Medicare has become incredibly important than ever. With the phenomenal rise in the cost of health care facilities, treatment cost, diagnosis, and consultation – affordable and accessible health care has become merely a dream for low income people.

If you are planning to take on a medicare plan in 2021 – it is important to be aware of the existing cost of medicare in 2020. And then, plan your next step of choosing the suitable insurance plan for you. Here a quick comparison chart would undoubtedly be quite helpful in this regard. Compare the pricing of different medicare supplement plans here.

What are the Best Medicare Plans available?

Well, there are multiple Medicare plans out there. Even if you have read and compared different plans on the chart, it is quite difficult to fully understand and determine which plan is the best for you.

Among the most popular ones are:

Plan G
Plan N
Plan F

Plan F is no longer available. Now, you can apply for plan G which is the popular plan now which offers 100% benefits as compared to other plans.

Benefits of Medicare Plan

Medicare plans provide you with several benefits. Besides reducing the cost during medical treatments, it also offers several facilities that one must need during treatment. Furthermore, you also get dental, vision, and hearing care in many Medicare Plans. 

Given below are some of the advantages which you can expect from your Medicare Plan:

  • Prescriptive drug coverage.
  • Doctor visit when required.
  • Preventive Care
  • Hospitalization

These advantages are a standard in all Medicare Plan. Now, you must be wondering what these terms are and how they are helpful. Besides, being beneficial – there are other advantages too, some of them are given below.

Cost-Saving Opportunities

Medicare plans are well known for saving your money during health ailments. If you do not have a proper Medicare plan, you might get a hefty bill for your treatment. Medicare is like a precaution that will help you during this time.

Properly Coordinated Healthcare

An adequately coordinated healthcare means a two-way treatment system in which there is proper communication between you and the facility providers. This system ensures customer satisfaction. Moreover, in this way, there is complete transparency between the service provider and the customer.

Cost of Medicare

According to the previous year’s trends, the Medicare Plans cost will increase in 2021. There are several reasons for this. Mainly, this is because of the rising cost of prescription drugs. Also, the fees of the physicians prescribing these drugs have increased. If we watch the earlier trends, there has been a price hike in each plan. On average, there was about a $10 price hike in each plan, e.g., the standard monthly Medicare Part B premium costs $144.60 in 2020, which was $135.50 earlier in 2019. Besides, the cost of the Medicare plans also depends on your location.

Here is a list of approx—cost of Medicare plans.

Sl. No. Plan  Cost
1 Part A premium $458/month
2 Part A(Inpatient deductible and coinsurance) $1408
3 Part B premium $144.60
4 Part B(deductible and coinsurance) $198
5 Part C The cost of this plan depends on the facilities you choose
6 Part D premium

As we mentioned earlier, the cost of health cover will increase in 2021. So it’s better to renew or buy your Medicare plan in 2020 at this year’s cost. Because purchasing the same plans in 2021 will cost you some extra money.