Saturday, November 13, 2021

Medicare’s 2022 Part A & Part B costs

 The Center for Medicare & Medicaid Services (CMS) published Medicare's 2022 costs on November 12, 2021.

I was not surprised by the increase amounts since there will be a 5.9% increase in Social Security on January 1st. 

Sharing highlights of Medicare's Part B, covers all outpatient treatment and services, increases:

+ The monthly cost each person who is on Medicare pays will jump up $21.60 on January 1st to $170.10. It is $148.50 this year.

   Note: Over 776,000 people with higher incomes pay more each month. There are five income based levels above $170.10, which is the base. The first step up is for individuals whose AGI on their IRS 1040 from two years ago is $91,000 or higher.

+ The annual deductible, which a person who is just using Part B would pay, jumps up $30 to $233 from $203 this year.

Highlights of Medicare's Part A, which covers hospitalization services and treatments, coverage in 2022.

+ There is no monthly cost for 99% of people on Medicare had at least 40 quarters of Medicare covered employment.

+ There is a $1556 deductible each time a person is in the hospital if they are just using Part A.

Monday, October 04, 2021

October brings Medicare’s Annual Election Period for 2022

Individuals using Medicare can change the plan they have, which works with what Medicare pays, once a year. The time is now and is called Medicare's Annual Election Period  (AEP). You can look at options for next year starting October 1st but can not sigh up for a new plan until October 15th. The AEP continues to December 7th.

What can be done during the AEP? You can sign up for a different plan with your current:

+ Medicare Advantage Plan company or select a plan with a different company.

+ Stand-alone Prescription Drug Company or select a plan with a different company.

Here in New London County seven companies will offer 30 different Medicare Advantage plans for the 2022 plan year. If you now have original Medicare with a Prescription Drug Plan you can select from 21 different plans from eight companies.

Yes that's a lot of options however there is much more to this than just looking at monthly cost.  What to do? - Call John C Parker [Google Voice # (860) 451-9793] to talk about your situation / interest.

You gain many advantages working with a professional health insurance advisor who understand and shares insights on how medical treatment works in New London County. Finding the best option in our area for your situation is very important. In addition, being certified with the seven Medicare Advantage Plan companies means we can review the details and consider all seven companies.

On the other hand calling a company you see or hear in an ad means you are just talking to someone from somewhere and just review plan details.

John C Parker, RHU, LTCP

Niantic CT