss out on an easy way to save on Medicare Supplement health insurance

While it is hard to predict if Medicare premium rates will rise in the coming year, Medicare beneficiaries are not helpless. Each beneficiary has the option to shop around and switch to other plans if they so choose, such as the addition of a Medicare Supplement insurance policy to cover costs, such as increasing deductibles and co-pays. 

Catholics in the Upper Midwest are choosing our Medicare supplement health insurance because it: helps pay the health care costs that are above Medicare-allowed amounts including co-pays and deductibles; allows you to see any doctor that accepts Medicare; and covers care when traveling out-of-network.

We can also offer you plan comparisons, unbiased guidance and customized choices when you have a quick chat with one of our Medicare Supplement Specialists.