Your Medicare Community - MedicareFAQ

Social Security Cost Of Living Adjustment and New Medicare Prices

December 04, 2021 Lindsay Malzone
Your Medicare Community - MedicareFAQ
Social Security Cost Of Living Adjustment and New Medicare Prices
Show Notes Transcript

Are you a Medicare beneficiary receiving Social Security benefits? Stay tuned to find out how the 2022 year will affect your cost!

In 2022, Social Security recipients will get an annual Cost-Of-Living Adjustment (COLA) of up to 5.9% – the largest increase since 1982. The COLA spike will boost retirees' monthly payments by up to $92 in 2022.

This Social Security increase is the first to have matched rising costs more closely. Yet, with the increase in inflation, Medicare's cost has gone up as well. 

This brings us to the cost breakdown for 2022. 

The Medicare Part A deductible increases to $1,556 for each benefit period. The standard Medicare Part B premium is now $170.10. Premiums for higher-income individuals are subject to increase. The new Part B deductible is $233, which is a $30 increase from 2021.

The good news is that in 2022, the average Social Security recipient will be better off for 2022.

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Are you a Medicare recipient receiving Social Security? Are you wondering how the 2022 year will affect your cost? In today's video, I'll be going over the 2022, Medicare numbers and what to expect for the upcoming year. Hello, Medicare Community. My name is Ashley Zareczny, your Medicare expert for Elite Insurance Partners and MedicareFAQ.com. If you are a social security recipient we have good news. You will receive an annual cost-of-living adjustment of up to 5.9%, next year. This is the largest increase since 1982. This spike will boost retirees monthly payments by up to $92 for the 2022 year. This Social Security increase is the first to have matched rising cost more closely. But that doesn't mean you can go on a spending spree. I'm sure you have seen the rising cost from milk to gas prices. With the increase in inflation, it has caused a rise in Medicare cost as well. Now, let's break down the cost for the 2022 Medicare year. Medicare Part A hospital deductible has increased to $1,556 for each benefit period. The average Medicare Part B premium is now $170.10 or higher depending on your income. The new Part B deductible is $233. That's a $30 increase from 2021. I know you may be questioning if you'll be able to afford these increases. The good news is the average Social Security recipient will be better off financially for the 2022 year. Thank you so much for watching. I hope you found this video helpful. If you haven't already subscribe to our YouTube channel, make sure to do so. Don't forget to turn notifications on to be notified each time we upload a new video. We also have a fantastic Medicare community on Facebook. We will be sure to put in a link below so you can join. Until next time. Bye.