Medicare plays an important role in providing healthcare coverage to millions of people across the U.S. However, regardless of whether you’re already enrolled or nearing eligibility, it’s important to stay up-to-date with the costs of Medicare, especially since they are likely to change each year.
Let’s go over the costs you can expect to see in 2022 and how they compare to Medicare costs in 2021.
Costs of Original Medicare
Original Medicare consists of two parts: Part A and Part B. Medicare Part A will be your hospital insurance that will provide coverage for your inpatient expenses. Part B will be your medical insurance and cover your outpatient costs, medically necessary services, and preventive services.
Both of these parts have specific costs you will need to take note of, although for many Medicare beneficiaries, Part A is premium free because they paid Medicare taxes for 40 quarters (ten years).
If you paid Medicare taxes between 30 and 39 quarters, your Part A monthly premium in 2021 sits at $259. However, in 2022, this premium increases to $274. If you paid Medicare taxes for less than 30 quarters, your monthly premium is $471 in 2021. In 2022, this premium increases to $499.
The Part A deductible also increases from $1,484 in 2021 to $1,556 in 2022.
The Part B monthly premium is currently $148.50, but will increase to $170.10 in 2022. The yearly Part B deductible also will increase from $203 to $233.
Costs of Part C
The premiums for Part C (Medicare Advantage) will ultimately depend on which Part C plan you are enrolled in. However, the standard Part C monthly premium is estimated to be lower than $19 in 2022, but many Part C plans will have little to no premium.
With Part C, you’ll also still be responsible for your Part A and Part B monthly premiums.
Costs of Part D
Similar to Part C, Medicare Part D premiums will vary depending on the Part D plan you enroll in. However, the standard monthly Part D premium in 2022 will be $33.
Part D may also have a yearly deductible. In 2021, this deductible could not exceed $445. In 2022, this deductible cannot exceed $480. Some Part D plans may also have a $0 deductible.
Want to Learn More About Medicare Costs? Reach Out to Us Today
MB Insurance Solutions is here to help you compare your Medicare options to find a plan that meets both of your coverage and budget needs. To learn more about the costs you can expect to see in 2022, give us a call today!