2022 Medicare Updates

 

Every year the amount you pay for Medicare Part B and the deductibles change.  In 2022 Medicare increased the cost for Medicare Part B from $148.50 per month to $170.10 per month, a significant increase.  Additionally, the Part D deductible and Part B deductible have grown for next year.  The explanation for the increases are due to rising pricing for healthcare and the potential approval of an Alzheimer medication that would cost $56,000 per person per year. 

Medical Deductibles and out of pocket costs

The Part B (medical) deductible increased from $203 in 2021 to $233 in 2022.

Hospital deductible increased to $1,556 however, most Medicare supplement plans will pay this and Medicare Advantage have a different fee structure for a hospital stay.

 

2022 Prescription costs

Whether you have a stand alone drug plan (Part D) or prescriptions included in your Medicare Advantage plan the coverage phases are the same but plan can decide to have a deductible anywhere from $0 to $480.  This deductible can apply to just the higher tier medications or all prescriptions.

The amount of costs to hit the coverage gap or "donut hole" when from $4,130 to $4,430 in 2022. 

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IRMAA amounts for 2022

High income individuals pay an additional amount on top of the standard Medicare Part B premium and an additional cost for their prescription drug plan (Part D). Medicare bases IRMAA on your income from two years ago, 2020.

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If you have any questions about these changes please fee free to reach out the New Jersey Medicare Brokers.

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