Americans continue to suffer from the ramifications of shifting deeper into socialism under the Biden Administration with 2022 historically highest rate hikes planned for seniors’ Medicare premiums.
The Centers for Medicare & Medicaid Services (CMS) last week released the 2022 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2022 Medicare Part D income-related monthly adjustment amounts.
The Committee for a Responsible Federal Budget has warned that the Social Security Administration (SSA) is on its way to depleting their funds by 2032, due to Biden’s higher cost-of-living programs.
Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.
The November 13, 2021 announcement revealed that Medicare Part B premiums and deductibles will see the largest hike in the program’s history next year.
Seven things to be aware of:
1. The CMS rule boosts the standard Medicare Part B premium to $170.10 a month, up $21.60, or 14.5 percent. It also increased Part B standard deductibles by $30, up 14.8 percent to $233 in 2022.
2. Part B premiums have risen 226 percent since 2000, making them one of the fastest growing costs for older Americans.
3. CMS raised Part B premiums by an additional $4.
4. In 2021, Congress and Big Pharm lobbyists crafted increases in pharmaceutical costs and burdening the average American with rising healthcare prices and utilization. One excuse Congress used was to imply these increases were necessary to cover Biogen’s expensive Alzheimer’s drug, Aduhelm.
5. The increase translates to nearly $14,000 in annual costs for the wealthiest senior couples.
6. CMS attempted to present that their price hikes will be mitigated by a higher annual Social Security cost of living increase, however the Medicare increase will eat up most of the record-high Social Security cost-of-living jump.
7. CMS also is increasing the Medicare Part A deductible, upping the cost per benefit period $72 to $1,556, a 4.9 percent increase.
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