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Everyone who enrolls in Medicare Part B has to pay a monthly premium.
The cost of your Medicare Part B premium will depend on your monthly income.
Those with higher incomes will pay more for their premiums.
Those with limited incomes may qualify for assistance.
A Medicare Advantage plan may offer you ways to save on your Medicare Part B premiums.
If you’re a Medicare beneficiary, or you’re about to become one, you’ve likely heard plenty of talk about how expensive it can be. This is often what scares many individuals away from enrolling in a Medicare plan of any type. Costs for Medicare premiums can be high at times, but there are also plenty of ways you can save with the program.
Today, we’re going to talk about costs for the Medicare Part B premium 2022 and beyond. We’ll also look at a few ways you can save on your Medicare premiums 2022 and any other year.
When you’re getting ready to enroll in a Medicare plan, there’s likely one question on your mind: how much are Medicare premiums? Over the wide spectrum of Medicare plans, they can vary greatly. Some may cost nothing, while others may cost as much as $578.30 per month.
Earlier this year, CMS had considered reducing the Medicare Part B premium 2022. After consideration, officials decided that a mid-year premium reduction would not be feasible, so monthly Part B premiums remained the same. However, it was stated that any cost savings from this year would be passed on to beneficiaries in 2023.
When it comes to determining monthly premium costs, Medicare is actually more relaxed with their initial income level than most other government programs. You can make up to $91,000 per year filing individual or married and separate tax returns, or $182,000 joint tax returns, and only have to pay the base Medicare Part B monthly premium of $170.10. So then, what income level triggers higher Medicare premiums?
As of 2022, the Medicare high premium surcharge hits as soon as an individual makes over $91,000 per year, or a married couple makes over $182,000 per year. Medicare rules for high income beneficiaries state that the more you make, the more you’ll pay for your Medicare premiums 2022. How much you’ll have to pay depends on where your income falls on the Modified Adjusted Income Chart. Depending on your income, you could end up paying as much as $578.30 in a Medicare Part B premium 2022.
Not all individuals bringing in higher incomes may be able to handle the cost of higher Medicare Part B monthly premiums. Especially if you suffer from health issues that keep you seeing a doctor each month, any out-of-pocket costs you need to pay can easily eat up any money you have left. Thankfully, there are ways you can save on Medicare premiums 2022 no matter your income level.
If you’re enrolled in a Medicare Advantage – Medicare Part C – plan, and you’re also enrolled in Original Medicare, you may be eligible for what is known as the Medicare Give Back benefit. This program is open to any eligible beneficiary, regardless of income level. The only criteria you’ll need to meet to receive the benefit include:
If you’d like to know whether or not you live in a service area which offers Medicare Advantage plans that participate in the Give Back benefit, finding out is easy. Just enter your zip code into our free plan finder tool below, and you’ll be able to find Medicare plans in your area participating in the Medicare Give Back benefit. You can also find plans with this benefit by speaking with an experienced, licensed insurance agent.
Our friendly, experienced, licensed insurance agents at MedicareInsurance.com are always happy to answer any questions you have about the Give Back benefit. They can also help you find out whether or not there are Medicare plans in your area offering the Medicare Give Back benefit.
