I have recently enrolled in Medicare and received my 2022 Medicare and You handbook and cannot find what the 2022 Medicare costs will be? Do you have any idea what the new Medicare costs are? Will the Medicare premiums and costs increase as gas and food have? Thank You, Sarah from San Antonio, TX
Yes, Sarah, the 2022 Medicare premiums and costs have significantly increased as have the cost of daily essentials such as gas for your vehicle and food at grocery stores have exploded in price.
Every year the Medicare and You handbook is printed and mailed out before October 1st to all Medicare beneficiaries to help guide them with the Medicare Annual Enrollment period which ends December 7th.
The handbook states that at the time of printing, the premiums, and deductible amounts for Medicare Part A, Part B and Part D were not available. Do not know why Medicare could not include what the new costs will be for 2022, considering how this year is stressful due to COVID-19 and employer layoffs.
Guess what? The 2022 Medicare Part A and B premiums and costs released by CMS (Medicare) on Friday, November 12, 2021, with the largest Medicare Part B premium increase ever in America’s history. Below are the 2022 Medicare costs:
2022 Medicare Parts A &B Premiums and Costs:
• Part A Costs (Inpatient Hospital): The new 2022 Part A inpatient hospital deductible will be an increase of $72from $1,484 in 2021 to $1556, for 2022. The Part A deductible starts over every 60 days. It is not a once-a-year deductible but 6-times a year. Under Part A is Medicare Skilled Nursing and the 2022 costs will be days 1-20 $0 copay per day and days 21- 100 will be $194.50 per day.
• Part B Costs (Medical): The new 2022 Part B medical/doctor deductible will rise by an incredible amount from $203 yearly deductible to $230 beginning January 1, 2022. Medicare pays 80% of the Medicare approved amount and you (Medicare beneficiary) pay the remaining 20% of the Medicare approved amount.
• Part B Premiums: New premium for 2022 will be the largest increase by $21.60 from $148.50 in 2021 to $170.10 beginning January 1, 2022. Those with income is higher than $91,000 as an individual or $182,000 as a married couple will be paying more for Medicare Part B beginning January 1, 2022.
2022 Medicare Part D costs and copays explained below:
• Initial Part D Deductible: will increased by $35 from $445 in 2021 to $480 in 2022.
• Initial Part D Coverage Limit: will increase by $300 from $4,130 in 2021 to $4430 in 2022 where the 2022 “Donut Hole” begins.
• Donut Hole begins once you reach your Medicare Part D plan’s initial coverage limit at$4,430 and ends when you spend a total of $7,050 out-of-pocket in 2022, when Catastrophic coverage begins.
• Donut Hole name changed to “Donut Hole Discount” in 2020 not removing the “Donut Hole”.
• The Donut Hole Discount: Part D enrollees will receive a 75% “Donut Hole Discount” on the total cost of their brand-name drugs purchased while in the Donut Hole. The discount includes, a 70% discount paid by the brand-name drug manufacturer and a 5% discount paid by your Medicare Part D plan. The 70% paid by the drug manufacturer, 5% Part D plan discount combined with the 25% you pay, count toward your Donut Hole exit point.
For a Medicare Checkup, call the Toni Says® Medicare call center at 832/519-8664 or email email@example.com regarding your Medicare plans and options.
Medicare Open Enrollment Special: $10 discount to the Toni Says® readers on the 2021Medicare Survival Guide® Advanced book at www.tonisays.com.
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