Unfortunately, Medicare is constantly changing like most government-run social programs. These changes can be confusing to people who have limited income and have to pay for their medical bills out of pocket.
If you are on Medicare already, you should be aware of the changes and their mean for your monthly budget. Although some seniors may not feel the need to change their routine in any way, some will feel like they can share more with the other people in their lives.
Medicare Advantage is growing in popularity. The benefits are obvious; instead of just having Medicare Part A and Medicare Part B, Medicare Advantage programs typically include increased coverage, such as behavioral health or dental benefits.
Unfortunately, this expanded coverage comes at a cost to patients; the 2022 Medicare Advantage rates will, on average, increase. Other sectors of Medicare could see increases in premiums as well.
If you are a Medicare beneficiary, expect to see an increase in premiums for Part A. You will pay premiums of $499 from $471 for less than 30 quarters. Inpatient hospital deductible increases to $1559 in 2022, up from $ 1484 in 2021.
The co-insurance in a semi-private room in a hospital rises to $1606 in 2022 from $ 1535 in 2012. Co-pays increase to $20 for each day of a skilled nursing facility stay in 2022.
Premiums (which likely will be deductible from your social security check) go up about 3 percent for most beneficiaries. Those who earn $91,000 or more will pay about $170 more than they do now. As a result, seniors will have to pay more out-of-pocket expenses before their Medicare coverage kicks in.
The average medicare advantage premium plan for 2022 stands at $19 per month, down from $21 in 2021 and $23 in 2020. Medicare Advantage premiums are dropping due to several factors: A decrease in the percentage of Part B premiums used to fund MA plans, an increase in the number of insurers offering MA plans, and a reduction in average medical costs.
Premiums vary depending on your plan. There are estimated to be 583 Medicare Advantage plans in Florida in 2022, up from 526 in 2021. The monthly premium for Part D will also rise by $21.6, to a total of $223.60 per month. This increase is in addition to the annual deductible, which will also go up to $4,000.
These changes will save Medicare costs, and while they may be costly for seniors, the increased premiums and deductibles are necessary to keep Medicare financially solvent.
Medicare Part D premiums are also dropping for 2022, with the average plan costing $33.00 per month, up from $31.47 in 2021. In addition, the maximum deductible for Part D will be dropping from $405 in 2021 to $360 in 2022. Finally, the Part D donut hole will also be closing a bit more.
The Medicare Advantage is an alternative to traditional Medicare and may be attractive to those covered under a group plan. However, you can get confused if you’re not familiar with it, and it is essential to know what you’re signing up for as changes are forthcoming to the program.
There are significant 2022 Medicare changes in Florida, and if you’re a senior or dealing with a senior, you’ll want to know what’s going on. The changes promise to offer significant cost savings for the state’s Medicaid program and hopefully improved care for beneficiaries.
When you need Medicare, it serves you well to know what is available and the upcoming changes. In addition, reading up on what changes may affect Medicare in the next few years can help you plan for your healthcare needs during retirement. That way, you’ll be able to keep your coverage as affordable as possible or even see if there are any new options for your budget or needs.
Medicare experts will have to pore over the proposed changes, but some of the proposed bills in Florida may foreshadow what Medicare recipients can expect in 2022. Regardless of personal political views, this shouldn’t surprise anyone. Even so, it would be best if you still read through the bills, as it will give you insight into how these proposed changes might affect future Medicare patients.