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What Will You Pay for Medicare in 2022?

By Richard J. Schillig, CLU, ChFC, LUTCF
Independent Insurance and Financial Advisor

Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2022 if you’re enrolled in Original Medicare Part A and Part B. This increase is greater percentage than in prior years.
Medicare Part B premiums

According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $170.10 in 2022.
People with higher incomes may pay more than the standard premium. If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2020) is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following table.

Other Medicare costs

The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2022:

• Part A deductible for inpatient hospitalization: $1,556 per benefit period
• Part A premium for those who need to buy coverage: up to $499.00 per month (most people don’t pay a premium for Medicare Part A)
• Days 1-60: $0 coinsurance for each benefit period
• Part A coinsurance: $389 per day for days 61 through 90, and $778.00 per “lifetime reserve day” after day 90 (up to a 60-day lifetime maximum)
• Days 1–20: $0 for each benefit period.
• Part A skilled nursing facility coinsurance: $194.50 for days 21 through 100 (for each benefit period)
• Part B annual deductible: $233.00

For more information on costs and benefits related to Social Security and Medicare, visit ssa.gov and medicare.gov.

We continue our virtual Medicare option information meetings for 2022. Our next meetings are scheduled for January 18 and January 20 at 10 AM. Please call us in advance to arrange for your participation in these valued virtual meetings via your home computer/mobile device. 563.332.2200