Fall is the time of the year when CMS announces its adjustments to Medicare insurance costs and coverage for the upcoming year. Medicare beneficiaries have a month or so to review these changes, compare available plans, and make decisions about what’s best for their health care needs and budgets.
Then, during the Open Enrollment Period from October 15th to December 7th, beneficiaries can switch Medicare insurance plans based on cost and coverage differences that CMS and private insurance companies are making in the upcoming year.
Medicare cost differences for 2022
Medicare Advantage (Part C)
Monthly premiums for Medicare Advantage plans are going down a bit. Providers have projected that monthly premiums will probably decrease from the average cost of $21.22 this year to $19.00 in 2022.
How much your Part C plan provider charges for coinsurance and other costs, depends on where you live, the plan you enroll in, and what coverage it includes.
Prescription drug coverage (Medicare Part D)
If you have a stand-alone Part D plan, or you plan to enroll in one this year, you will probably pay the private insurance provider a bit more than last year. CMS has announced that the average monthly premium for Part D coverage will go up to $33.00 in 2022 from $31.47 in