It’s Medicare Open Enrollment time again and there is a new commercial on television where a “specialist” is giving a presentation on the basics of Medicare. He (the instructor) explains Medicare 101 and then discusses Medicare Advantage Plans. During the course of this 60 second interval one woman asks the question: “How do I know I’m getting the best plan?” Of course, the goal of this infomercial is to get you to call the number on your screen, but I’m here to tell you that just like celebrity endorsed sites, these actors know little if anything about Medicare! The best way to know you’re getting the right plan for your individual needs and budget is to contact a local Medicare agent. As with the cost of everything, Medicare deductibles and premiums have increased. Here is your breakdown for 2022…. The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,556 Coinsurance amount has increased to $$389 per day for the 61st through 90th day of a hospitalization and $778 per day for lifetime reserve days. For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $194.50.
Part B premium will be $170.10 in 2022, up from $148.50 this year and marking the program's largest annual jump dollar-wise and the annual deductible for all Medicare Part B beneficiaries is $233 (this is the part you are responsible for if you have a Medicare Supplement). Remember, where most Medicare Advantage plans offer drug coverage, if you have a Medicare Supplement, you will need an accompanying Prescription Drug Plan. Changes to Medicare Part D include… The initial deductible $480.00 then, after you meet the deductible, you pay 25% of covered costs up to the initial coverage limit.* The catastrophic cap has increased to $7050, and you’ll enter the donut hole (or coverage gap where you pay 25% of the cost of your drugs) once you plus your plan's spending reaches $4,430. *NOTE* Some plans may offer a $0 deductible for lower cost (Tier 1 and Tier 2) drugs. The average premium for Medicare Advantage plans will be lower in 2022 while projected enrollment continues to increase and the average 2022 premium for Part D coverage will be $33 per month. For Medicare Advantage, maximum out-of-pocket limits can reach up to $7,550 for in-network services while out of network, you could have a MOOP of $11,300. In addition, the percentage of plans offering special supplemental benefits for chronically ill individuals with customized benefits that are designed to better manage their disease(s) and meet a wide range of social needs, from food insecurity to social isolation will increase from 19% to 25%. *NOTE* Not all Medicare Advantage or Part D drug plans are the same! Check with your local Medicare agent to ensure you are getting the right plan(s) for your individual needs! We here at Curtis & Associates take pride in the knowledge and skill our licensed and trained staff has when it comes to answering your Medicare questions. Give us a call at 337-439-7730 and let us help you make an informed decision. Until next time take care, stay warm, dry and safe! Tommy Curtis and Staff Life and Medicare Products marketed through Curtis & Associates Financial Services, Inc. {A Life and Health Agency} Disclaimers: Medicare has neither endorsed nor reviewed this information. Not connected or affiliated with any United States Government or State agency. Calling this number will direct you to a licensed Agent/Broker. *By contacting us and providing information, you agree that an authorized representative or licensed insurance agent may contact you by phone, e-mail or mail to answer your questions and provide additional information about Medicare Advantage, Part D or Medicare Supplement Insurance plans. Comments are closed.
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Tommy Curtis
Is an insurance agent with integrity and your best interest in mind. Call to speak directly to him. Contact us Phone: 337-433-1683 Address: 509 7th Street Lake Charles, LA 70601 Office Hours: M-F 9a - 5p (CST) Follow Us
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