Medicare Premiums: Inflation Strikes Again

The standard Medicare Part B premium which covers doctors visits and other outpatient services increased to $170.10 per month in 2022. In 2021, it was $148.50. This 15% increase is one of the largest increases in the history of the program. When the program started in 1966, Part B cost $3.

This increase reflects rising prices and utilization across the health care system during the pandemic and anticipated increases in the intensity of care provided. The amount you pay ties directly back to your income. The following premiums are based on your 2020 tax status and income:

2020 Single	2020 Married, Joint	2020 Married, Separate	You Pay in 2022
91K or less	182K or less	91K or less	$170.10
$91,001 - $114,000	$182,001 - $228,000	Not Applicable	$238.10
$114,001 - $142,000	$228,001 - $284,000	Not Applicable	$340.20
$142,001 - $170,000	$284,001 - $340,000	Not Applicable	$442,30
$170,001 - $500,000	$340,001 - $750,000	$91,001 - $409,000	$544.30
>$500,000	>$750,000	>$409,000	$578.30

For those preparing for their golden years, catch-up contributions and aggressive retirement plan savings can be key to having the ability to pay for needed medical care in retirement. Even before the recent rise in inflation, healthcare expenditures had been outpacing broad inflation by a pretty wide margin. Saving early and often can be the prescription for those retirement healthcare costs.