Personal finance

Medicare Part B premiums for 2022 jump by 14.5% from this year, far above the estimated rise in cost

Products You May Like

Morsa Images | DigitalVision | Getty Images

The standard premium for Medicare’s outpatient care coverage will jump by 14.5% for 2022, far outpacing an earlier estimate of 6.7%, according to the government.

The standard premium for Part B, which covers outpatient care and durable equipment, will be $170.10 next year, up $21.60 from $148.50 this year, said a senior official for the Centers for Medicare & Medicaid Services on Friday. The program’s trustees had estimated this summer that the premium would rise to $158.50.

The deductible for Part B will be $233, up $30 (14.8%) from this year.

The bigger-than-anticipated increase is partly attributed to rising prices and utilization across the health care system and congressional action that limited the increase in the 2021 Part B premium.

Additionally, contingency reserves have been increased to account for potential new treatment costs incurred by the program.

Meanwhile, the deductible for Medicare Part A (hospital coverage) per benefit period (which generally starts when you are admitted to the hospital) will be $1,556 in 2022, up $72 from this year’s $1,484.

More from Personal Finance:
How to appeal income-related Medicare charges
New mortgage refi programs are expanding
Remarrying? Here are key financial considerations

Products You May Like

Articles You May Like

Fed cuts by a quarter point, indicates fewer reductions ahead
Nike CEO Elliott Hill outlines new strategy after retailer blames promotions for declining revenue and profit
Top Wall Street analysts recommend these dividend stocks for higher returns
Investors are putting more into their 401(k)s — here’s the average savings rate
IRS to send 1 million taxpayers up to $1,400 in ‘special payments.’ How to know if you’re eligible

Leave a Reply

Your email address will not be published. Required fields are marked *