2022 Medicare Premium Adjustments Announced
Gabe Fransen | November 18 ,2021
On November 12, 2021, the Center for Medicare & Medicaid Services, also known as CMS, announced the 2022 cost adjustments for premiums, deductibles and coinsurance amounts for Medicare Part A and Part B programs along with the 2022 Medicare Part D income-related monthly adjustments.
In 2022 Medicare Part B premium, which covers physician services, outpatient hospital services, some home health services, durable medical equipment and certain other medical health services not covered by Part A, will be increasing by 14%, the largest increase ever. This will bring the monthly premium from $148.50 to $170.10.
Many folks will have this premium increase offset by the Social Security Cost of Living Adjustment for 2022.
Medicare Open Enrollment for 2022 began on October 15, 2021 and ends on December 7, 2021. This time period allows those that are eligible for Medicare to compare coverage options and determine which will work best for them. Due to the fact that benefits often change from year to year, so folks should review their options annually and choose the options that will best meet their health needs.