Medicare Part B costs set to increase next year | News

People enrolled in Medicare Part B next year should be prepared for higher than anticipated premiums and deductibles.

According to medicare.gov, Medicare Part B standard premiums will increase from $148.50 to $170.10. Part B deductibles will increase from $203 to $233.

Part B is the portion of Medicare that pays for any necessary and preventative health services covered by Medicare. Medicare enrollment for 2022 began on Oct. 15 and ended on Dec. 7.

Amelissa James, program manager of State Health Insurance Assistance Program (SHIP) counseling at Area Five Agency on Aging and Community Services in Logansport, said Area Five has already received calls from Medicare recipients concerned about the increases.

“[Premiums are] one of the costs that people notice because it’s coming out of their Social Security check,” James said. “It’s one of the main things that people worry about, and this is quite a significant increase.”

Area Five Agency is certified through the Indiana Department of Insurance to provide free, unbiased Medicare counseling. James said the agency can help anyone with questions about a wide range of topics, including confusion about Medicare bills, reordering Medicare cards, and prescription drug plans. She said she encourages anyone with questions about Medicare price increases to call Area Five Agency and dial extension 1530.

John Williams, a Medicare specialist at SHIP, referred patients to an AARP article that details the reasoning behind the price increases.

The article said the rise in price is mostly due to increased medical costs across the board. Congress also delayed increasing Medicare costs last year due to the pandemic, so the rise was overdue. Another factor influencing the price increase is potential coverage for new medications.

“Anything that adds to the benefits that Medicare provides to people is going to increase its cost,” Williams said.

One of those benefits could include coverage of the Alzheimers drug Aduhelm, which is expected to cost about $28,000 per patient each year. The Centers for Medicare and Medicaid Services, the governing body that decides on Medicare coverage, is still uncertain whether the drug will be covered.

The historic increases to Medicare Part B premiums and deductibles will impact many. Williams said there are between 50 and 60 million people who have Medicare, and about 10,000 people join Medicare each day.

The AARP article recommended by Williams said that despite Part B increases, a cost-of-living increase to Social Security benefits will be more than enough to make up for the cost. The total 5.9 percent Social Security increase is estimated to add an extra $71.40 on average to social security checks, which will leave those with standard Part B about $20 extra each month.

Angie Kirk, SHIP office manager, said anyone with questions about the increase can reach out to SHIP. SHIP is free and specifically meant to help seniors discuss their options when it comes to Medicare. She said it is important to take the time to research any…