For all new and existing Medicare beneficiaries, the new costs of Original Medicare (Part A and B) have been announced for 2022! If you’re currently enrolled or will be eligible to enroll in 2022, you must know what these costs look like and how they compare to those in 2021.
Let’s take a look at what you can expect in 2022.
Costs of Medicare Part A
Many of those enrolled in Medicare do not have to pay a monthly premium for Medicare Part A. This is because they worked for ten years (40 quarters) and paid Medicare taxes. If you worked more than 30 quarters but less than 39 quarters, you will have a monthly premium of $274 in 2022. This is an increase from $259 in 2021. If you paid taxes for less than 30 quarters, you will have a monthly premium of $499, which is an increase from $471 in 2021.
Regardless of whether you have premium-free Part A or not, you will have to meet the deductible for Part A, which is $1,556 per benefit period in 2022. This amount was $1,484 in 2021.
There are also coinsurance costs you will have to be mindful of if you are admitted as an inpatient:
- $0 coinsurance period during days 1-60 of each benefit
- $389 coinsurance per day in 2022 for days 61-90 of each benefit period
- $778 coinsurance per day in 2022 for each lifetime reserve day for days 91 and beyond
- You must pay for all costs after your lifetime reserve days are used up
Costs of Medicare Part B
While many beneficiaries don’t pay a premium for Part A, a monthly premium is required for Medicare Part B. In 2022, this monthly premium is $170.10, an increase from $148.50 in 2021. Do note that this premium can be higher if you have a higher income.
The annual deductible you must meet for Part B in 2022 is $233, which is an increase from $203 in 2021. As for your coinsurance, you will continue to pay 20% of your Medicare-approved services while Part B covers 80%.
Learn More About the Costs of Medicare with Turning 65 Solutions
At Turning 65 Solutions, we understand how confusing it can be to relearn the new costs of Original Medicare for 2022, but that’s why we’re here to help. We will walk you through all of the new 2022 updates so you can stay informed of your Medicare coverage. To learn more about the costs of Medicare, reach out to us today!