The new year means taking account of your insurance costs, including Medicare Part C and Part D. Medicare costs change every year, so what can you expect in 2022?
Medicare Part C Costs for 2022
Your exact cost for Medicare Part C (Medicare Advantage) in 2022 will ultimately depend on the type of Part C plan you enroll in. Unlike Part A and Part B, which have set premiums and deductibles, Part C costs will look different for everyone. One thing for certain is if you choose to enroll in a Medicare Advantage plan, you will still be responsible for paying your Part A and Part B costs, premiums included.
While benefits are regulated, Medicare Advantage costs are different based on your location, insurance provider, age, etc. So, how do you prepare for the new year?
Medicare Part D Costs for 2022
Before we answer that question, let’s talk about Medicare Part D (because the process of finding your best Medicare cost is very similar). Part D, like Medicare Advantage, does not have a set price. You may pay a different price than your neighbor. So, once again, we can’t give you an exact number to prepare for in 2022, but we can give you the right method to get your best price.
However, Part D does have standard income limits that may influence your cost, and it’s changing in 2022. While we won’t know your Part D premium until we actually begin comparing quotes from insurance companies, those with higher incomes may be required to pay a set fee in addition to their premium.
If you file an individual tax return and report a $91,000 income or less, or file a joint return with your partner and report $182,000 income or less, you will pay your plan’s set premium, no additional fees. If that’s you, skip to the next section.
If you file individually and report up to $114,000, or jointly and file up to $228,000, $12.30 will be added to your monthly premium. So, you’ll pay your plan’s normal premium and an extra $12.30. As your income goes up, the higher this addition will be.
How to Get the Best Prices This Year
Now the question is—should you change Part C or Part D plans for 2022? It’s possible—every year, you have the opportunity to change plans. It all depends on the plans you research. Take the time to compare other plans and insurance providers in your area. If you find a better price on the same coverage or even better, you can switch in 2022. You can do so during the Annual Enrollment Period (AEP), which takes place from October 15th through December 7th.
Shrink Your Medicare Costs with Kannonball Insurance Solutions
Planning your Medicare costs is tricky, but not if you have help. We’ll make the plan comparisons for you—call Kannonball Insurance Solutions today at 254-918-5444.