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If you are covered by Medicare, take note: Your premiums will increase slightly next year.
The standard monthly premium for Medicare Part B will be $135.50 in 2019, up from $134 in 2018. That increase is in line with previous estimates.
The Centers for Medicare and Medicaid Services on Friday unveiled the new rates for 2019. The announcement comes a day after the Social Security Administration set a 2.8 percent cost-of-living adjustment to benefits in 2019.
About 2 million Medicare beneficiaries — 3.5 percent — will pay less than the $135.50 premium for next year due to the “hold harmless” provision. That rule protects certain Social Security beneficiaries from paying more for their Part B premiums..
The annual deductible for Medicare Part B beneficiaries will be $185 in 2019, up from $183 in 2018.
Medicare Part B covers costs for services related to physicians, outpatient hospitals, home health, medical equipment and other care not covered by Medicare Part A.
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The Medicare Part A inpatient deductible for hospital admittance will be $1,364 in 2019, up from $1,340 in 2018.
Medicare Part A covers inpatient and skilled nursing facility care, as well as some home health care services. Most Medicare beneficiaries — 99 percent — do not pay a premium for Medicare Part A, as long as they have at least 40 quarters of qualifying employment.
Annual Medicare open enrollment will run from Oct. 15 through Dec. 7 this year.