The standard Medicare Part B premium is set to shoot up from $148.50 in 2021 to $170.10 in 2022. One reason for the sharp increase: making up for a 2021 cap on this premium that was part of a package of covid relief.
Most of those on Medicare will receive an increase in Social Security benefits much greater than the increase in this premium. The Centers for Medicare & Medicaid Services (“CMS”) estimates, for example, that someone now receiving a Social Security benefit of $1,565 will see the net monthly benefit go up by about $70.
Your mileage may vary. In particular, high-income individuals face higher (sometimes much higher) Medicare Part B premiums. CMS says the higher costs apply to about 7 percent of those enrolled.