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Home Our Blog 2022 Medicare Part B Premiums Have Been Increased

2022 Medicare Part B Premiums Have Been Increased

By Barry Zimmer on December 14th, 2021 in Medicare Recipients, Retirement Planning

Medicare Part BEach year, the Medicare out-of-pocket costs are subject to increases to reflect the cost of living. We have had a lot of inflation in 2021, and this resulted in the largest Social Security cost of living adjustment (COLA) in many years. The COLA will be 5.9 percent, and we addressed this in a recent post.

On the other side of the coin, inflation is going to trigger increases in the Medicare out-of-pocket expenses, and we will look at them here.

Part B Premiums

Medicare Part B is the portion of the program that pays for treatments that are administered by doctors and other approved health care professionals. You have to pay a monthly premium for this coverage, and most people have been paying $148.50 this year.

Next year, the figure will rise to $170.10 a month. If you are drawing a Social Security benefit, it will be automatically deducted from your direct deposit.

This will be the premium for individual filers that report $91,000 or less on their income tax returns. If you make more than this amount but less than $114,000, the monthly rate is $238.10. It goes up to $340.20 for the next bracket that maxes out at $142,000.

From there it rises to $442.30 for people that claim more than $142,000 up to $170,000. The next level goes up to $500,000 in earnings, and it is $544.30 a month. People that make more than this will pay a monthly premium of $578.30.

There is a modest $203 deductible that is going up to $233 next year. This portion of the program will pay for 80 percent of covered expenses, and you have to pay the rest of it out of your pocket.

Part A Deductible and Coinsurance

You do not pay premiums for Part A, which is the hospitalization coverage. There is a $1484 per benefit period deductible in 2021, and it will rise to $1556 when the clock strikes midnight on December 31st.

The first 60 days are covered without any coinsurance requirement. If you are in the hospital for 61 to 90 days, the coinsurance rate will be $389 in 2022. For stays that exceed 90 days, you will pay $778 a day. These are lifetime reserve days, and they are limited to 60.

Medicare Part D

This is the prescription drug component, and you can choose from many different plans that are offered. The premiums, deductibles, and coinsurance will vary depending on plan that you select.

Medicare Part C

Part C give you the ability to use your eligibility to obtain a Medicare Advantage Plan from a private insurer. This will bundle the different types of coverage, and there are thousands of different plans, so the costs will vary depending on the extent of the coverage.

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We are deeply committed to educating our neighbors about the importance of the estate planning and nursing home asset protection. There is a great deal of useful information on this website, and we update it often with new, timely content.

In addition to these written materials, we reach out in another way. We conduct webinars on an ongoing basis, and they provide the background you need to understand the importance of effective planning.

There is no charge, and you will be entitled to a 60-minute virtual consultation if you are a full participant. You can see the dates if you visit our webinar page, and you can follow the simple instructions to register.

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If you are on this site because you are looking for a Cincinnati estate planning lawyer that will help you execute a custom crafted plan, you are making the ideal connection. You can call us at 513-721-1513 to schedule a consultation appointment, and you can use our contact form to send us a message.

 

 

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