Each Year the Annual Report of the Board of Trustees of the Federal Hospital Insurance and Federal Supplementary Insurance Trust Funds come out. This report has a lot of information and statistics on Medicare and how it is doing. You can click here if you want to read the report. The main thing that I look at are the estimates of premiums and deductibles for Medicare for the following year.
Now remember these are just estimates in this report and they are not always a 100% accurate. The actual numbers for 2022 will come out later this year, but for the people that want to help plan their budget for next year this will give them some idea.
Part B Premium and Deductible Estimates
In 2021 the Part B Premium for most people is $148.50, For 2022 the premium is estimated to increase to $158.50 per month. Unfortunately this is the biggest jump since 2015 to 2016.
The Part B deductible in 2021 is $203 and only went up $5 from 2020. The estimate for the deductible for Part B in 2022 is also increasing to $14 per year to $217.
Part D Deductible Estimate
Medicare Part D is the federal prescription drug program that one can purchase through a private company. These plans have helped individuals with their cost for medication since 2006. The Part D deductible is $445 for 2021 and the estimate deductible for 2022 is $480.
Final Word
Remember these numbers are only estimates and we will find out the actual numbers later this year. Unfortunately costs keep going up and that means premiums will go up as well. I know many people on Medicare are on fixed incomes and these estimates are not the best news, but I hope this post can help people prepare and budget for excepted increases.
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