2020 Medicare Parts A & B Premiums and Deductibles:
Effective November 8, 2019 CMS released the 2020 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs. The Part B monthly premium increased $9.10 to $144.60 and the annual Part B deductible for beneficiaries increased $13 to $198 for 2020. The Skilled Nursing Facility daily coinsurance for days 21 through 100 of extended care Part A services will be $176.00 per day. For more information see here.
Changes to Medicare Physician Fee Schedule for 2020:
On November 1, 2019, CMS issued a final rule that includes updates to payment policies, payment rates, and quality provisions for services furnished under the Medicare Physician Fee Schedule (PFS) effective on or after January 1, 2020. For more information see here.
Medicare-Medicaid Crossover Bad Debt Cost Report Changes:
Effective for cost report periods beginning on or after October 1, 2019 providers claiming Medicare Bad Debt must correctly classify unpaid deductible and coinsurance amounts for Medicare-Medicaid crossover claims in their accounting records. Providers must not write off to a contractual allowance account and must charge to an expense account for bad debt. For more information contact us today.
Section 179 Expense Deduction:
For tax years beginning on or after January 1, 2020, the IRC Section 179 expense deduction is increased to $100,000 for the state of Kentucky.