Medicare Part B Premium 2022 Explodes

Medicare Part B Premiums 2022 Explode

Medicare Part B Premium 2022

The Center for Medicare and Medicaid Services finally announce the Medicare Part B premium 2022.  While we all loved our 5.9% cost-of-living adjustment (COLA) increase that was announced, no one appreciates it when the government take a chunk of our increase away to pay for our Medicare premiums. 

In their announcement they have increase our monthly Part B premium for plan year 2022 from $148.50 per month to $170.10 per month.  This equates to a $21.50 increase in our monthly cost for Part B coverage.   For Medicare Beneficiaries this increase can be a real punch in the gut, as they are on a fixed income.  

While our Medicare Part B premiums for 2021 were relatively flat so were our social security checks.  

Medicare Part B Deductible 2022

For those Medicare Beneficiaries that are enrolled under Original Medicare, you will also notice that your Part B deductible has increased.  

The annual deductible for Medicare Part B beneficiaries is increasing from $203 in 2021 to $233 in 2022.  This increase equals the largest overall cost increase at 12.88 percent.  If CMS would had treated both items equally, the Medicare Part B deductible would have been \$214.98

Why are my Medicare Part B Cost increasing in 2022

According to CMS, the increases in the 2022 Medicare Part B premium and deductible are the direct result of the following:

  • Medical Facilities are increase prices and Medicare Beneficiaries have increased their utilization of healthcare services. 
  • Congress took action in 2021 to pass on a lower than expected increase in 2021 Medicare Part B premium.  Due to this action the $3.00 per beneficiary per month increase in the Medicare Part B premium (that would have ended in 2021) being continued through 2025.
  • CMS is still trying to analyze drug cost related to Alzheimer’s.  One drug they are reviewing is Aduhelm which comes at a high price tag.  

How a Medicare Insurance Agent can Help with your Rising Cost

Each year we evaluate the rising cost Medicare Beneficiaries face.  As your Medicare Insurance Agent we are constantly reviewing Medicare plans from year to year.  

For plan year 2022 several California Medicare Advantage Insurance Companies are offering Medicare Part B premium rebates.  While they may not offer to cover 100% of the total cost, some companies are picking up the large majority of the cost.  

We are here to help all Medicare Beneficiaries here in California, Arizona, and Nevada with your Medicare needs.  Feel free to give us a call or submit a request online for one of our Licensed Medicare Insurance Agents to reach out to you directly.