Medicare Updates For 2022
Medicare beneficiaries can expect their premiums, deductibles, and cost sharing amounts to change each calendar year. Let’s review the changes from 2021 to 2022 so you know what to expect when utilizing your Medicare benefits this year.
Medicare Part A Updates
Each year, the Medicare Part A will have three updates, premium, inpatient hospitalization deductible and copays, and skilled nursing facility copays. Usually, most Medicare beneficiaries do not pay a premium for their Part A coverage, but those that have not worked 40 quarters paying Medicare taxes will based on how many quarters those taxes were paid.
Medicare Part B Updates
The Medicare Part B premium and deductible saw larger than-average increases from 2021 to 2022, largely driven by increased spending by the Medicare program due to the COVID-19 pandemic.
Medicare Part D Updates
While the 2022 Part D benefits have been known for a while, it’s important to see what changes happen year over year. Keep in mind, some Part D plan deductibles may be lower, or are only applicable to specific drug tiers. Always refer to your plan’s Summary of Benefits for specific information.
Insulin Savings Program
The Insulin Savings Program enters its second year, allowing participating Part D and Medicare Advantage Part D plans to provide a month’s supply of covered insulin for no more than a $35 copay. Participating plans will vary by state and county, and the insulin must be covered under the plan’s formulary to receive the reduced monthly cost.