Medicare’s open enrollment period ended December 7th, and it's recipients are battening down the hatches preparing for a larger-than-expected jump in prices for premiums and deductibles.1,2
Just look at these latest numbers -Medicare Part B monthly premiums are set to rise to $170.10, a 14.5% increase and much higher than the estimate of 6.7%. The deductible for Part B will rise to $233, a 14.8% increase. The Part A deductible will increase to $1,556, up $72 in 2022.2
I'm not sure if everyone will know exactly how big of an increase this is for their Medicare programs. According to a recent survey from MedicareGuide.com, 67% of beneficiaries hadn’t looked at their choices for the their enrollment period, while the Kaiser Family Foundation discovered that 71% don’t review their options at all during the open enrollment period.1
For many Americans, Medicare remains a vital program, keeping healthcare affordable. Know and understand your options, so that you can make intelligent decision, when planning for your retirement, and to determine exactly how Medicare can help you, plan for your health expenses. A good place to start is by familiarizing yourself with the Medicar.gov website. It's a vital tool that may help you in determining which program is best for you.
1. CNBC.com, November 29, 2021
2. CNBC.com, November 12, 2021
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