Rates and premiums generally change on an annual basis. It’s important to be aware of changes that happen each year and how it may affect your own financial picture.
In November 2021 Medicare announced rate increases for 2022. Outpatient care coverage will increase 14.5% from $148.50 to $170.10. The deductible for Part B will increase 14.8% and Part A will increase from $1,484 to $1,556.
Other variables play a part in premiums. For most social security beneficiaries, a “hold harmless” provision protects through a cost-of-living increase to social security checks. Essentially, this provision caps Part B premium increases so the premium increase doesn’t exceed an enrollee’s cost-of-living-adjustment referred to as COLA.
Since everyone’s situation is different, we recommend talking with your advisor or family.