The Medicare deductible for Part A and B is changing for the year 2022. Here, we will discuss what the new Medicare deductible will be for each part. Keep in mind that these are just the basics, and there may be other factors that come into play when calculating your specific deductible.
What is Medicare Part A Deductible?
For Medicare Part A, the deductible is increasing from $1408 to $1556. This means that you will need to pay this amount out-of-pocket before your Medicare coverage will start. For Medicare Part B, the deductible is also increasing, from $198 to $233. However, keep in mind that if you have a Medicare Advantage Plan, the Part B deductible may be different.
On the 61st day of a hospital stay, you would also start to have coinsurance costs. Your coinsurance costs depend on the length of your stay:
- Days 61 to 90: Daily coinsurance of $389 in 2022 for each benefit period
- Days 91 and over: Daily coinsurance of $778 in 2022 for each “lifetime reserve day” in each benefit period (up to a maximum of 60 days over your lifetime)
- After lifetime reserve days are used up: You pay all costs
For home healthcare services, all costs are covered under Medicare Part A for a limited time under certain conditions. However, if your doctor orders durable medical equipment and supplies it as part of your care, you’ll pay 20% of the Medicare-approved amount for the equipment.
For hospice care, all costs are covered. Some exceptions include:
- If you take prescription medications or similar items for pain relief or symptom control while on hospice. You may be responsible for a copayment of no greater than $5 per prescription drug.
- If you need inpatient respite services. You may need to pay 5% of the Medicare-approved amount for that care.
- If you get hospice care in a nursing home. You typically pay for room and board costs.
What is Medicare Part B Deductible?
The Medicare Part B deductible is the amount of money that you will need to pay out-of-pocket before your Medicare coverage will start. For 2022, the Medicare Part B deductible is increasing from $198 to $233. However, if you have a Medicare Advantage Plan, the Part B deductible may be different.
What is the Medicare Advantage Plan Part B Deductible?
If you have a Medicare Advantage Plan, the Part B deductible may be different. For example, some plans may have a $0 deductible for Part B. However, it is important to check with your specific plan to see what the Part B deductible will be.
What is the Part D Deductible for 2022?
The Part D deductible is the amount of money that you will need to pay out-of-pocket before your Medicare prescription drug coverage will start. For 2022, the Part D deductible is $445.
What are the coinsurance and copayments for Medicare Part A and B?
For Medicare Part A, the coinsurance is 20% and there is no copayment. For Medicare Part B, the coinsurance is 20% and the copayment is $20.
What are the out-of-pocket limits for Medicare Part A and B?
The out-of-pocket limit for Medicare Part A is $6000. The out-of-pocket limit for Medicare Part B is $6000.
What is the donut hole for Medicare Part D?
The donut hole is a gap in Medicare Part D coverage. For 2022, the donut hole begins when you have spent $3700 on covered drugs. Once you reach the donut hole, you will pay 25% of the cost of your prescriptions.
Will a Medicare Supplement Help?
A Medicare Supplement (also known as Medigap) is a health insurance policy that helps to cover some of the gaps in Medicare coverage. For example, a Medicare Supplement may help to cover the Part A and Part B deductibles, coinsurance, and copayments. However, it is important to note that a Medicare Supplement does not include prescription drug coverage.
If you are interested in learning more about Medicare Part A and B deductibles for 2022, or if you would like to enroll in a Medicare Supplement, we can help. We are an independent insurance agency that specializes in Medicare. We work with 35 different insurance carriers. Keep in mind these plans are standardized, meaning the benefits are identical among the plans. That means it boils down to price and rate of increase. This is where we can help you the most. Give us a call today for your free quote.