2022 costs of Original Medicare

What Are The 2022 Costs For Original Medicare?

The costs for your Original Medicare coverage will be slightly higher in 2022. Read on for the specifics.

Medicare Part A Premiums

Many people pay nothing in Medicare Part A premiums. These are those people who qualify for Medicare benefits due to a disability, from receiving retirement benefits at least four months before they turn 65, or from having paid Medicare taxes for at least 40 calendar quarters. If your spouse qualifies for one of those listed reasons, you will likely also receive premium-free Part A.

The 2022 Medicare Part A premiums will be $499 for people who paid Medicare taxes for less than 30 quarters (up for $471 in 2021). For those who paid between 30 and 39 quarters, Medicare Part A premiums will be $274 in 2022 (up from $259).

This rise in costs is to be expected as the cost of insurance rises each year.

Medicare Part B Premiums

Everyone pays premiums for Medicare Part B. The standard Part B premium in 2022 will be $170.10 (up from $148.50). You pay this monthly. If you earn a higher income, you can expect to be charged a higher premium rate.

Medicare Part A Coinsurance

Under Medicare Part A, you pay a daily coinsurance once you pass a certain number of days of care within a single benefit period. A benefit period is the time between when you are admitted as an inpatient in a hospital or skilled nursing facility and when you have not received inpatient care for 60 days.

The daily coinsurance as an inpatient in a hospital is as follows in 2022: from day zero through 60, your coinsurance is $0. From day 61 through 90, you pay a daily coinsurance of $389 for each benefit period (up from $371 in 2021). Beyond day 90, you will owe $778 per day in coinsurance (up from $742), until you have used up your 60 lifetime reserve days. Once you are out of reserve days, you will pay all costs beyond day 90 within the benefit period.

The daily coinsurance as an inpatient in a skilled nursing facility in 2022 is as follows: you pay $0 in coinsurance for days 1 through 20 of each benefit period. From day 21 through 100 of each benefit period, you will owe $194.50 per day of each benefit period (up from $185.50). Beyond day 100, you owe all costs for that benefit period.

Medicare Part B Copayments

Copayments for Medicare Part B services are 20% of the Medicare-approved amount for covered services, once the deductible is met.

Medicare Part A Deductible

The Medicare Part A deductible is $1,556 in 2022 (up from $1,484). You pay this deductible for each benefit period.

Medicare Part B Deductible

The Part B deductible in 2022 is $233 (up from $203). This is a yearly cost.
Do you have more questions about the costs of Medicare? Speak to those who know at Medicare Sharks.