Part A (Hospital Insurance) covers hospital stays, skilled nursing facility care after a hospital stay, and some home healthcare services. Part A premiums will increase from $471 to $499 in 2021-2022. In addition, the Part A deductible for 2022 is $1,559 per benefit period, rising from $1,484 in 2021. You have no limitation on the number of times you may have to pay the deductible in a benefit period.
However, some costs are exempt by Part A. For example, there is no coverage for routine care in a nursing home or the price of a private room in a hospital if you don’t need skilled care. Unless they are part of your insurance plan’s limited benefit package, you must pay these costs.
Part B (Medical Insurance) helps cover doctor services, outpatient care, preventive care, lab tests, and durable medical equipment. Part B premiums will increase from $148.5 to $170.10 in 2021-2022. But, like Part A, not all costs are covered by Part B. For example, you must pay for doctors’ services until you have paid the yearly deductible of $233 in 2022 (or $203 in 2021), then Medicare pays 80% of approved amounts, and you pay the remaining 20%. In addition, there is a copay for some doctor’s services. And, you usually pay a coinsurance of 20% for most other Part B-covered services.
The premium costs will increase for individuals earning $91,000 and $182,000 for married couples.
Part C: Medicare advantage
Part C/CAM plans provide benefits for medical services like doctors and hospitals. These plans are sometimes called “Medicare Advantage Plans. In addition, seniors who enroll in Original Medicare Parts A and B can join an optional plan that may include drug coverage Part D. Some examples of Medicare Advantage Plans include Health Maintenance Organization (HMO) plans, Preferred Provider Organizations (PPOs), and Special Needs Plans for people with certain chronic conditions.
These plans have contracts with the Illinois Department on Aging that give members extra benefits, such as discounted prescription drugs and vision care. To find out if your plan offers additional benefits, contact them directly. The average part C premiums start at $19, down from $21 in 2021. Tin 2022, there will be 166 Medicare advantage plans in Illinois.
Part D: Prescription Drug Coverage
Part D serves to make people’s lives easier regarding their health care. This plan allows you to choose what works for your specific needs for your particular budget. It aims to enable anyone to find something that works for them, including those with special needs and certain medical conditions.
The average part D premiums will rise to $33 in 2022, up from $31.47 in 2021.
Illinois residents need to be aware of the upcoming 2022 Medicare changes in Illinois. The seniors must start preparing for their next stage in life, whether a new job or a whole retirement plan. To make this transition a little easier, consulting an expert in the field might help.
Illinois citizens should also prepare to re-examine their situation under the changes. For example, if you are already collecting Medicare benefits, you should be more careful with how much money is being taken out of your monthly check to pay for these benefits.
If you are approaching retirement age soon, it would be advisable to work closely with a financial planner to see if you need to modify your current retirement fund. In addition, no matter your health insurance needs, you ought to ensure you know what the new Medicare changes in Illinois mean for you.