Michigan Medicare recipients are about to get the largest premium hike in the program’s history. If you know of someone on Medicare, let them know, so they aren’t surprised by the hike.
There are plenty of changes for both Medicare Part A and B, so let’s get into it. Let’s start with the biggest increase. Monthly premiums for Medicare Part B will increase by $21.60 in 2022, going up from $148.50 to $170.10. That’s almost a 15% increase and extra $259.20 over the course of the full year. Medicare Part B is used when paying for doctor visits, outpatient services such as lab tests and diagnostic screening and more.
So, why the larger cost? According to the AARP, the move is because of several factors, including rising prices and more use of health care, the latter partly due to the pandemic. The government is also saving money in its reserves in case Medicare opts to cover Aduhelm, a new Alzheimer’s drug that is costs approximately $56,000 a year. Other Medicare prices are also rising, too.
The inpatient deductible for Medicare Part A will go up by $72 in 2022 to $1,556, marking a 4.9% increase. The annual Part B deductible will go up $30, an extra 14.8% to $233, according to the AARP.