Do you know how much Medicare will cost you each month in 2022?

    Planning for retirement is really important, and if you’re going to be living off of a fixed income, you need to be aware of your expected insurance costs.

    So, how much will Medicare cost you in 2022?

    Use the interactive Medicare Cost Worksheet to estimate your monthly premiums

    2022 Medicare Part A Costs

    Medicare Part A helps cover bills from the hospital. So, if you are admitted and receive inpatient care, Medicare Part A is going to help with those costs.

    If you’ve worked at least 10 years or can draw off a spouse who has, Medicare Part A is free to have. That means you don’t have any monthly costs to have Medicare Part A.

    This doesn’t mean that Medicare Part A doesn’t have other costs like a deductible and coinsurance — because it does — but you won’t have to pay those costs unless you actually need care.

    For most people, having Medicare Part A is free.

    The Medicare Part A deductible, as well as the coinsurance for care, fluctuates slightly every year, but here are the current Part A costs for 2022:

    • $1,556 deductible
    • Days 1 – 60: $0 coinsurance
    • Days 61 – 90: $389 coinsurance
    • Days 91+: $778 coinsurance per “lifetime reserve day,” which caps at 60 days
    • Beyond lifetime reserve days: You pay all costs

    For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $194.50 in 2022.

    2022 Medicare Part B Costs

    Medicare Part B helps cover your medical bills. Lab tests, doctor visits, and wheelchairs are examples of some services and items that Medicare Part B would help pay for.

    Medicare Part B does have a monthly premium, which is $170.10 per month. This monthly premium tends to go up a little bit each year. Also,  if you have a high income , your premium will be higher.

    This means it’s important to make sure you really need Medicare Part B, because if you don’t, you’re paying for insurance you aren’t using.

    We always recommend individuals who are working past the age of 65 to contact us to make sure their current insurance setup is appropriate.

    [RELATED:  Working Past 65? ]

    Medicare Part B does have a deductible, but it’s much cheaper than you’re probably used to seeing — it’s only $233 per year. After you meet that deductible, you typically pay 20% of the Medicare-approved amount for any services, tests, or items you need.

    2022 Medicare Part D Costs | Prescription Drug Plan (PDP) Costs

    For a  Medicare Part D plan , also called a Prescription Drug Plan (PDP), the monthly cost varies depending on the prescriptions you take.

    The average monthly premium for a Medicare Part D plan is around $30 per month in 2022.

    If you do take medications, you’ll have other costs, like a deductible, copays, and coinsurance.

    We recommend that you follow our Medicare Part D Cheat Sheet to determine your actual drug plan costs. You can do this directly on Medicare.gov.

    Download the Medicare Part D Cheat Sheet ‍.

    2022 Medigap Costs | Medicare Supplement Costs

    Since Medicare only covers about 80% of your medical bills, many people add on a  Medicare Supplement  to pick up the remaining costs. The monthly premium for a Medicare Supplement will depend on which plan you choose, your age, your gender, your ZIP code, and your tobacco usage.

    Please contact us for accurate rates for you in your ZIP code.

    Get a Medicare Supplement quote .

    2022 Medicare Part C Costs | Medicare Advantage Costs

    If you choose to get Medicare Part C, which is also called  Medicare Advantage (MA) , you are replacing Medicare Parts A and B. Often times, MA plans also include a drug benefit, so you also replace Part D.

    However, you still must pay the $170.10 monthly premium for Medicare Part B.

    MA premiums vary, depending on which type of plan you choose, which area you’re in, and other similar factors.In general, MA premiums are quite low, and sometimes they’re even $0.

    While the monthly premium is very low or even $0, there are some things to consider before opting in to an MA plan.  You can read about the pros and cons of Medicare Advantage here.

    2022 Medicare MSA Costs | Medical Savings Account for Seniors

    A  Medicare MSA , a type of Medicare Advantage plan, is another option for seniors. The most widely available plan is from Lasso Healthcare, and it is $0 premium.

    An MSA combines high-deductible health coverage with an annually funded medical savings account.

    Here is what the Lasso Healthcare MSA plan benefits are for 2022:

    • $2,000 or $3,000 deposit on January 1, 2022 (prorated depending on when you enroll)
    • $5,000 or $8,000 deductible
    • $3,000 or $5,000 member responsibility
    • $0 copays
    • No networks

    You will need to add a Medicare Part D drug plan, because MSA plans aren't allowed to include drug coverage.

    Read More: How Do Medicare MSA Plans Work, and Do I Need One?

    Total 2022 Monthly Medicare Costs

    When we total up all of your monthly Medicare costs, here’s what you can expect.

    If you decide to use Original Medicare with a Medicare Supplement and a drug plan, your monthly costs would be:

    • $170.10 for Medicare Part B ‍
    • Get a quote  for your Medicare Supplement (prices vary widely)
    • An average of $30 for your drug plan (this can vary)

    If you decide to use a Medicare Advantage plan that includes a drug plan, your monthly costs would be:

    • $170.10 for Medicare Part B
    • A very low (or $0) monthly premium for the MA plan

    If you decide to get the Lasso Healthcare MSA and a drug plan, your monthly costs would be:

    • $170.10 for Medicare Part B
    • $0 premium for the MSA plan
    • An average of $30 for your drug plan

    For extra help, use the interactive Medicare Cost Worksheet to determine how much you will pay each month for Medicare.

    Use the interactive Medicare Cost Worksheet to estimate your monthly premiums

    Our team of dedicated, licensed agents can help you as little or as much as you need. Whether it’s answering a few questions about Medicare or creating a comprehensive Medicare Planner with you, we are your Medicare Allies.

    What is the monthly cost of Medicare for 2022?
    $170.10 for The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021. more
    What is the monthly cost for Medicare in 2022?
    $170.10 The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021. more
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    How much does Medicare cost per month in 2022?
    $170.10 per month For most people, the cost of Medicare Part B for 2022 is $170.10 per month. This rate is adjusted based on income, and those earning more than $91,000 will pay higher premiums. For high-earners, the cost of Medicare Part B is based on your adjusted gross income (AGI) from your previous year's taxes. more
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    What is the monthly cost of Medicare in 2022?
    $170.10 The standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, an increase of $21.60 from $148.50 in 2021. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 from the annual deductible of $203 in 2021. more
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    Source: www.medicareallies.com

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