If you are currently receiving Social Security and Medicare, you may want to know what the changes will be and the effect on your benefits. The biggest thing to understand is that the government is implementing this change because they hope that it will save money.
They hope that changing some of the things that people receive and making others pay for their expenses will save money over time. Therefore, it is essential to understand what changes are coming to plan accordingly.
The expected 2022 premiums go at $499 from $471 for less than 30 quarters in 2021. The Part A premiums for between 30 to 39 quarters is $271 in 2022, up from $259 in 2021. Those with 40 quarters and more would not pay any premiums.
Part A inpatient hospital deductible increases to $1559 in 2022, up from $ 1484 in 2021. The coinsurance also increases such that you pay no copay for hospitalization of between one and 60 days. Between 61 and 90 days, you copay $389 per day, up from $371 in 2021.
You pay $778 each day for hospitalization beyond 90 days, up from $742 in 2021.
If you’re considering signing up for Medicare Part B, you should ensure that you understand all the changes that it entails. Unfortunately, it can be challenging to wade through all of the Medicare jargon and learn everything that it takes to qualify.
However, one can overcome with time, patience, and an insurer or business partner who specializes in helping people navigate this complicated insurance plan. The expected monthly premiums on Part B will go up by $21.6 to $170.10, and the annual deductible increases by $30 to stand at $233 in 2022. The minimum amount to qualify for part B premiums is an income of $91,000 for individuals and $ for joint families at $182,000.
Part C (Medicare Advantage)
Medicare Advantage (Part C) contains a bundling of parts A, B, C, and D with additional benefits. Centers for Medicare & Medicaid Services assigns ratings every year to advantage plans on quality and customer satisfaction. The Medicare Advantage program will be affected as well, and it is essential to know what those changes mean for you.
Again, the good news is that these changes should not affect your current health coverage or Medicare costs for the remainder of 2021. For example, the CMS ratings for Medicare Advantage prescription drug plans of 2022 is 4.37, up from 4.06 in 2021. In addition, the average medicare advantage premium plan for 2022 stands at $19 per month, down from $ 21.22 in 2021.
There are projections of many people joining the advantage plan with a CMS estimate of 29.5 million people instead of 26.9 million in 2021. Overall, 3,834 medicare advantage plans suggest an increase of 8% from 2021, with 59% being HMO plans while PPO plans to register 37%.
Medicare Part D (prescription drug plans)
Medicare Part D implies a prescription drug plan brought to you by the U.S. government Medicare program. It allows most seniors to purchase their prescription drugs from health insurance companies at a reduced cost.
Part D premium in 2022 increases to $33, up from the current $31.47. Those with high incomes pay more, and those who file returns with a gross income of more than $91,000 or $182,000 jointly will pay an additional $12.40 to $77.90 above part D premiums.
People with Medicare can choose their Medicare drug plan from a list of approved private insurance companies that offer Medicare plans in Georgia.
Overall, the 2022 Medicare changes in Georgia should provide some relief for seniors and those nearing retirement age while also helping to control costs in the long term. And although there are a few increases here and there, it’s important to remember that the overall cost of Medicare will still be much lower than what people pay for private health insurance.
So if you’re nearing retirement age or already enrolled in Medicare, it’s likely that these new changes will impact your monthly expenses. However, while many of these changes are beneficial, some Georgia residents are likely to be adversely affected, too.
Amongst other things, costs for premiums and prescription drugs may increase substantially. Therefore, one should prepare to cover such expenses early on if possible.