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How Much Does Medicare Cost in 2022

boB Vineyard · January 20, 2022 · Leave a Comment

Medicare cost is the sum of premiums paid plus your OOP (out of pocket) costs for health care. When you are admitted to the hospital you encounter a Medicare Part A deductible of $1556 PER ADMISSION. Medicare covers the rests of your inpatient charges billed by the hospital for days 1 through 60. If your stay extends beyond 60 days you are subject to daily copays for days 61 through 90.

Medicare Costs in 2022

Your Medicare supplement plan may pick up some or all of these additional OOP costs.

Medicare Advantage plans typically require you to pay daily copays of $400 or more for the first 5 – 7 admission days.

Are there Additional Medicare Costs in 2022

Original Medicare has a Part B premium that must be paid if you want to OWN a Medigap plan or RENT a Medicare Advantage plan. The standard 2022 Part B premium is $170.10 per month.

Medigap and Part C premiums are in addition to your basic Medicare costs.

Medicare Part A hospital  inpatient
Medicare Part A

Medicare supplement insurance, also known as Medigap, limits your OOP (out of pocket) costs to the annual deductible. If you do not have a Medigap G plan, your 20% share will continue until you get better, run out of money or die. Medicare supplement plan G is the most popular plan in Georgia and premiums are generally affordable.

Part D premiums vary by zip, county and the medications that will be paid by your drug plan.

How Much Does Medicare Cost?

There are other Medicare costs in 2022. Review charges here.

Medicare Part B Premium 2022

Many seniors who rely on Social Security were pleased when they learned they would be getting a COLA (cost of living adjustment) just under 6% . . . the LARGEST increase increase in 40 years.

But the celebration was short-lived once it was revealed that Medicare Part B premiums would rise by almost 15% to $170.10 per month.

A big reason for this year’s giant increase stems from higher costs related to Aduhelm, a medication designed to treat Alzheimer’s disease. But the drug’s manufacturer has since cut its estimated per-patient cost in half from $56,000 to $28,000 a year. 

Further, Medicare recognizes that very few beneficiaries will qualify or benefit from the drug.

Will we see a rollback in the Part B premium? That remains to be seen, so for now we will just have to live with the increase.

Where are the BEST Hospitals that Accept Medicare?

Any hospital that receives federal money is REQUIRED to accept Medicare patients. Providers, including doctors, that participate in Medicare usually have the lowest cost to you, the patient.

With original Medicare and a supplement plan you are not restricted to insurance carrier rules that require you to only use providers on their APPROVED list.

Where are the best hospitals based on the type of care?

Medicare Premium and Cost Information

Medicare 2022 information. Our videos help you to understand about Medicare options. You have questions, I have answers. Medicare supplement plans, Medicare Advantage vs Medicare supplement. Medicare Part A, Medicare Part B. Which Medicare plan is BEST? How to change Medicare plans? Medicare supplements plan G information and rates. Which Medicare options are best? What is original Medicare? What are Medicare basics? Turning 65 Medicare?

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Call or email for more information. Ten minute initial consults are always free. Others talk, we listen.

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Medicare Part B Premiums Rise In 2022

Bob Vineyard · August 14, 2015 ·

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Medicare Part B premium 2016

Your 2022 Medicare Part B premiums are going up. A lot. So are deductibles. Oh, and Medigap plan F was retired in 2020. The same year the Part D donut hole closes and you pay more in premiums, copay’s and out of pocket.

What does this mean to you? How will this impact you? What will happen to Medicare supplement plans? If you bought plan F plan your exit strategy.

Shop and compare Medigap rates.

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Post summary

  • Part B deductible to rise in 2022
  • Part B premiums rise for 2022
  • Changes to deductibles and premiums not finalized yet
  • Social Security COLA for 2022 is just under 7%
  • Medicare supplement plan F retired
  • Instant online Medigap quotes

Medicare Part B Changes in 2022

Hold on to your wallet. Next year is going to be costly for many Georgia retirees on Medicare.

Medicare Part B premiums will rise in 2022 from $148 in 2021 to $178 in 2022.

soup nazi

Think the increase will be offset by your COLA increase?

Nope.

COLA increases are not in the cards for next year.

Your Part B premium increase may wipe out your Social Security benefit increase.

Medicare Trustee Report

For those who want to go straight to the source, here is a link to the Trustee Report.

The summary from Kaiser Health News distills it down to something mere mortals can understand. Kind of.

The report warned that several million Medicare beneficiaries could see their Medicare Part B monthly premiums skyrocket by 52 percent in January — from $104.90 to $159.30. Medicare Part B, which is paid for by a combination of federal funds and beneficiary premiums, generally covers physician and outpatient costs.

The huge rate hike is predicted because of a confluence of two factors: Medicare Part B costs increased more than expected last year, and Social Security is not expected to have a cost of living increase next year. By law, the cost of higher Medicare Part B premiums can’t be passed on to most Medicare beneficiaries when they don’t get a Social Security raise. As a result, the higher Medicare costs have to be covered by just 30 percent of Medicare beneficiaries. This includes the 2.8 million Medicare enrollees new to the program next year, 3.1 million Medicare beneficiaries with incomes higher than $85,000 a year and 1.6 million Medicare beneficiaries who pay their premium directly instead of having it deducted from Social Security. – Kaiser Health News

But wait, there’s more.

