Medicare Part B costs are rising...
Its more important than ever to have the right insurance plan in place!
The Centers for Medicare & Medicaid Services (CMS) released the 2022 premiums, deductibles, and coinsurance amounts for each of the Medicare parts.
If you are one of our clients, we've likely already spoken to you about your plan for 2022. If you've already spoken to your agent, then we've already got you on the best plan for YOU.
The cost is changing, but the plan details are staying the same! You still have the best coverage available for you!
Medicare Part B
Each year the premium, deductible, and coinsurance rates for each Medicare part is determined according to the Social Security Act. For 2021 the standard monthly premium for Medicare Part B was $148.50, and the annual deductible for all Medicare part B beneficiaries was $203.
For 2022 the standard monthly premium will be $170.10, an increase of $21.60.
For 2022 the annual deductible for beneficiaries will be $233, an increase of $30.
The increases in the 2022 Medicare Part B premium and deductible are due to various changes in the health care system. You can read about some of those changes on the CMS.gov website here.
Medicare Savings Programs
To help with Medicare costs, low-income seniors and adults with disabilities may qualify to receive financial assistance from the Medicare Savings Programs (MSPs). The MSPs help with access to high-quality health care at a reduced cost. MSPs help pay premiums and may also pay deductibles, coinsurance, and copayments for Medicare plans for those who meet the conditions of eligibility. Enrolling in an MSP offers relief from these Medicare costs, allowing people to spend that money on other vital needs, including food, housing, or transportation.
If you are unsure if you qualify for an MSP, or would like to learn more, talk to one of our agents at 801-609-8699, or schedule an appointment below. You can also visit Medicare.gov here to learn more.
Medicare Open Enrollment
Medicare Open Enrollment for 2022 began on October 15, 2021 and ends on December 7, 2021.
If you have any changes that need to be added to your plan, please let us know! Call/text us at 801-609-8699. Let us know about the changes before December 7th so you don't miss out on open enrollment!
About Utah Avenue Insurance
Utah Avenue Insurance is your local health insurance experts. Our agents are here to help you with all your health insurance questions. Utah Avenue can help you with marketplace (aka Obamacare) plans, private health insurance and Medicare. If you have questions about how your medical insurance plans work or need help enrolling in a plan, we can help you. As always, our service is free to you.
Give Utah Avenue a call or make an appointment with Utah Avenue Insurance and we'll be happy to help!