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Here’s What’s New with Medicare in 2022

Heres-Whats-New-with-Medicare-in-2022

Now that the Annual Open Enrollment Period for Medicare has ended, many beneficiaries are preparing themselves for Medicare changes that go into effect in 2022. These include:

Rising costs for Original Medicare coverage
• Higher Medicare Advantage plan ratings
• Lower Medicare Advantage premiums

Rising Original Medicare costs
If you are like most people who have Original Medicare (Part A and Part B), you don’t pay a Part A premium, because you worked and paid Medicare taxes for 40 or more quarters.

However, beneficiaries who worked and paid Medicare taxes for 30 to 39 quarters pay a portion of the premium cost. They are seeing their premiums jump from $259 a month to $274 a month. And if you worked and paid Medicare taxes for fewer than 30 quarters, you must bear the full cost of the Part A premium. It increased from $471 a month to $499 a month.

Part A Deductible Increases
The inpatient deductible for Part A hospitalization coverage rose in 2022, from $1,484 to $1,556. This is per benefit period. A benefit period ends when you do not receive inpatient hospital (or skilled nursing facility) care for 60 days in a row.

While there is no coinsurance rate for 1 to 60 days of hospitalization, there are for days 61 to 90, and it increased from $371 to $389. The coinsurance for 91 days and up jumped from $742 to $778 in 2022, per benefit period.

Meanwhile, monthly premiums for Part B medical insurance coverage are also increasing, from $148.50 to $170.10. Deductibles, too, are going up – from $203 to $233. After you pay the deductible, you’ll typically have to pay 20% of the cost of Part B services, if they’re Medicare-approved.

Finally, Part D, prescription drug coverage, is more expensive. In 2022, premiums are increasing from $31.47 a month to $33 a month.

Medicare Advantage Plan Ratings
Part C plans, which usually combine A, B and D, are offered by private insurers meeting Medicare standards. Some also offer dental and vision care, among other benefits.

CMS assigns star ratings to each Medicare Advantage (MA) plan. Five is the highest ranking, and 1 is the lowest. CMS rates the plans based on care quality and the level of customer satisfaction. The ratings are subject to change annually.

Medicare Advantage Premiums Reduced

MA plan premiums decreased slightly in 2022. They’ll cost $19 per month, compared to $21.22 a month in 2021. Not only are more people expected to sign up for MA plans in 2022 than 2021, but more MA plans will also be available in the marketplace.

Learn More: Most Common Medicare Mistakes

People Also Read: Medicare Advantage Open Enrollment Period (MA OEP) Begins January 1st, 2022

Meet Melissa MacCalla

Medicare is not simple and can be hard, frustrating, and downright confusing for most. I love when I get someone on the phone and I am given the opportunity to explain the difference in plans to them and have Medicare make sense. I enjoy talking to clients year after year, hearing about their families growing or them asking about mine.

-Melissa

Oh my gosh!! I was so confused about the Medicare Supplement process. I am turning 65 soon and am retired and have always had insurance thru my former employer. I didn’t know a thing about going on Medicare and was struggling to sort it all out.

A friend of mine recommended contacting Senior HealthCare Solutions, so I did. Melissa was FANTASTIC!! She was professional, responsive, caring and friendly. She explained the steps I needed to take, gathered my information, helped me choose good plans for MY specific needs and took care of my applications over the phone. 1-2-3, eesy-peesy and I was done!! And it didn’t cost me a DIME!!! WOW!!! I HIGHLY recommend Senior Healthcare Solutions for anyone who’s overwhelmed with making the right choices with Medicare Supplemental Insurance and Rx coverage. It’ll take a load off your mind!

Janice W.

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