Premiums, deductibles, and copays for Medicare Parts A and B next year were recently announced by the Centers for Medicare and Medicaid Services (CMS). So, what will Medicare cost in 2022? Here’s the scoop.
Medicare Part B
The standard monthly premium for Medicare Part B enrollees will be $170.10 in 2022, an increase of $21.60 from $148.50 in 2021. CMS also announced in 2022, enrollees pay $233 for their Part B deductible. Compare this to $203 in 2021.
See the chart below for a breakdown from CMS if an enrollee’s modified adjusted gross income as reported on their IRS tax return from 2 years ago is above a certain amount. An Income Related Monthly Adjustment Amount (IRMAA) will be an extra charge added to their premium.
|File Individual Tax Return||File Joint Tax Return||File Married & Separate Tax Return||2022 Part B Monthly Premium|
|$91,000 or less||$182,000 or less||$91,000 or less||$170.10|
|$91,001 to $114,000||$182,001 to $228,000||N/A||$238.10|
|$114,001 to $142,000||$228,001 to $284,000||N/A||$340.20|
|$142,001 to $170,000||$284,001 to $340,000||N/A||$442.30|
|$170,001 to $500,000||$340,001 to $750,000||$91,001 to $408,999||$544.30|
|$500,001 or more||$750,001 or more||$409,000 or more||$578.30|
Medicare Part A
Medicare Part A covers inpatient hospital, skilled nursing facility, and some home health care services. Enrollees usually don’t pay a monthly premium for Medicare Part A coverage if they or their spouse paid Medicare taxes for a certain amount of time while working. Click here to learn more about a “premium-free Part A.”
If your client doesn’t qualify for premium-free Part A, they can buy Part A. People who buy Part A will pay a premium of either $259 or $471 each month in 2021 ($274 or $499 each month in 2022) depending on how long they or their spouse worked and paid Medicare taxes. If your client chooses to not buy Part A, they can still buy Part B.
In most cases, if you choose to buy Part A, you must also:
- Have Medicare Part B (Medical Insurance)
- Pay monthly premiums for both Part A and Part B
With a local Medicare FMO serving independent agents in North Carolina and many other states, you can find success in 2022! Stay up to date with the most important news in your industry by following us. If you would like help marketing for the new year, give us a call at (919) 460-6073 or email us at firstname.lastname@example.org.