November 2021 Newsletter
Friends,
There is a fine line between a numerator and a denominator.
It’s causing worldwide division.
That's this month's joke for you. I have a lot of numbers for you in this newsletter.
I'll do my best to explain them.
Kind Regards,
Michael Antonini
What’s New
Medicare Part B Premium News
The federal government announced a large hike in the Medicare Part B premium late Friday night, blaming the pandemic, but also what it called uncertainty over how much it may have to pay for a pricey and controversial new Alzheimer’s drug.
The 14.5% increase in the Part B premium will take the monthly payment from $148.50 a month this year to $170.10 in 2022. This increase is more than people were projecting (I predicted $160) and more than the $158.50 projected in the Medicare Trustee report published in August. It’s the largest increase since 2016.
The Center for Medicare and Medicaid Services (CMS) tried to play down the increase stating that the significant COLA increase of 5.9% will more than offset the increase in Medicare Part B premiums. CMS said part of the increase was because of uncertainty over how much the agency will end up paying to treat beneficiaries with Aduhelm, a new Part B Alzheimer’s drug. It’s a part B drug because it’s administered in a doctor’s office and is currently only approved by Medicare on a case-by-case basis.
Along with the premium spike, the annual deductible for Part B beneficiaries is rising to $233 up from $203 this year. People on Supplement plans B, G and N are all subject to the part B deductible.
Ask An Expert: Income Related Monthly Adjustment (IRMAA) with MWA
Lately I’ve been doing a lot of discussions on IRMAA, the Income Related Monthly Adjustment Amount that is charged in addition to the base Medicare part B premium. Individuals earning over $500,000 and joint filers making $750,000 or more will pay $578.30 a month for part B coverage in 2022 because of their IRMAA.
This video about IRMAA I did back in March is now the second most visited page on my website. (Besides my home page). If you are a high earner, you might be interested in watching this video.
Important Dates
October 15- December 7 2021: Annual Election Period AEP
You can change your Medicare plan or Prescription Drug Plan to another plan or move to original Medicare and a separate Drug Plan for a January-1-2022 effective date.
I am now able to help you with your choices so please do not hesitate to call me. Have a wonderful Thanksgiving.