Every year, Medicare makes changes to its costs and coverage. In 2022, Medicare beneficiaries can expect to see changes in costs to their Original Medicare premiums and deductibles. It’s important to know what these new costs will be for the upcoming year so you can better prepare and adjust your budget if need be.
Here are the 2022 costs you will expect to see.
Costs for Part A
For many Medicare beneficiaries, Part A will be premium-free if they have paid Medicare taxes for 40 quarters, which equates to ten years. If you have not paid Medicare taxes for this amount of time and only paid them for 30-39 quarters, your Part A monthly premium will increase from $259 in 2021 to $274 in 2022. If you paid taxes for less than 30 quarters, your monthly premium will be $499. This is an increase from $471 in 2021.
Part A also has a deductible you must meet every benefit period. In 2021, this deductible sits at $1,484. In 2022, this deductible will increase to $1,556.
Part A coinsurance costs will also increase in 2022:
- Days 1-60 – $0 coinsurance
- Days 61-90 – $389 daily coinsurance ($371 in 2021)
- Days 91 and beyond – $778 for each lifetime reserve day ($742 in 2021)
- You will be responsible for all costs beyond lifetime reserve days
Costs for Part B
In 2021, the standard Part B premium is currently $148.50. In 2022, this standard monthly premium increases to $170.10. Keep in mind, however, that this premium could be more depending on your modified adjusted gross income from 2020.
Part B also has a yearly deductible of $203 in 2021. This deductible increases to $233 for 2022.
Want to Know More About 2022 Updates? Give Us a Call
At Carolina Senior Benefits, we are dedicated to providing you with the information and resources you need to understand all of the parts of Medicare, including its costs. We understand that costs changing each year can be tricky to keep up with, but that’s why we’re here to help.
To learn more about the costs of Medicare in 2022 or any other changes you may not be aware of, give us a call today!