If you’re like most people, you’re probably wondering how much Medicare will cost in 2022. The truth is, it’s hard to say for sure. The cost of Medicare varies depending on your age and health status. However, there are some things you can do to plan for potential costs. In this blog post, we will discuss some tips for planning for Medicare costs in the future!
Are You Worried About Rising Medicare Costs?
If you’re concerned about how much Medicare will cost in the future, you’re not alone. Many people are worried about the rising cost of healthcare and its impact on their retirement plans. According to a recent study, the average Medicare beneficiary spends $491 per month on premiums and out-of-pocket costs. This can be a significant expense, especially for those on a fixed income.
So, how can you plan for potential Medicare costs? Here are a few tips:
- Start saving now: If you’re not already doing so, start putting away money each month to help cover future healthcare costs. Even if you don’t need it right away, it’s always good to have a “nest egg” for unexpected expenses.
- Take advantage of tax breaks: There are several tax breaks available for those who are saving for healthcare costs. Be sure to take advantage of them!
- Buy long-term care insurance: Long-term care insurance can help cover the cost of nursing home care or in-home care. This can be a valuable resource, especially if you’re worried about the cost of long-term care.
Here is Some Good News!
Medicare advantage costs have dropped substantially over the past few years. The average monthly premium for Medicare Advantage plans is now $32, down from $70 in 2016. This is good news for those who are concerned about the rising cost of healthcare!
While the cost of healthcare can be a concern, there are steps you can take to help offset potential costs.
Medicare advantage has give-back programs where the company will give you a percentage of the plan back if you do not use it.
There are also many ways to get discounts on your monthly premium such as, being a veteran, having a low income, or living in certain states.
You can also look into supplemental insurance to help cover costs that Medicare does not such as dental, vision, and prescription drugs.
If you’re worried about the cost of Medicare, take some time to research your options and make a plan. With a little preparation, you can be ready for anything!
Some Other Good News!
The government has increased Medicare spending by 1.7% per year on average from 2010-to 2018 and from 2018-to 2028 it is planning on increasing that amount by 5.1% per year. This increase is because of the growing number of Medicare enrollments, higher uses of services, and intensity of care with the rising healthcare costs.
What are Medicare Costs for 2022?
The standard Part B premium for 2022 is $170.10, and the Medicare Advantage plans have an average monthly premium of $32.00. The part B deductible is up to $233.00 Annually. Part A’s deductible went up to $1533.00. The coinsurance for Part A services is now $371.00 per day.
What Are the Late Enrollment Penalties for Part B?
If you decide to enroll in Part B later, your monthly premium may go up by as much as $69.90.
How Much Will I Have to Pay for My Prescription Drugs in 2022?
The standard Part D deductible is $445.00 next year, and the out-of-pocket costs can be no more than $3700.00.
What is the Average Cost of a Medicare Supplement Plan in 2022?
The average cost of a Medicare supplement plan in 2022 is $152.00 per month, with the most popular plan being Plan F.
These are just some of the things to expect when it comes to Medicare costs for next year. Be sure to stay up to date on the latest changes and talk to your financial advisor about how these costs may impact your retirement plans. With a little preparation, you can be ready for anything!
So for a quick recap. Part A is free for most of us. We have programs that can offset the costs of part B and medicare is increasing the coverage it is offering to seniors. So Even though your costs are going up some good things are coming as well. Please give us a call so we can help you with these programs.