The Cost of Medicare: 2022 Updates
From premiums to deductibles and coinsurance, here’s what you need to know about the cost of Medicare in 2022.
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Unfortunately, costs have gradually increased over the past decade. For 2022, this trend continues, with Part B premium costs alone increasing 14.5% versus 2021. Here’s how things break down.
The Medicare Part A premium for 30 quarters (7.5 years) worked, has increased by 5.8% to $274, with a full premium of $499. The Medicare Part A deductible has increased by 4.8% to $1,556.
Coinsurance for days 61 – 90 has increased by 4.8% to $389 per day. Coinsurance for days 91+, or lifetime reserve days, has increased to $778 per day.
Costs for Part A coverage for skilled nursing facilities have also increased. Coinsurance for days 21 – 100 has increased by 4.6% to $194 per day.
The standard Part B premium has increased to $170.10. As for Part B’s deductible, beneficiaries will pay $233 before their 20% coinsurance kicks in.
For Medicare Part D drug plans, the maximum deductible has risen by 7.9% to $480.
Part D beneficiaries enter a coverage gap after spending $4,430 on covered drugs. This is $300 more than the previous year. After spending $7,050 out of pocket — a $500 increase from 2021 — beneficiaries are out of the coverage gap and enter catastrophic coverage.
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LEGAL DISCLAIMER: The above is meant to be strictly educational and not intended to provide medical advice. This is a solicitation for Insurance.