Medicare Part C and Medicare Part D are staples for those looking to get more from their Medicare coverage. With Part C, also known as Medicare Advantage, you’re getting everything Original Medicare gives you, plus bonus benefits. Part D serves to make medication costs lower. While the coverage always remains extensive, the costs are always subject to fluctuations from year to year.
How Much Will Medicare Part C Cost In 2022?
Since Part C and Part D are issued through private insurers, the exact amount you’ll pay may not be the cost you’ll see here. These costs are according to the average Medicare Part C and Part D costs in 2022.
The average Medicare Part C premium will actually be cheaper than it was in 2021. The 2022 average premium will be $19 – a $2.22 reduction in price from 2021’s $21.22 average.
Will Part C’s Coverage Change?
Medicare Part C will remain as extensive as ever before. With Medicare Part C, you will be able to have coverage for dental care, eyewear, hearing exams, and more.
As for Dual-Eligible Special Needs Plans (D-SNPs), 295 will not only give coverage for all types of Medicare-covered services but also Medicaid-covered mental health services. This is an increase from the 256 plans offering such benefits in 2021.
How Much Will Part D Cost In 2022?
Your specific Part D plan may have a different cost, but the average Part D plan will have a premium amounting to $33 per month in 2022. This national average is only a slight increase from 2021, as the average premium in 2021 was $31.47. While higher in cost, the difference is negligible.
Will Part D’s Coverage Change?
Your particular Part D coverage may experience changes in medications covered since formularies are subject to change from year to year.
However, there are developments in the program as a whole. The Center for Medicare & Medicaid Services (CMS) is in its second year of testing the Part D Senior Savings Model, which focuses on making insulin more accessible and affordable. This will be featured in more than 2,100 plans, with two new pharmaceutical insulin manufacturers offering reduced insulin prices.
What Can I Do To Lower Costs?
Lower cost options exist for those who meet the income requirements for Medicare Savings Programs (MSPs). If you qualify, you can get help paying premiums, as well as coinsurance and deductibles. Those with MSPs may not be affected by these cost changes.
Learn More About Medicare Today
At Turning 65 Solutions, we’re always here to keep you informed and up-to-date on your Medicare costs and options. Call us today at 830-217-6711.