Medicare Part B for 2022

[Lakedog]

Don't believe this has been posted yet. Looks like a huge price increase for medicare part B next year, up 14.5% to $170.10.

https://www.medicare.gov/your-medicare-costs/part-b-costs

 

[CRLLS]

SS giveth and Medicare taketh away!

 

[Another Reader]

IRMAA's a bitch...Sold a property in 2020...ugh...for what has with COVID been pretty worthless insurance.

 

[aaronc879]

I hope there are a lot of changes by the time I get to Medicare age. I would much rather stay on ACA for ever. Way less expensive for me than Medicare.

 

[ivinsfan]

Well we'll see what congress has to say about this number.....they are saying some of the raise is from suppressing last year's increase

 

[W2R]

Don't believe this has been posted yet. Looks like a huge price increase for medicare part B next year, up 14.5% to $170.10.

https://www.medicare.gov/your-medicare-costs/part-b-costs

Thanks for the link! Looks like my Medicare increase will use up much of my SS increase, but luckily not all of it.

 

[Irishgirlyc58]

I hope there are a lot of changes by the time I get to Medicare age. I would much rather stay on ACA for ever. Way less expensive for me than Medicare.

Right

 

[Telly]

Wow! And the Part B deductible moves up from $203 of this year to $233 in 2022.

So a 14.55% increase in Part B premium base.
And a 14.78% increase in Part B deductible.

And for the first time, I'll be paying IRMAA Level 1 adders for Part B and Part D due to Roth conversion. I think for this year's conversion, I'm going to stay under Level 1 threshold. I'm not sure I have the stomach to dance with IRMAA. After the 2022 dance, I'm going to set out.

 

[Dash man]

We did some serious conversions last year and will pay the price this coming year. We’re in IRMAA level 5, so our combined 2022 costs for two of us will be just under $20,000 for next year. That includes a switch from Plan G to Plan N beginning January 1 ) we’re still in our six month window). The conversions were still worth it considering how much the market grew since we did the conversions into our Roth.

 

[Dtail]

I hope there are a lot of changes by the time I get to Medicare age. I would much rather stay on ACA for ever. Way less expensive for me than Medicare.

Same here.

 

[pb4uski]

I hope there are a lot of changes by the time I get to Medicare age. I would much rather stay on ACA for ever. Way less expensive for me than Medicare.

Same here.

I guess that it is situational or you haven't thought it through. An ACA bronze plan in Vermont for 2022 is $581 for a single (unsubsidized) or $6,972 for annual premiums and a $8,700 deductible so an annual MOOP of $15,672. If you had a modest $2k of health care costs then your total for the year would be $8,972.

For me for 2022, Part B will be $170.10, Part D will be ~$8 and Medigap will be ~$200 (I can't remember the exact numbers and am too lazy to look them up).. for a total of $4.537 of annual premium and a $233 deductible for a total of $4,769.

 

[Sue J]

Thanks for the link! Looks like my Medicare increase will use up much of my SS increase, but luckily not all of it.

My current SS is $743.50-$148.50 = $595.00

For 2022 my SS will be $787.36-$170.10 = $617.26. And I know they do some rounding in there to make it an even dollar amount but that's close. So my "raise" of $43.86 is reduced by the $21.60 increase in Medicare. That's almost half of the COLA!

Luckily, we are able to live comfortably on less than DH's COLAed pension. So my SS benefit is still "gravy" and not money we need to get by. And I do appreciate the $22.00 raise that remains.

Now if only interest rates could show some increases to offset some of these increased expenses!

 

[grayv]

Now if only interest rates could show some increases

soon.

 

[Another Reader]

Increase is supposedly due to the newly approved Alzheimer's drug, which has to be administered in a doctor's office and therefore falls under Part B.

https://www.cnn.com/2021/11/12/health/medicare-premium-hike/index.html

 

[ivinsfan]

Increase is supposedly due to the newly approved Alzheimer's drug, which has to be administered in a doctor's office and therefore falls under Part B.

https://www.cnn.com/2021/11/12/health/medicare-premium-hike/index.html

May be part of the reason but they haven't even decided if they are going to pay for it yet.If it actually works and keeps people out of nursing homes and off Medicaid it would be net gain to the system.



I think that its optics because whose is going to complain if we think we can get a good AZ treatment...

 

[ivinsfan]

I guess that it is situational or you haven't thought it through. An ACA bronze plan in Vermont for 2022 is $581 for a single (unsubsidized) or $6,972 for annual premiums and a $8,700 deductible so an annual MOOP of $15,672. If you had a modest $2k of health care costs then your total for the year would be $8,972.

