Every year, there are changes to the costs of Medicare. Here, we will go over the changes you can expect to see with Medicare Part A and Part B costs in 2022.
What Are Part A’s 2022 Costs:
Part A will have changes in these costs:
- Premiums
- Deductibles
- Coinsurance
Premiums:
- If you have premium-free Part A, you can ignore the premium cost changes
- $274 (if you worked between 30-39 tax quarters as a US employee)
- $499 (if you worked for fewer than 30 tax quarters as a US employee)
Deductibles:
- $1,556 per benefit period
Coinsurance for hospital stays:
- $0 for days 1-60
- $389 per day from days 61-90
- $778 per day from days 91-150
If you are admitted as an inpatient in a skilled nursing facility, your coinsurance will be $194.50.
What Are Part B’s Costs?
Part B cost changes will be for its premiums and deductibles.
The 2022 annual Part B deductible is $233.
The standard Part B premium for 2022 is $170.10 per month.
How Might My Costs Be Different?
Your Original Medicare costs may be different from the numbers shown above.
This can be due to late enrollment fees, which are tacked onto your premiums according to how long you have waited to join. For Part A, you would pay 10% on top of the costs for twice the number of years you waited.
Part B penalties work similarly, except the penalty is permanent and gains an additional 10% per the number of years you have waited to join.
Your income level also influences Part B premiums, based on your tax filing status and modified adjusted gross income from 2020. This additional amount you’ll pay is known as the Income Related Monthly Adjustment Amount (IRMAA). This applies to those earning $91,000 and above. For example, if you file individually and earn over $500,000 per year, your monthly premiums will actually be $578.30 per month.
Prepare For Medicare With Us!
Cornerstone Senior Advisors is here to help you with all things Medicare. We provide our services to new and long-time policyholders alike, and we will be happy to provide you with any information related to Medicare. If you have any questions, please call us today at 316-260-3331.