medicare costs have just been released for 2022. the center for medicare services every year comes
out with projections and then they release the actual increases i don't recall ever seeing a
decrease in the cost of medicare but this year it's a surprise so it's much higher than what
they projected just a month ago someone go through all that right now what they've done
to medicare part b drug plans medicare irma all that and i'm keith arnbrecht founder of medicare
on video i help people across the country make the right medicare choices and i can absolutely
help you as well one of the best parts there's no cost to you to allow me to help so hopefully
you'll allow me to help you set up your medicare and get everything done right from the beginning
so we're going to go through medicare price increases and that's exactly what they are so do
me a favor right now subscribe to my channel hit the like button and hit the bell button that way
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this is stuff you're going to want to know as you go through your medicare journey so right now
let's get into these cost increases if you recall about a month ago you heard if you're
on social security you got a pretty nice bump one of the biggest bumps to social security
in quite a long time well guess what now they come along with the medicare increases
and it's going to take a chunk of that increases so security kind of as you go but it's not as
big as the increase in social security so that that's the good news but an increase
is an increase so let's figure out exactly what they've done and when we're talking about
medicare we're talking about original medicare medicare part a medicare part b medicare drug
plans which are part d and drug plans and part b premiums are income adjusted so the more you make
the more you pay so they've had increases as well but we're going to talk about the basics right
now i'll do videos specific to the others as we go when we talk about the premium for medicare part b
you do pay a premium every month for your medicare part b whether you're in a medicare advantage plan
whether you're on original medicare with a supplement you have your part b premium
and if you're on social security they likely take it out of your social security check if
you're not on social security they would direct bill you and when they bill you they bill you
quarterly so you have to pay it three months at a time so a lot of times it's certainly easier
to have it come out of your social security but anyway it's going to come out one way or another
to have your medicare part b and right now the premium for medicare part b is 148 and 50 cents
so you can look at your social security statement you would see a withdrawal or an adjustment for
148 dollars and 50 cents for medicare part b so what that is going to go to in 2022
is a 170 and 10 cents now that's a big increase and you know it's something we don't want to
face and i've been doing this for a long time and this happens every year and generally that part b
premium goes up three dollars a month goes up five dollars a month you know it's it's manageable
it's something we can deal with this year it's going up 21.60 so a big jump in the increase
of that medicare part b premium and it's really not time that we don't need an increase like this
we've got inflation right now that's running at a 30-year high so everything costs more
whether you go to the gas station the grocery store whatever it may be and guess what now
your medicare part b is also going to cost more but let's kind of keep it in perspective that
in reality medicare is terrific it's very good insurance very good on coverage and the cost of it
while there is a cost is generally less than what it would be for your regular health insurance that
you may have had previously but a lot of folks will say hey i've paid all my life into medicare
why am i still paying for medicare as we go and it's a great argument i mean obviously we've been
paying some of us for 30 40 50 years into medicare and now we still have a premium when it comes time
to use it so it's a tough argument to really fight against but that is the way it is comment below
and tell me what you think about you know having to pay a premium even though you've been paying in
you know with your medicare tax all these years and that's part of kind of how government works
is you know they're never really very good with managing their programs and medicare is absolutely
one of the best government programs out there so let's talk about the deductible on medicare part
b so part b covers stuff that happens outside the hospital doctors visits outpatient surgery
rehab things like that and when you utilize those services every year starting in january you first
have a deductible before medicare is going to pay and fortunately it's a very small deductible so
it's not very big right now it's two hundred and three dollars a year so in other words you pay the
first 203 dollars and then medicare is going to start paying after that so that deductible is now
going to go from 203 dollars to 233 dollars so it's going up 30 dollars for the year and again
it is an increase but in the relative scope of things 233 deductible on your medical insurance
not a whole lot so compared to what you may have had previously you know a lot of employer
plans or certainly individual plans have two thousand dollar deductibles three thousand
dollar deductible even higher than that i've seen them ten thousand dollar deductibles before the
insurance company starts to pay medicare is going to start paying after you've come out of pocket
233 january to january so just keep that in mind it runs annually so you know it's it's once a
year for that scenario now part a is the other piece of medicare for stuff that goes on inside
the hospital and it also has a deductible it's a much bigger deductible but most people don't
usually see that deductible because if you're on original medicare you likely have a supplement
plan an f or a g or an n that goes along with the original medicare and it pays the hospital part
a deductible so that's why pretty rare for you to run into that but right now that deductible
is 1484. so 1484. and it's not annual it is per occurrence so you could actually run into that
deductible multiple times during the year and man that's a big number so almost 1500 bucks
for a part a deductible but again if you have original medicare you likely have a supplement
plan that pays it so you don't have to worry about it now that deductible is going to now go to 15.56
so it's going up 72 dollars again not a big deal and again since generally you don't pay it then
it's not something that's really going to affect you a whole lot so that gives you a pretty good
idea now let's kind of understand on on what this is going to affect and i'll tell you right now
what medicare says justifies these increases so you know i was googling around earlier trying to