For me for 2022, Part B will be $170.10, Part D will be ~$8 and Medigap will be ~$200 (I can't remember the exact numbers and am too lazy to look them up).. for a total of $4.537 of annual premium and a $233 deductible for a total of $4,769.

I'm sure they are talking subsidized and almost free HC...going on Medicare is going to be a big sticker shock to some people. But it's an example of once the government gives you something you don't want to ever have to pay for it yourself.

 

[Another Reader]

May be part of the reason but they haven't even decided if they are going to pay for it yet.If it actually works and keeps people out of nursing homes and off Medicaid it would be net gain to the system.



I think that its optics because whose is going to complain if we think we can get a good AZ treatment...

It was approved over the objections of the medical advisors... It reportedly is not effective.

 

[Sarah S]

The article said covid uncertainty was also a factor. Some major medical centers are refusing to prescribe aduhelm but of course desperate people can go somewhere else.

 

[Another Reader]

The article said covid uncertainty was also a factor. Some major medical centers are refusing to prescribe aduhelm but of course desperate people can go somewhere else.

The cost of treating Long Covid is going to be huge and the number is not known at this point. I have spent tens of thousands at the rack rates, haven't bothered to look at what was actually paid.

 

[Dtail]

I guess that it is situational or you haven't thought it through. An ACA bronze plan in Vermont for 2022 is $581 for a single (unsubsidized) or $6,972 for annual premiums and a $8,700 deductible so an annual MOOP of $15,672. If you had a modest $2k of health care costs then your total for the year would be $8,972.

For me for 2022, Part B will be $170.10, Part D will be ~$8 and Medigap will be ~$200 (I can't remember the exact numbers and am too lazy to look them up).. for a total of $4.537 of annual premium and a $233 deductible for a total of $4,769.

I'm sure they are talking subsidized and almost free HC...going on Medicare is going to be a big sticker shock to some people. But it's an example of once the government gives you something you don't want to ever have to pay for it yourself.

Yes it is situational for me. PB, you know me better with the math. lol
And yes, my brother and I are saving 23k a year with the subsidies. Not quite almost free as you suggest and actually is going up 40% next year, but still a better deal than Medicare.
Lastly, as I have said many times before, let them change the rules and do away with this loophole; otherwise I have no issues taking full advantage of it.

 

[ivinsfan]

Yes it is situational for me. PB, you know me better with the math. lol
And yes, my brother and I are saving 23k a year with the subsidies. Not quite almost free as you suggest and actually is going up 40% next year, but still a better deal than Medicare.
Lastly, as I have said many times before, let them change the rules and do away with this loophole; otherwise I have no issues taking full advantage of it.

I never said anyone should have a problem with it just that Medicare costs will be a surprise to a lot of people.

 

[aaronc879]

I guess that it is situational or you haven't thought it through. An ACA bronze plan in Vermont for 2022 is $581 for a single (unsubsidized) or $6,972 for annual premiums and a $8,700 deductible so an annual MOOP of $15,672. If you had a modest $2k of health care costs then your total for the year would be $8,972.

For me for 2022, Part B will be $170.10, Part D will be ~$8 and Medigap will be ~$200 (I can't remember the exact numbers and am too lazy to look them up).. for a total of $4.537 of annual premium and a $233 deductible for a total of $4,769.

It is definitely situational. You have a much higher income than I do so Medicare is likely less expensive than ACA for you. I am low income and pay $0 premium with a $950 max OOP, no deductible. ACA is MUCH better than Medicare for me. If Medicare costs me an extra $4000/yr that is a lot of money. My basic living costs are only around $10K/yr so adding an extra $4K to that is a lot.

 

[youbet]

It is definitely situational.

Yep, exactly. Both ACA and Medicare premiums are highly dependent on AGI.

 

[John Galt III]

I hope there are a lot of changes by the time I get to Medicare age. I would much rather stay on ACA for ever. Way less expensive for me than Medicare.

You're right. Enjoy your ACA coverage as long as you can. I had to switch from ACA to Medicare two years ago. Medicare is more expensive and not as good (for me). I'm assuming your ACA is heavily subsidized, as was mine. Of course there are folks who are being totally ripped off by the ACA, if their earnings are high enough.

 

[Winemaker]

DW just received SS statement today, reflecting new benefit, new part b premium, part b IRMAA surcharge, and a part d IRMAA surcharge. She is not enrolled in part d, is this a mistake?