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Price Changes for Medicare in 2022: What Seniors Need To Know
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There are different components of Medicare, the most known are labeled as Parts A, B, C and D. Except for Part A, Medicare does have a monthly cost. Also, there are certain deductibles and co-pays required. Every year the government reviews the Medicare program and sets these various prices and monetary figures. The related figures for the year 2022 are detailed below.
There are different components of Medicare, the most known are labeled as Parts A, B, C and D. Except for Part A, Medicare does have a monthly cost. Also, there are certain deductibles and co-pays required. Every year the government reviews the Medicare program and sets these various prices and monetary figures. The related figures for the year 2022 are detailed below.
Medicare Part A
Part A is basically hospitalization and major medical coverage. Almost all persons with Medicare do not have to pay any monthly cost for this insurance. However, there are deductibles and co-pays required with this insurance – these amounts for 2022 are:
Inpatient hospital expenses – first 60 days: $1,556 deductible
Hospitalization for days 61 – 90: $389 per day co-pay
Skilled Nursing Facility: $195 per day co-pay
Medicare Part B
Part B covers doctor visits and services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. This coverage is not automatic and you have to enroll in it. There is a monthly cost that must be paid, which has been set at $170.10 for people with annual incomes up to $92,000 (individual) and $182,000 (couple). The annual deductible set for 2022 is $233.
Medicare Part D
Part D covers prescription drugs and there are many different plans offered by private insurance companies, but are regulated by the government. Monthly cost varies from plan to plan and is also dependent on level of income. Individuals with less than $91,000 annual income and couples with less than $182,000 will not have any increase in their monthly cost in 2022. People with over these income amounts will have a modest increase, depending on their income bracket.
Medicare Advantage (Part C)
Part C is more commonly known as Medicare Advantage. These are insurance plans offered by private companies and regulated by the government. There are many such plans, which vary in coverage details depending on the state of residence and the individual insurance companies. The monthly costs of these plans therefore vary widely, but prices are regulated by the government. It is estimated that the average monthly premium for Part C plans will decrease by $19 in 2022.
