Every year, numerous Medicare changes go into effect that result in changing premiums, deductibles and copays. Thankfully, many of these changes are small and most Medicare users won’t notice a dramatic difference in the cost of their care. However, that doesn’t mean that costs will not add up for some beneficiaries. What do you need to know about Medicare changes in 2022?
Medicare Parts A & B
The majority of beneficiaries do not pay a premium for Part A coverage, but if you do not meet the work history requirement you could have a monthly premium as high as $499, which is an increase from the $471 premium maximum in 2021. If you don’t have additional coverage, the cost of hospital care will increase from $1,484 to $1,556 for the first 60 days, from $371 to $389 for days 61-90 and from $742 to $778 for 60 “lifetime reserve” days. The Part B premium will also increase to 170.10, although depending on income-adjusted surcharges it could be higher.
The annual deductible for Medicare Part B will increase from $203 to $233, and once you meet the deductible you will still be required to pay 20% of covered services, although Advantage Plans and those with Medigap plans could see that number be significantly lower. Advantage Plan premiums, on. average, have decreased in cost per month.
Medicare Part D
As with many other plans, the amount that you will need to pay for Medicare Part D will depend on your income and the plan that you choose. The average monthly premium for Part D coverage saw a slight increase, from $31.47 to $33.00. High earners will be responsible for paying more. The maximum deductible for Part D coverage is $480, and the amount that Part D enrollees will need to pay before qualifying for catastrophic coverage is $7,050.
Understanding Medicare Plans with Secure Benefits Alliance
Secure Benefits Alliance is proud to be Medicare problem solvers for thousands of patients throughout the greater Baltimore area. There is no cost to use our services and take advantage of our wealth of Medicare knowledge. To have your Medicare or health insurance questions answered by our knowledgeable team, contact Secure Benefits Alliance today by calling 443-912-5467 (TTY: 711).