Medicare Premiums Are Increasing in 2022!
If you are receiving Social Security Disability, or are 65 or older, you are probably paying for Medicare. Unfortunately, it looks like you’ll be paying more in 2022!
The Center for Medicare & Medicaid Services (CMS) recently announced significant increases to the 2022 premiums, deductibles and coinsurance amounts for Medicare Parts A and B. The Part A deductible that applies to hospitalization will be $1556, an increase of $72. The Part B premium will be $170.10, an increase of $21.60 per month. The Part B premium is typically deducted automatically from a disability check, so if you are on Medicare, you will see changes to your check beginning January 2022.
We know that these significant increases are difficult for our clients who are on a fixed income, receiving just enough if disability benefits to get by. We have put together a list of suggestions to help you save and hopefully recapture some of this cost. Our Medicare Specialist is here to help you with any of these suggestions. She can be reached directly at 412-475-8003 or by email at Julie@mydisabilityattorney.com.
1. Be sure that you are participating in all the programs that you are qualified for.
From state initiatives like the Medicare Savings Program that puts money back into your Social Security to cover the Part B premium, to Social Security’s Extra Help program, there are several options for Medicare recipients who meet income and resource requirements to save money. We can explain these options further and help you apply for them if you meet the eligibility requirements!
2. Explore all-in-one Medicare Advantage plans that offer additional benefits and low to zero-dollar monthly premiums.
Many Medicare recipients simply stay on Original Medicare (Parts A and B) and pay an additional monthly premium for Part D. Medicare Advantage, or Part C, may be an option you want to consider since many of these options offer additional benefits such as Over the Counter allowances to help pay for healthcare items and they can include prescription drug coverage eliminating a separate monthly premium.
3. Use 90-day prescriptions via a mail-order pharmacy.
Most Medicare plans offer discount pricing if you elect to receive your medications in 90day supplies with the plan’s preferred mail-in pharmacy. Check with your prescription drug plan to see how much you could save by using this convenient option.
4. Use prescription coupon services.
There are many prescription coupon services that can save you money on your prescription copays. One of the most popular services is GoodRX.com. Always search for coupons for your medications or ask the pharmacist if they are aware of any options to lower the cost.
5. Compare your current plan to see if there is a less expensive option for you for next year.
We are in the Annual Enrollment Period until December 7th. We highly suggest you contact our Medicare Specialist, Julie, or your trusted insurance agent to compare your Medicare selections for 2022. These plans change every year and there could very well be an option that offers better benefits and lower copays.
Call our office for questions about Medicare or for assistance with any of these options! 412-475-8003