New year means new changes to Medicare
by Sandra Teel
Medicare insurance broker
Welcome to 2022! It’s a new year, with new changes. And when it comes to Medicare, there are some changes worth noting.
For 2022, Såocial Security beneficiaries will see a 5.9 percent increase to their benefits. This cost-of-living adjustment started this month.
One area most people are not prepared for is how much Medicare Part B will cost. Social Security looks at your income taxes from two years prior to determine your Part B and Part D costs.
The income-related monthly adjustment amounts for Part B are as follows: Those who file tax returns with a modified adjusted gross income of $91,000 or less (single) or $182,000 or less (joint) will pay $170.10 per month. But people who file returns with an income from $91,000-$114,000 (single) or $182,000-$228,000 (joint) will pay $238.10 per month. Participants with an income of $114,000-$142,000 (single) or $228,000-$284,000 (joint) will pay between $340.20 per month. Those who file with $142,000$170,000 (single) or $284,000$340,000 (joint) will pay $442.30 per month, while those who file with $170,000-$500,000 (single) or $340,000-$750,000 (joint) will pay $544.30. The premiums for those who file with incomes more than that is $578.30 per month.
For Part D coverage, the income-related monthly adjustment amounts for beneficiaries who file tax returns with a modified adjusted gross income of $91,000-$114,000 (single) or $182,000-$228,000 (joint) will see a monthly adjustment of $12.40. For those with an income of $114,000-$142,000 (single) or $228,000-$284,000 (joint), the adjustment amounts to $32.10. Participants with an income of $142,000-$170,000 (single) or $284,000-$340,000 (joint) will note an adjustment of $51.70, while those with $170,000-$500,000 (single) or $340,000-$750,000 (joint) will see an adjustment of $71.30. Anyone who files with more than that has an adjustment of $77.90.
To review: Part B covers your doctors and services outside of a hospitalization (covered by the Part A). Medicare drug coverage, Part D, helps pay for prescription drugs; most HMO plans include Part D.
Those with a Medicare Supplemental policy that is not an F plan will notice the Part B deductible has increased to $233 per year.
People who have a “Giveback” Medicare HMO plan should see a credit by April, if not sooner.
For those who have the Original Medicare without an HMO or PPO plan, there’s an increase in all of the Part A deductibles and co-payments.
Anyone still struggling to make sense of it all should contact a licensed Medicare insurance specialist for help.
Sandra Teel is a Medicare insurance broker. She can be reached at (657) 204-4224 or steelmedagent@gmail. com. For more information, visit www. steelmedicareins. com.
Many people are not prepared for Medicare's costs, including income-related adjustments.
