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Medicare Update: New 2022 Costs for Part A and B Announced

seniors looking at new 2022 Medicare costs

For those already enrolled in Medicare, it may come as no surprise that the premium, deductible, and coinsurance costs for Medicare Part A and Part B will be changing once 2022 comes around. The Centers for Medicare & Medicaid Services (CMS) announced the new costs for these parts of Medicare on November 12, 2021, giving Medicare beneficiaries an idea of what to expect for the upcoming year.

To help you better prepare for Medicare’s costs in 2022, let’s go over what changes will be made.

2022 Costs for Part A

Many people won’t pay a monthly premium for Part A as long as they worked for at least ten years (40 quarters) and paid taxes into Medicare. For those who worked between 30 and 39 quarters, a monthly premium for Part A is required. In 2021, this premium is currently $259. In 2022, this premium will increase by $15 for a monthly total of $274.

If you have worked for less than 30 quarters, your 2022 monthly premium will be $499, which is a $28 increase from $471 in 2021.

The Part A deductible of $1,484 in 2021 will also be increased to $1,556 in 2022. Keep in mind that this deductible must be paid for each benefit period.

During each benefit period when you’re admitted as an inpatient in a hospital, you will have a $0 coinsurance for the first 60 days. If your stay is longer, you will have to pay a daily coinsurance. For days 61-90, you will have a daily coinsurance of $389 in 2022. During days 91 and beyond, you will have a daily coinsurance of $778.

If you are admitted to a skilled nursing facility, your daily coinsurance for days 21-100 will be $194.50 in 2022.

2022 Costs for Part B

While some may not have to pay a monthly premium for Part A, Part B requires a monthly premium. In 2021, the standard monthly premium is $148.50. In 2022, the standard monthly premium will increase to $170.10. Keep in mind that what you will actually pay for Part B will be based on your income from 2020. Suppose you have a modified adjusted gross income of $91,000 or less on your individual tax returns or $182,000 or less on your joint tax returns. In that case, you’ll only have to pay the monthly $170.10.

If your income is more than these listed thresholds, you will have to pay the monthly premium plus an income-related monthly adjustment amount (IRMAA).

The Part B yearly deductible will also increase from $203 in 2021 to $233 in 2022.

Have Questions? We Can Help

We want to help you learn more about the costs of Medicare. Call us today and we’ll be happy to answer any questions or concerns you may have!

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