Great news just in!
Medicare and Social Security changes are here for 2022. Most Social Security Beneficiaries will get an increase of 5.9% cost of lining adjustment on their basic Social Security payment beginning in January 2022. This was announced by the Social Security Administration. This compares to the 1.9% increase we received in 2021.
There are many changes to Medicare for the year 2022. Here are some of the key revisions:
Part A of Medicare (which is free to medicare beneficiaries who have contributed to social security for 40 or more quarters) has a copay for hospitalization. This copay is increasing from $1364 to $1408.
Part B of Medicare has a monthly premium. For most Americans this amount will increase to $158.50, an increase of $10 per month over 2021.
The Part B deductible will increase to $217 for 2022, up from $203 in 2021.
Part B Income Related Adjustment Amount (IRMA):
|File individual tax return||File joint tax return||PART B COST|
|$91,000 or less||$182,000 or less||$158.50|
|>$91,000 up to $114,000||>$182,000 up to $228,000||$221.90|
|>$114,000 up to $142,000||>$228,000 up to $284,000||$317.00|
|>$142,000 up to $170,000||>$284,000 up to $340,000||$412.10|
|>$170,000 and < $500,000||>$340,000 and < $750,000||$507.20|
Many Part D Plans have a deductible and that deductible has a limit defined by The Centers for Medicare and Medicaid Services (CMS). For 2022 that limit is $480.00.
Initial Coverage Limits are generally up to $4,430 in most plans. After the retail cost of your medications hits that amount, you enter into the Coverage gap phase (also known as the donut hole). In this phase you generally are responsible for 25% of the cost of medications, until your out of pocket costs reach $7,050. Beyond that you are in the Catastrophic coverage phase where you will be either copay or 5% of the cost of medications.
PART D IRMAA Amounts for 2022:
|Part D – 2021 IRMAA|
|$88,000 or less||$176,000 or less||Plan Premium|
|> $88,000 – $111,000||> $176,000 – $222,000||$12.30 + Plan Premium|
|> $111,000 – $138,000||> $222,000 -$276,000||$31.80 + Plan Premium|
|> $138,000 – $165,000||> $276,000 – $330,000||$51.20 + Plan Premium|
|> $165,000 – $500,000||> $330,000 – $750,000||$70.70 + Plan Premium|
|Greater than $500,000||Greater than $750,000||$77.10 + Plan Premium|
Don’t Miss Your Medicare Enrollment Date
We can’t emphasize this enough: it’s super important to know when your Medicare open enrollment is.
For most Medicare members, you don’t want to miss your Medicare enrollment date from October 15 to December 7.
Looking for a Medicare health care provider? Give us a call to schedule an appointment today!