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On November 8, 2019, the Centers for Medicare & Medicaid Services (CMS) released the 2020 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs.

Each year, Medicare premiums, deductibles, and copayment rates are adjusted according to the Social Security Act. For 2020, the cost-sharing amounts for both Medicare Part A and Medicare Part B are higher than the 2019 amounts.

Since 2007, a beneficiary’s Part B monthly premium has been based on his or her income. Increased income-related monthly adjustment amounts (IRMAA) affect roughly 7 percent of people with Medicare Part B. The Part B total premiums for high income beneficiaries have also increased for 2020.

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