Medicare Part C (also known as Medicare Advantage) and Medicare Part D set themselves apart from Original Medicare, as they are exclusively offered through private health insurance. However, there are still some cost changes to expect in 2022.
What Are Part C’s Costs In 2022?
Medicare Part C doesn’t have one set cost, but changes for Medicare Part A and Part B will impact your costs for 2022, as you still need to have both.
If you get Part A premium-free, then your premiums won’t change. However, for hospital visits, you’ll pay a $1,556 deductible, and then pay daily coinsurance costs after 60 consecutive days. For days 61-90, you will pay $389 per day, and from days 91-150, you’ll pay $778 per day.
The standard Part B premium is $170.10, but you will pay more if your reported gross income was over $91,000 in 2020 (or $182,000 if you filed jointly). This adjustment is known as the Income Related Monthly Adjustment Amount (IRMAA). Part B has a $233 deductible.
As for the changes within your plan’s network, costs for Part C-related services like dental and vision, and the amount you’ll pay for medications (if your plan includes prescription drug coverage) will vary from plan to plan.
What Are Part D’s Costs In 2022?
While premiums, deductibles, and coinsurance costs vary between plans, Part D has an IRMAA for premiums based on your 2020 gross income.
You may pay a different premium amount than someone with the same 2020 gross income, but you will have the same amount added to your premium due to it having an IRMAA.
These are the amounts that will be added to your premiums if you filed individually:
- $12.40 plus plan premium for earnings over $91,000 up to $114,000
- $32.10 plus plan premium for earnings over $114,000 up to $142,000
- $51.70 plus plan premium for earnings over $142,000 up to $170,000
- $71.30 plus plan premium for earnings over $170,000 but less than $500,000
- $77.90 plus plan premium for earnings of at least $500,000
For joint filers, these adjustments are based on the above earnings doubled. However, $71.30 will be added to your premium for joint earnings beyond $340,000, but under $750,000. Joint filers would pay the additional $77.90 for earnings of at least $750,000.
If you filed as married and separate, these amounts will be added to your Part D premiums:
- $71.30 for earnings beyond $91,000 but under $409,000
- $77.90 for earnings of $409,000 or more
We Help You Pay The Least For The Best Coverage
At Dale Frank Financial, we will assess your individual needs and preferences, and then help you get the coverage that meets your needs for the most affordable price. Call us today at (800) 585-5544.
*Disclosure: Dale Frank Financial offers insurance products but is not affiliated with Medicare or the U.S. government. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company.
Ready to Take The Next Step?
For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.