Every year there are a few tweaks and changes to Medicare, the federal health insurance program for those 65 and older. The most predictable changes: increased premiums and deductibles.
2022 brings the largest Medicare Part B increase in history–a $21.60 increase. The 2022 premium is $170.10. Medicare Part B covers physician appointments and outpatient services. Reasons for the increase include:
- Rising healthcare costs due in part to COVID-19
- A congressional act to lower the planned 2021 Part B premium with the difference being repaid via the 2022 increase
- CMS’s decision to save money to cover the expense of the potentially costly new Alzheimer’s drug Aduhelm
Deductibles are also increasing in 2022.
- The Part B deductible is $233.00, a $30.00 increase
- The Part A inpatient hospitalization deductible is $1,556.00, a $72.00 increase
- The Part D prescription drug benefit deductible varies by plan, but the maximum in 2022 is $480.00
The good news:
- An enhanced Part D plan caps some insulin costs at $35.00 per month and is expanding to be offered in more plans
- Medicare is increasing mental health coverage via telehealth to better support the insurance’s 64 million participants
AARP provided the content for this blog, and more information on changes to Medicare may be found on their site.