Every year, Medicare updates its costs. To help you budget and prepare for 2022, here’s what you can expect to pay for Original Medicare (Part A and Part B).
Medicare Part A Costs
Medicare Part A covers hospital stays and care. Let’s break down what you’ll pay monthly, for your deductible, and out-of-pocket for all of your benefits in 2022.
Most people aren’t concerned with the Part A premium. Why? Because they aren’t required to pay for it. If you have worked for at least 10 years while paying Social Security taxes, you are eligible for premium-free Part A coverage.
If you haven’t worked for 10 years, your premium is determined by how long you did work. The highest possible premium in 2021 was $471. In 2022, it’s $499. If you enroll late to Part A and have to pay a premium, the premium will increase by 10% every year you’re not enrolled.
Everyone, however, is required to pay a deductible for Part A. Only, however, if they receive care that year. The first time you use your Part A benefits in 2022 is when you’ll pay the deductible. In 2021, the deductible was $1,484. In 2022, it’s $1,556 per benefit period.
While Part A is generally referred to generally as hospital insurance, there are a few specific hospital services with different costs. For instance, you pay $0 out-of-pocket for home health care in 2022, and 20% of the Medicare-approved amount for Durable Medical Equipment (DME).
For hospice care, you’ll also pay $0 in 2022. The deductible, on the other hand, only applies for hospital and mental health inpatient stays. Once that’s paid, you’ll pay $0 for the next 60 days spent in one of these facilities for the remainder of the year. After that, you’ll have to start paying out-of-pocket.
You’re also fully covered up to 20 days each year to stay in a skilled nursing facility. After that, like inpatient care, you’ll have to start paying out-of-pocket.
Medicare Part B Costs
Now onto Part B.
One of the most important updates to Part B is the premium. Unlike Part A, everyone has one. Unless you are eligible for a lower monthly payment or are required to pay above average, everyone also pays the same amount per month. In 2021, the standard monthly premium was $148.50. In 2022, it’s $170.10.
You’ll also have to pay a Part B deductible. In 2021, it was $203. In 2022, it’s $233.
Your Coverage, Your Service—Call Senior Health Solutions
Medicare costs don’t have to be complicated. Let us find your best insurance solution. Call Senior Health Solutions today at (636) 244-4415.