figure out who makes this decision who decides how much things are going to be and what cms
says whoever is at cms says that rising prices and utilization across the health care system
that drive higher premiums year over year alongside anticipated increases in the
intensity of care provided congressional action to significantly lower the increase in the 2021
medicare part b premium so what's happened is last year congress did something
to make last year's increase not as high as it should have been so what's happening now is not
only do we get the normal increase for 2022 but we also get what should have happened in 2021
so we're double dipping here on the increase in 2022 so i'm not sure that we have any
justifications i don't recall congress talking about this year on whether they're going to do
something and that's kind of the crazy part as well is that they're talking about they
they want to add things to medicare they want to expand medicare when medicare is not in fantastic
financial condition so medicare is slated to run out of funds completely in 2026 and obviously
it's very likely that congress will do something about that but i'm not sure how we can look to add
to medicare at a time when medicare is struggling financially on its own another reason that they
cite for the increase is additional contingency reserves due to the uncertainty regarding the
potential use of the new alzheimer's drug so they came out with this new drug that supposedly helps
alzheimer's but it was crazy expensive i didn't go back and look at it but i recall it being
somewhere around like 40 000 per dose of this drug which is just unbelievable and then i also recall
shortly after that talk about that it may not actually be all that it's supposed to be so i'm
not sure how stuff like that gets approved and then the medicare is going to pay for it and it's
going to cost all of us more on our part b premium also kind of crazy but those are some of the
issues that they say causes things to go higher and you know prescription drugs obviously a big
deal and medicare again another thing that just doesn't make any logical sense why medicare can't
negotiate prices on prescription drugs and you know forget about lobbyists or anything like that
it just doesn't make any sense who would care just because the lobbyist you know is pushing
against it that we wouldn't negotiate prices of our drugs uh kind of crazy but those are
some of the things that you know obviously goes back and forth and our political landscape is
just so out of whack right now it just doesn't things likely aren't going to get any better but
we've got to manage what we got and you know what we want to do you know let's figure out what this
actually means so we have part a deductible going up part b deductible going up so what that's going
to mean part a again most supplement plans cover that so that's likely going to lead down the road
in a domino effect some possible rate increases on medicare supplements because their costs are
going up and so what that means to us is we got to be vigilant in shopping our medicare supplement
plan every single year because supplements are standardized so a g is a g an n is an n and f is
an f doesn't make any difference what insurance company we use we need to get the best price
so that's something else that we do very well and i'll tell you at the end of the video i
have another website called medicare price check where every year we need to do a medicare price
check and see if we can save 10 bucks a month 20 a month even 40 or 50 a month for the exact
same coverage on our medicare supplement plan so something we can do anytime during the year you
don't have to wait until open enrollment to do it we need to do it if you get a rate increase go to
medicare price check and we will run a complete quote on everything incomparable to that plan
and try to lower some prices now with part b deductible going up what that means
you know we're all mostly responsible for part b unless you're still on old medicare plan f
that covers the part b deductible what that means medicare plan f that covers the part b
deductible and the part a deductible likely going to have rate increases so now is a fantastic time
to come off of medicare plan f it's always been a good time to come up we can save a lot of money
coming off a plan f and get you equally good coverage at a much lower cost with very little
out of pocket so anyway visit medicare price check i'll show you that in just a minute as well
this kind of wraps up our our cost increases for 2022 and good thing is we won't hear about
it again till 2023 and hopefully it won't go up quite as much as it did this year please if
you have any questions contact us have a small team we're happy to help with any of it and we
will make sure we get you in the most advantageous position for your medicare so that things go the
way they're supposed to and you have no problems down the road so i hope you found all this helpful
stay tuned i'll show you how to download my book and visit medicare price check have a great day
subscribe to the channel thank you for taking the time to watch my video i hope you found it very
helpful here are a couple other things that you'll also find helpful as you go through medicare
the first one is a copy of my book medicare made clear you can download it right now for free
i've put a lot of time and effort into this book and you'll see i covered just about
every piece of medicare and i've written it in a way that makes it pretty easy to understand
now i also have videos throughout the book so if you don't want to read through all the information
click on the video and i'll explain it all to you right there you'll also find all the links that
you need to either sign up for medicare or things that you're going to need now
or in the future when things come up related to medicare so take just a minute
go to medicare on video dot com forward slash free book and you can download it right now
now also make sure once you're in medicare that every year you come back and visit
medicare price check this is my other website where i make it super easy for us to compare
our current coverage against new plans that may be less expensive and remember that medicare
supplements are standardized so it doesn't matter which insurance company we use will still have
the same plan g or the plan n that we have now but hopefully we can get it at a lower price
so visit medicarepricecheck.com real easy we'll email you the quote if it makes sense then
we'll do it from there so hope you found all this helpful have a fantastic day hey don't go anywhere
these are some of my most recent videos right here you can also find the link right below this video
to download my book medicare made clear absolutely free you can also subscribe to my channel right
here so please download my book watch some videos subscribe to the channel have a great day