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.