As you might already know, Medicare updates its plan premiums each year. Since out-of-pocket costs affect your overall budget, here’s what you need to know about Medicare premiums and other costs in 2022.

Part A (Hospital)

For Inpatient Hospital Stays, you pay…

(Benefit period ends 60 days after release from care)

• Deductible: $1,556 per benefit period
• Coinsurance (days 1-60): $0 per day of each benefit period
• Coinsurance (days 61-90): $389 per day of each benefit period
• Coinsurance (60 lifetime reserve days): $778 per day after day 90 of each benefit period

For Skilled Nursing Facility Stays, you pay…

(3-day inpatient hospital stay required first)

• Coinsurance (days 1-20): $0 per day of each benefit period
• Coinsurance (days 21-100): $194.50 per day of each benefit period

Part B (Medical)

• Part B Deductible, you pay… $233 per calendar year
• Part B Coverage, you pay… Generally, 20%, after $233 deductible is met

Part B Premium (Including high income Part B and Part D)

[Paid to Medicare]

Those enrolled in Part B will pay at least the standard $170.10/mo premium (based on income). Higher income earners will pay a Part B IRMAA (Income Related Monthly Adjustment Amount) in addition to the $170.10/mo standard premium.

Those with higher income who are enrolled in Part D Prescription Drug coverage also pay a Part D IRMAA in addition to the monthly insurance premium for a Part D prescription drug plan or Medicare Advantage plan that includes Part D coverage.

Contact your healthcare plan agent for more information on how your income affects Part B and Part D premiums. We can help you learn about your out-of-pocket costs, review plans, and identify one that suits your needs.