*This article is intended for senior citizens or people with disabilities who are currently on Medicare, receiving Social Security benefits, and paying the Standard Medicare Part B premium.
Each year, the Social Security Administration determines the rates for part B premium, deductibles, and coinsurance in accordance to the Social Security Act of 1935. As of 2021, the Standard Medicare Part B premium is 148.50 monthly, and the current annual part B deductible is 198 dollars; but these amounts will be changing for 2022.
When it comes to Medicare Part B, there are 2 very important things to look at:
- The Medicare Part B Premium
- The Medicare Part B Deductible
Let’s first start with understanding what a premium and deductible is in regards to Medicare Part B
The Medicare Part B Premium is the cost or the amount that has to be paid on a monthly basis to have Medicare part B. Not all Medicare part B premiums are the same for Medicare recipients. The Medicare Part B premium amount is based on an income threshold determined by the Social Security Administration. For most people, if your income is 88,000 or less, you will fall in the category of paying the Standard Medicare Part B premium. Most Medicare recipients who are receiving Social Security benefits, get the Medicare Part B premium deducted automatically from their Social Security checks.
The Medicare Part B Deductible is the amount you have to pay out of pocket for that year, before your Medicare Part B pays for services they cover.
What does Medicare Part B cover?
In further detail, Medicare part B covers:
- Medical office visits -such as visits to your doctors and specialist.
- Outpatient hospital services – these are services you receive at the hospital or medical facility without being admitted or for stay typically less than 24 hours
- Short term care – which are acute level care in the home for a limited amount of days
- Coverage for certain durable medical equipment
- Clinical research
- Ambulance services
- Mental health, and certain prescription drugs.
So what are the changes in Medicare Part B premiums and deductible for 2022, for current Medicare recipients receiving social security benefits, who fall in the category in paying the standard Medicare Part B premium?
In comparison, the current Medicare Part B Monthly Premium for 2021 is 148.50. For 2022, the standard Medicare Part B monthly premium will be increased to 170.10. Compared to 2021, the Standard Part B premium will increase by 21.60 cents. In regards to The Medicare Part B Deductible for 2021, the current yearly deductible is 203 dollars. For 2022, the Medicare Part B Deductible will be 233 dollars; that’s an increase of 30 dollars.
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