Weekend Reading: Here's What to Know About Your 2022 Medicare Costs

This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
Weekend reading 2022 medicare costs Weekend reading 2022 medicare costs
Weekend Reading

In addition to a higher COLA for Social Security benefits this year, you can also expect a hike in certain Medicare costs.


In general, the dollar amounts of these increases are not significant, but paired with inflation, they are still noteworthy to keep on your radar. The affected areas of Medicare benefits include:

📌Part A costs – If you don’t meet the 10-year employment history qualification for receiving a free Part A premium, monthly costs could rise to as much as $499 per month, up from $471. Additionally, if you have no additional coverage to add to basic Medicare, a 60-day hospital stay now costs $1,556, up from $1,484.

📌Part B costs – Part B standard monthly premiums will see their largest jump to $170.12 this year, up from $148.50. This amount will vary based on other aspects such as a “hold harmless agreement” and income-adjusted surcharges (based on your 2020 tax return). Additionally, the Part B annual deductible is now $233, up from $203.

📌Part D costs – The monthly premium for Part D coverage is $33 this year, up from $31.47 (can be higher based on income). Part D deductibles can also vary; however, the maximum is now $480, versus the previous $445. Lastly, the out-of-pocket minimum for high prescription drug costs is now $7,050 this year before enrollees qualify for coverage, which does include manufacturer discounts.

Bottom line: When you get a Social Security increase, you can expect it to be absorbed by Medicare premium increases.