Medicare’s Part A and B premiums, deductibles, and coinsurance make up the majority of your out-of-pocket costs. In 2022, these costs have increased significantly.
Check out 2021’s Medicare changes.
Medicare Part B Premium and Deductible
Medicare Part B Premium: $170.10
Medicare Part B Deductible: $233
Medicare Part B Premium cost for higher-income enrollees
Most people enrolled in Medicare Part B will only pay $170.10 per month. However, if you’re in the highest income bracket, you could pay up to $409 extra a month, for a whopping total of $578.30 a month.
The chart below shows how every income bracket affects your Part B premium, how much extra your increase will be and the monthly cost for your Part B premium.
Medicare Part B monthly premium for Single and Married filed jointly tax filing:
| Beneficiaries who file individual tax returns with income | Beneficiaries who file joint tax returns with income | Income-based extra monthly payment | Total monthly premium amount |
|---|---|---|---|
| Less than or equal to $91,000 | Less than or equal to $182,000 | $0.00 | $170.10 |
| Greater than $91,000 and less than or equal to $114,00 | Greater than $182,000 and less than or equal to $228,000 | $68 | $238.10 |
| Greater than $114,000 and less than or equal to $142,000 | Greater than $228,000 and less than or equal to $284,000 | $170.10 | $340.20 |
| Greater than $142000 and less than or equal to $170,000 | Greater than $284,000 and less than or equal to $340,000 | $272.20 | $442.30 |
| Greater than $170,000 and less than $500,000 | Greater than $340,000 and less than $750,000 | $374.20 | $544.30 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $408.20 | $578.30 |
Medicare Part B monthly premium for Married and live in the house but filed separately on tax return:
| Married filed separately Medicare Part B beneficiaries | Income-based extra monthly payment | Total monthly premium amount |
|---|---|---|
| Less than or equal to $91,000 | $0.00 | $170.10 |
| Greater than $91,000 and less than $409,000 | $374.20 | $544.30 |
| Greater than or equal to $409,000 | $408.20 | $578.30 |
2022 Medicare Part A Premium
Most seniors 65 and older** who are Medicare-eligible will not pay the Part A premium. You qualify for Part A premium-free if you or your spouse has worked and paid taxes for 10 years. Those who worked less than 10 years will have to pay a premium***.
Medicare Part A premium: $274 or $499***
**If you’re Medicare-eligible because of disability and under 65, Medicare Part A is always premium-free
***You’ll pay $274 if you worked 30-39 quarters (7.5 years – just shy of 10 years) or you’ll pay $499 if you worked less than 30 quarters (less than 7.5 years).
2022 Medicare Part A Coinsurance and Deductible
Medicare Part A’s coinsurance and deductibles have always been somewhat expensive, however, in 2022 inflation hit Medicare hard with increased prices.
The chart below shows the costs for hospital Part A coverage:
| 2022 Medicare Part A Cost-Sharing | ||
|---|---|---|
| Inpatient hospital deductible | $1,556 | |
| Hospital coinsurance per day cost for Days: 61st-90th | $389 per day | |
| Hospital coinsurance per day for lifetime reserve days**** | $778 per day | |
| Skilled Nursing Facility coinsurance | $194.50 per day | |
****Medicare Part A hospital coverage has 60 reserve days. If you’re in the hospital beyond 90 days, you’ll eat away at this cap. Once this runs out, you’ll pay 100% of your hospital costs.
Medigap helps cover the high cost of Original Medicare
Medicare leaves huge gaps in coverage, but worse yet, there’s no out-of-pocket maximum. As you can see, if you were to get sick or injured, Original Medicare would cost you a whole lotta dough.
Medigap can fill in these gaps by covering your Medicare deductible, coinsurance, copays, and Part B excess charges. While Plans A-N vary in how they cover Medicare’s out-of-pocket costs, each plan letter is standardized from company to company, so it’s easy to compare Medigap plans.
Plan G covers most of Medicare out-of-pocket costs. For this reason, we recommend Medigap Plan G for the greatest financial protection.
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Next Steps
Now that you know all about Medicare’s 2022 costs, you’re probably curious about enrolling in a Medigap plan. For any questions about Medigap and how it helps cover your costs, call one of our licensed agents at 800-930-7956.
Remember we can NEVER charge you a fee for enrollment or a quote.