A couple of days ago I received my 2022 copy of the "Medicare and You" book and is excellent! It explains the options for Medicare coverage more clearly than any previous edition and is a great way to reexamine your Medicare choices. Reminder, for many states if you switch from Original Medicare with a medigap to a Medicare Advantage plan it is a permanent switch because you won't be able to buy a medigap policy if you switch back. Original Medicare without a medigap is not a wise choice.
The estimates for the cost of Medicare coverage are starting to surface.
It is estimated that the part B fee will increase to $158.50 (up from $148.50). Everyone above a annual income of about $18,000 gets to pay that every month regardless of the structure of their insurance. People with high incomes pay even more depending on their annual income from 2 years ago (it's called IRMAA).
The estimate for the part B deductible is $217 (up from $203).
The estimate for the part D maximum before obtaining catastrophic coverage is $7,050. That number include your cost + discount amount from pharmaceutical companies that was negotiated by your insurance policy so your out of pocket is in the range of $5000 before you get your drugs for 5% of the negotiated price. Even so, it is a lot of money! The part D deductible estimate is $485 (up from $445). Ugh.
It looks like the maximum out of pocket (MOOP) for Medicare Advantage plans will remain the same ($7,550) and can be as much as $11,300 for PPO plans. Reminder, that does not include the cost for part D, only out of pocket health costs. The way the Medicare Advantage plans pass along the cost increases describes is through premiums, higher copays or reduced networks.
Look at your ANOC. Make sure your drugs are covered in 2022. Make sure your doctors will still take your plan if you use Medicare Advantage. Pick a plan that gives you the right coverage. You have between October 15th and December 7th to do it!
