The 2022 costs for Medicare have been announced, making it crucial for all Medicare beneficiaries to be aware of to better understand how their Medicare plan will continue to fit into their budget.
Let’s go over the costs you can expect to see for this new year!
Medicare Part A
Medicare Part A is the part of Medicare that covers inpatient services such as hospice care, inpatient rehabilitation, skilled nursing facility care, and some home health services. Most people who have Part A don’t need to pay premiums since most have paid up to 40 quarters of Medicare taxes while they were still working.
Part A beneficiaries who do not qualify for premium-free coverage will have to pay to stay enrolled in the plan. The full premium for Part A will be $499 per month in 2022. Enrollees with between 30 and 39 quarters of paid taxes will pay $274 per month in 2022.
However, the Part A deductible is mandatory for all Part A and Medicare beneficiaries. In 2022, the deductible for Part A will be $1,556 for each benefit period.
This amount covers the first 60 days of inpatient hospital stays during a benefit period. After 60 days, you will have to pay a daily coinsurance. The coinsurance cost for Medicare Part A in 2022 is $389 each day, starting from the 61st until the 90th day of your stay during a benefit period. This amount will increase to $778 each day during lifetime reserve days.
Medicare Part B
Medicare Part B covers outpatient services such as ER stays, durable medical equipment, diagnostic tests, ambulance services, and other outpatient services. Unlike Part A, Part B premiums must be paid for all beneficiaries. In 2022, the standard premium for Medicare Part B is $170.10.
The yearly deductible for Part B in 2022 is $233 for all beneficiaries. Part B costs have increased in 2022 due to rising prices in the healthcare industry, higher expenditures in the Medicare program, and inflation.
Part C and Part D
Medicare Advantage plans are sold by private insurance companies that Medicare has approved. Due to this, they have varying costs. Some Part C plans have $0 premiums, while others require a monthly premium. Your Part C plan costs depend on factors such as your insurance provider, your location, the type of plan, and whether you opt for in-network or out-of-network care.
Part D plans also have varying costs, which may be affected by your income. Medicare enrollees who cannot afford to pay their Part D premiums may qualify for the Part D Extra Help program if they meet specific criteria.
Give Medicare With Jake a Call Today!
At Medicare With Jake, we put your Medicare needs first. We will help you go over all costs for Medicare and help you find the exact Medicare plan you need. Give us a call today to learn more about your Medicare options!
