If you are nearing retirement age, you may be wondering about Medicare Part B premiums for 2022. How much will they cost? What factors will affect the price? In this blog post, we will answer all of your questions about Medicare Part B premiums for the upcoming year. Keep reading to learn more!
Here is the Medicare Part B Premium for 2022
The standard Part B premium for 2022 is $170.10 from 148.50, which is the cost of the 2021 premium. If your modified adjusted gross income (MAGI) is above a certain amount, you will pay an Income-Related Monthly Adjustment Amount (IRMAA). The IRMAA ranges from $48.70 to $354.20. The amount you pay is based on your tax filing status and MAGI.
You may have noticed that the cost of living has been rising lately. This is true for Medicare Part B premiums as well. In addition to the standard premium, you may also be responsible for a monthly surcharge. The Part B surcharge is $47.90 in 2021 and will increase to $49.40 in 2022. This surcharge is applied to beneficiaries who did not enroll in Part B when they first became eligible.
The Part B premium will be the standard cost regardless of income if:
- You enroll in Medicare Part B for the first time in 2022
- You are billed directly for your Medicare Part B premium
- You do not receive Social Security benefits
- You have Medicare and Medicaid (Medicaid must pay your premium)
Below you can see an Irma Chart to see how much you would pay:
How do you pay your part B Premium
If you receive benefits from Social Security, Railroad Retirement Board, or the Office of Personnel Management, then your premium for Medicare Part B is automatically deducted from your monthly benefit check.
If you are enrolled in Medicare Part B but are not collecting benefits, you will receive a quarterly bill for your Medicare Part B you can also call Medicare and make arrangements to pay monthly as well as premium in 2022. You can either pay this directly to Medicare from your bank or have the Medicare Part B premium deducted from an annuity.
You can pay directly from a bank account by utilizing your online bill payment service through MyMedicare. However, if you are not comfortable with that you can pay by check, money order, credit card, or debit card.
You can do this by simply sending the payment to:
Medicare Premium Collection Center. PO Box 790355. St. Louis, MO 63179-0355
If the credit or debit card you use only has a month and year, leave the day field blank on the payment coupon. You must submit payments with the completed form to the address above. Also, any incomplete payment forms will not be processed. Sometimes you will see a lag with payments being taken don’t worry it catches itself up and the following payment cycle.
What if you need help paying for part B?
If the cost of your Medicare Part B premium is a hardship, you may be eligible for assistance through the Social Security Administration’s Extra Help program. To see if you qualify, visit the Social Security website or give them a call at 800-772-1213.
Extra Help pays for all of your Medicare Part B premiums and also covers the cost of some out-of-pocket expenses, like deductibles and coinsurance. As well as, to qualify, you must have a limited income and assets.
If you do not qualify for Extra Help, there are still options available to help you pay your Medicare Part B premium. Many states offer programs that can help with the cost of Medicare Part B premiums and other out-of-pocket expenses. Also, to find out if your state has a program, contact your state’s Department of Health and Human Services.
You may also be able to get help from a volunteer program like the Senior Medicare Patrol or the State Health Insurance Assistance Program. These programs provide free counseling and assistance to Medicare beneficiaries.
Several charitable organizations provide financial assistance to Medicare beneficiaries. To find an organization in your area, contact your local Area Agency on Aging.
At last, you can see there are several options available to help you pay for your Medicare Part B premium. If you are having trouble paying for your premium, be sure to ask one of our agents about Give-back programs with Medicare Advantage.
If you get confused with medicare you always have a resource to reach out. Also remember, we are just a phone call away.