Medicare Part B Deductibles Increase in 2022

higher health care costs

If you manage to escape the Part B premium increase you will still participate in the Part B deductible increase in 2022. One way or another, you will pay more.

The Part B deductible should be $233 in 2022

That is up from $103 in 2021.

If you have straight Medicare, you will pay more in out of pocket.

If you have a Medicare supplement plan F that pays your Part B deductible for you, expect to pay more. Plan F premiums will increase by $100 per year at a minimum.

Probably more in the order of $130 – $150+.

If you have a Medicare Advantage plan you will pay more. Higher premiums, higher copay’s, higher deductibles in any combination.

The only way to avoid paying more is to stay healthy and not incur any outpatient (Medicare Part B) charges.

Lock in lower premiums for plan G now. Shop and compare rates. We have access to over 170 different Medicare supplement plans in Georgia. One is right for you.

Georgia Medigap plans & Prices
Georgia Medigap plans & Prices

What Happens in 2022?

The good news is, the Medicare Part D drug plan donut hole will go away. About 93% of Medicare beneficiaries never hit the donut hole but in 2020 no one will find themselves there.

medicare shock

The bad news is, between now and 2022 your Part D premiums will rise as will your copay’s and deductibles. In other words, funding the closure of the donut hole means EVERYONE pays more, including those that would have otherwise hit the donut hole at one point during the year.

There is no free lunch.

The donut hole was included in the plan design to keep costs affordable. Eliminating the donut hole, billed as a benefit of Obamacare, makes your Part D premiums and out of pocket less affordable.

Also, the folks in Congress believe retirees go to the doctor too much and are encouraging them to stop going so much by retiring plan F.

In the interim plan F premiums will skyrocket.

There are two types of people that buy plan F.

Those that just want to budget for premiums and not have to pay Medicare Part B deductibles and coinsurance. For them, it is easier to pre-pay those expenses  by paying a higher premium for plan F.

Then there are retirees that have never been told about anything other than plan F. The salesman or the carrier pushed plan F on them without showing them how they could save $300 per year or more with plan G.  Why did they push plan F?

Because the higher premium means the agent and the carrier make more money.

But you won’t have to worry about that much longer. In 2022 Medigap plan F will be retired, but Plan G remains competitive

As a result of legislation just passed by Congress, starting in 2020 Medigap plans will no longer be allowed to offer coverage of the Medicare Part B deductible, which is currently $147 (in 2015). However, current Medigap policyholders and those buying policies before 2020 will still be eligible for the deductible coverage after that date. – Elder Law Answers

If you have plan F now, you can keep it.

But understand that plan F premiums that are already overpriced will become even more so when the plan is no longer an option for new entrants.

Lock in lower premiums for plan G now. Shop and compare rates. We have access to over 170 different Medicare supplement plans in Georgia. One is right for you.

Georgia Medigap plans & Prices
Georgia Medigap plans & Prices

You can read more about changes in Medicare at California Health Advocates along with links to the law.

Why are Medigap Premiums Increasing?

Medicare supplement plan F has never been a good buy. Look how much premium difference there is today for an age 65 female living in Clayton, Georgia.

AARP (United Healthcare) plan F premium is $166.

Best rate for plan G with a carrier that has been in the Medicare market for 18 years, $97.

What are you getting for that extra $828 per year?

A bigger hole in your bank account. Next year when the Medicare Part B deductible increases that gap could be $1,000 or more.

Do you really think it is wise to pay a Medicare supplement carrier $1000 to cover your (2016) Part B deductible of $223?

Every time Congress raises your Medicare deductible, plans (like F) that pay the deductible for you will increase premiums accordingly.

Most of my clients have been purchasing plan G for years.

My job is not to convince you of anything. Life doesn’t work that way.

What I will do is educate you on your options and show you Medigap carriers with a proven track record of 5+ years in the Medicare market.

That 5 year threshold eliminates

  • Omaha Insurance Company (less than 2 years in the Medigap market) and does not have an A M Best rating
  • Aetna Health and Life (less than 3 years in the Medigap market)
  • Manhattan Life (less than a year in the market)
  • Catholic Greek Union, CSI Life, Companion Life, CIGNA

And if you want plan G don’t go looking for it with

  • AARP (United Healthcare)
  • Blue Cross (BCBSGA)
  • Humana

They don’t offer plan G.

You have questions. We have answers. We also have the best rates, guaranteed.

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Additional links:

Your Medicare Premiums Could Soar Next Year

COLA Wars in Medicare Part B Premiums

Medicare Trustees Report Projects Large Increase to Part B Deductibles

#MedicarePartBPremium #MedicarePartBDeductible #MedicareSupplementPlanF #DonutHole

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Don’t Buy Something You Don’t Need

https://www.georgia-medicareplans.com/wp-content/uploads/2020/05/Buying-Something-You-Dont-Need-GA-Medicare-Plans.mp4

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