Medicare Part B enrollments won’t expect a lower monthly premium in 2022. The standard monthly premium of $170.10 will continue to be enforced, but will be lower by 2023.
Medicare Part B is available to seniors age 65 and older who are permanent residents of the United States or must be citizens who have lived in the United States for at least five consecutive years. Coverage includes doctor visits, outpatient services and diagnostic tests. With the recent premium increase of $21.60, US Department of Health and Human Services Secretary Xavier Becerra prompted the Centers for Medicare and Medicaid Services (CMS) to reconsider this recent change.
One of the reasons for the premium increase is the cost of Aduhelm, an Alzheimer’s drug recently approved by the FDA and reportedly priced at $56,000 per year, which has been the subject of heated debate. After much discussion with Biogen, the original cost was cut in half, estimated at $28,200 per year as of January 1, 2022. However, coverage for Aduhelm will be limited to participants whose clinical trials have been approved.
While we wait for CMS to announce the 2023 Part B award in October 2022, it is decided that all savings will be transferred to the beneficiaries who are eligible for Aduhelm.
So what does this mean for Medicare Part B participants? Next year’s Part B premium may be lower, but you can look forward to a potential premium reduction in 2023, not 2022.
If you’re looking for more comprehensive coverage than what Medicare Part B offers, you may consider replacing Original Medicare with a Medicare Advantage plan. Private insurance companies offer Medicare Advantage plans and typically include coverage for prescription drugs and other benefits such as dental, vision, and hearing.
Adding a Medicare Advantage plan to your existing Medicare Part B insurance can save you money on all of your healthcare costs. And when you enroll in a Medicare Advantage plan that includes prescription drug coverage, you can get your drugs at a lower price…
