Another personal costs increase – as a result of the COVID-19 pandemic ?

I could not find the exact percentage of what goes into what a pt’s monthly Part B premium is, but as I remember … in 2022… the calculation goes back to 2020 and the total paid out by Medicare Part B is totaled and divided by the number of people covered under Part B… and in 2022… the feds pay 75% of that costs and pts pay the remaining 25%..  Of course in 2020 the COVID-19 epidemic started in the first couple of months of that year.  I have seen a number of people surviving having COVID-19 having medical cost is EXCESS of ONE MILLION DOLLARS.  I would suspect that the people on Medicare ( elderly & disabled ) were at more risk of being infected by the COVID-19 virus.

According to the charts in this post, Part B premiums will be 14.5% HIGHER in 2022.

Personally, our Part D premiums will increase 10% and our deductible will increase 8% in 2022.. that is after we went from a ZERO DEDUCTIBLE in 2020 to a $435 deductible in 2021 and will increase to $485 in 2022. Making the annual deductible MORE THAN the ANNUAL PREMIUMS for Part D.  I am sure that when our Medicare supplements come up for their annual renewal, we will see similar per-cent increase in those premiums..  I suspect by the time all is said and done… the increased cost in/around Medicare will pretty much consume the $$$ increases in our SS monthly payments.

This article https://headlinehealth.com/big-pharma-spikes-medicare-part-b-premiums/ states that a new med for Medicare officials told reporters on Friday that about half the increase is due to contingency planning if the program ultimately has to cover Aduhelm, the new $56,000-a-year medication for Alzheimer’s disease from pharmaceutical company Biogen. Aduhelm is the first Alzheimer’s medication in nearly 20 years. It doesn’t cure the life-sapping condition, but the Food and Drug Administration determined that its ability to reduce clumps of plaque in the brain is likely to slow dementia. However, many experts say that benefit has not been clearly demonstrated.

Add to this the cost of treating the dramatic rise in COVID-19 infections and the push of many pain clinics to put pts on spinal stimulators and implanted pumps… to avoid oversight of the DEA on opiates being prescribed to chronic pain pts…  When a pt being prescribed and taking opiates to treat their chronic pain … which is a much lower annual cost and therapeutically is as good – or better – than the higher cost alternatives being pushed on pts.

Maybe this will force Medicare folks to PUSH HARDER for bureaucrats to look into the “obscene profits” that are being generated by the PBM industry.  Here is a graphic that show just how much of the cost of medications at the Rx counter goes to these PBM MIDDLEMEN.. Who provides little more than an administrative service in the medication transactions between the pharma and the pt.

 

Part B costs

Some people automatically get 

, and some people need to sign up for Part B. Learn how and when you can sign up for Part B.

If you don’t sign up for Part B when you’re first eligible, you may have to pay a late enrollment penalty.

How much does Part B cost?

Part B premiums

You pay a premium each month for Part B. Your Part B premium will be automatically deducted from your benefit payment if you get benefits from one of these:

  • Social Security
  • Railroad Retirement Board
  • Office of Personnel Management

If you don’t get these benefit payments, you’ll get a bill. 

Most people will pay the standard premium amount. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS. 

 

2021

The standard Part B premium amount in 2021 is $148.50. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

If your yearly income in 2019 (for what you pay in 2021) was You pay each month (in 2021)
File individual tax return File joint tax return File married & separate tax return
$88,000 or less $176,000 or less $88,000 or less $148.50
above $88,000 up to $111,000 above $176,000 up to $222,000 Not applicable $207.90
above $111,000 up to $138,000 above $222,000 up to $276,000 Not applicable $297.00
above $138,000 up to $165,000 above $276,000 up to $330,000 Not applicable $386.10
above $165,000 and less than $500,000 above $330,000 and less than $750,000 above $88,000 and less than $412,000 $475.20
$500,000 or above $750,000 and above $412,000 and above $504.90

 

2022

The standard Part B premium amount in 2022 is $170.10. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

If your yearly income in 2020 (for what you pay in 2022) was You pay each month (in 2021)
File individual tax return File joint tax return File married & separate tax return
$91,000 or less $182,000 or less $91,000 or less $170.10
above $91,000 up to $114,000 above $182,000 up to $228,000 Not applicable $238.10
above $114,000 up to $142,000 above $228,000 up to $284,000 Not applicable $340.20
above $142,000 up to $170,000 above $284,000 up to $340,000 Not applicable $442.30
above $170,000 and less than $500,000 above $340,000 and less than $750,000 above $91,000 and less than $409,000 $544.30
$500,000 or above $750,000 and above $409,000 and above $578.30

Part B deductible & coinsurance

In 2021, you pay $203 ($233 in 2022) for your Part B 

. After you meet your deductible for the year, you typically pay 20% of the 

 for these:

Find out what Part B covers.

Find out what you pay for Part B covered services.

 

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