Social Security and Medicare: How Much Will My Benefits Take to Cover Medicare? – Community News
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Social Security and Medicare: How Much Will My Benefits Take to Cover Medicare?

Medicare Part A and B premiums were recently announced for 2022, so how much will it cost?

The new premium pricing was announced Nov. 12 by the Center for Medicare and Medicaid.

Medicare Part B, which most members pay for, goes from $148.50 to $171.00.

Related: Social Security: Losing Income? Recipients can lower Medicare payments

This portion of Medicare is normally taken directly from a person’s Social Security check. However, Part B is based on a person’s total income.

Most beneficiaries make less than $91,000, so they’re stuck at the standard price.

Data from 2021 showed that recipients paid nearly 10% of their checks each month for Medicare Part B.

Related: Here Are 5 Important Things To Know When Enrolling In Medicare For The First Time

The deductible for Medicare Part B was also increased. It goes from $203 to $230 for 2022.

Every year the price rises due to the rising costs of medical care.

Between 2020 and 2021, the increase was only 2%. For 2021 to 2022, that is more than 15%.

Many recipients don’t pay for Medicare Part A, but the 1% that do will pay $499 in 2022.

Related: How to Find the Best Plan and Save Money with Medicare Open Enrollment