Every year the Federal government makes changes to Original Medicare cost-sharing deductibles and premiums.
For 2022, the standard Medicare Part B premium will be $170.10 a month. This is an increase of nearly $22 a month over the standard 2021 premium and is the largest dollar increase in the program’s history. However, the 5.9% Social Security cost-of-living adjustment (COLA) is intended to cover the increase of the Part B premium.
The Part B standard premium increase is due to several factors, including costs associated with COVID, uncertainty around potential spending increases for a new infusion medication for Alzheimer’s, that if approved, would be covered under Part B. The Part B deductible will increase to $233. Once met, beneficiaries will have a 20% copay for Part B covered services and supplies.
The Part A inpatient hospital deductible is an amount paid before Medicare begins to pay its share. The Part A deductible has increased to $1,556 for the first 60 inpatient days during a benefit period. A benefit period begins at hospital admission and ends when a beneficiary has been out of the hospital for 60 consecutive days.
Part A also covers care received in skilled nursing facilities. Medicare covers skilled nursing facility care if the patient has an inpatient hospital stay of at least three days before being transferred to a skilled nursing facility. The first 20 days at the skilled nursing facility are covered by Medicare. A coinsurance is applied for stays from 21 to 100 days. The 2022 daily coinsurance for days 21 to 90 is $194.50 per day.
Medicare Advantage plans have a different fee schedule than Original Medicare. However, the 2022 Part B Monthly Premium will be the same whether you are enrolled in Original Medicare or a Medicare Advantage Plan.
If you would like more information about Medicare covered services, you can contact Medicare at 800-633-4227 or Medicare.gov.