Medicare 2022 Costs and increases

MEDICARE PART B

PART B PREMIUM

The premium for Medicare Part B for 2022 is $170.10. This number is income based. You can look at the “IRMAA” chart at the bottom of this page to see if your amount is different

PART B DEDUCTIBLE

For 2022 the Medicare Part B deductible is expected to increase $233

MEDICARE PART D

PART D DEDUCTIBLE
Many Prescription Drug Plans (PDP) have a deductible for some tiers. A common scenario would be a deductible where you pay first (on tiers 3-5) before the plan begins. Some Medicare Advantage Plans do not have a deductible.

From 2020-2021 the average deductible went from $435-$445. For 2022 this is set to increase to $485.

PART D PREMIUM

The Centers for Medicare and Medicaid Services (CMS) recently projected that the Medicare Part D monthly premium will average $33/month. This is an increase from $31.47 in 2021

Medicare Part D Gap Chart for 2022

IRMAA - INCOME RELATED MONTHLY ADJUSTMENT AMOUNT

The standard Part B premium in 2021 is $148.50. Most people pay the standard Part B amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount AND an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

IRMAA INFO FROM CMS

INDIVIDUAL TAX RETURN

If you file an INDIVIDUAL TAX RETURN and your yearly income in 2019 (for what you pay in 2020) was...

$88,000 or less you pay $148.50 each month for 2021. For 2022 it will be $158.40.
Above $88,000 and up to $111,000 you pay $207.90
Above $111,000 and up to $138,000 you pay $297.00
Above $138,000 and up to $165,000 you pay $386.10
Above $165,000 and Less than $500,000 you pay $475.20
Anything over $500,000 you pay $504.90

JOINT TAX RETURN

If you file a JOINT TAX RETURN and your yearly income in 2019 (for what you pay in 2020) was...

$176,000 or less you pay $148.50 each month for 2021. For 2022 it will be $158.40.
Above $176,000 and up to $222,000 you pay $207.90
Above $222,000 and up to $276,000 you pay $297.00
Above $276,000 and up to $330,000 you pay $386.10
Above $330,000 and less than $750,000 you pay $475.20
Anything over $750,000 you pay $504.90

MARRIED BUT SEPARATE TAX RETURNS

If you file as MARRIED BUT SEPARATE TAX RETURNS and your yearly income in 2019 (for what you pay in 2020) was...

$88,000 or less you pay $148.50 each month for 2021. For 2022 it will be $158.40.
Above $88,000 less than $412,000 you pay $475.20
Anything over $412,000 you pay $504.90