Just Announced: 2022 Medicare Part D Premium Costs

Medicare Part D Premium Will Increase in 2022

The Centers for Medicare and Medicaid Services (CMS) recently announced that the projected 2022 Medicare Part D monthly premium will average at $33. This is an increase from $31.47 in 2021. If you have questions about how much Medicare costs, our advisors are here to offer local help with Medicare concerns. Read more about Medicare Part D and how this premium increase could impact you.

What Is Medicare Part D?

Medicare Part D covers prescription drugs. It is not part of Original Medicare, which includes Part A and Part B.

Is the Part D Premium Required?

Not exactly. Part D coverage is optional. If you purchase Part D coverage to help with your prescription costs, you’ll be required to pay a monthly premium.

But in order to avoid a Part D late enrollment penalty, you will need to have prescription drug coverage that is considered creditable (equal in quality) to Medicare. This could be through a Medicare plan, employer group coverage, or as a dependent on your spouse’s plan.

Options for Medicare Prescription Drug Coverage

If you have Original Medicare, a Medicare Supplement plan, or a Medicare Advantage plan (that doesn’t include drug coverage), you can separately tack on a prescription drug plan to your coverage.

Most Medicare Advantage plans come with Part D coverage included. These are called Medicare Advantage Prescription Drug (MAPD) plans. While the average projected premium is $33 in 2022 for Part D, most MAPD plans offered by our advisors have $0 premiums.

Are you interested in reviewing all your Medicare plan options with an expert? Our team offers local help with Medicare plans at no cost.

Questions About How Much Medicare Costs? Our Local Team Has Answers

We’re here to guide you through every step in the Medicare process. Whether you’re preparing to enroll or curious if your current Medicare coverage is the right fit, our experts offer local help with Medicare questions.

If you’re new to RetireMEDiQ, email your questions to advice@retiremediq.com or schedule a call with an advisor in Medicare.

Already a RetireMEDiQ client? Your client advisor team is here to support your coverage needs for life. Reach us by calling 1-877-222-1942 or emailing client@retiremediq.com.

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