Medicare Costs on the Rise in 2022

Prices have been rising everywhere, and unfortunately Medicare is not going to be an exception to this trend. 2022 Medicare costs have been released and they are indeed rising. So what can you expect to pay? Let’s take a look.

Part A (Hospital) Premium

If you’ve worked 10 years or more: Free

If you’ve worked 7.5 to 10 years: $274 per month (this is an increase of $15 from 2021)

If you’ve worked fewer than 7.5 years: $499 per month (this is an increase of $28 from 2021)

Part A Hospital Deductible

$1,556 each benefit period (this is an increase of $72 from 2021)

Part A Hospital Coinsurance

$0 for the first 60 days of inpatient care each benefit period

$389 per day for days 61-90 each benefit period (this is an increase of $18 from 2021)

$778 per lifetime reserve day after day 90 in a benefit period (you get 60 lifetime reserve days that can only be used once) (this is increase of $36 from 2021)

Skilled Nursing Facility Insurance

$0 for the first 20 days of inpatient care each benefit period

$194.50 per day for days 21-100 each benefit period (this is an increase of $9 from 2021)

Part B (Medical) Premium

$170.10 (this is an increase of $21.60 from 2021)

If your annual income exceeds $91,000 for an individual or $182,000 for a couple, you will pay a higher premium

Part B Deductible

$233 per year (this is an increase of $30 from 2021)

Part B Coinsurance

20% for most services covered by Part B

Part D (Prescription Drug Coverage) Premium

National average $33.37 per month

Part D Maximum Deductible

$480 per year

Coverage Gap Begins

$4,430

Catastrophic Coverage Begins

$7,050

There is some potentially good news, though. U.S. Department of Health and Human Services Secretary Xavier Becerra has instructed The Centers for Medicare and Medicaid Services to reassess its Part B premium increase for 2022 now that the price of the Alzheimer's drug Aduhelm has significantly decreased (a previous price increase of this drug was cited as a major reason for the Part B premium increase in 2022). Stay tuned for more information as it becomes available.