Medicare open enrollment ends Dec. 7. Reasons to review your coverage

Vinart Studio | E + | Getty Images You have about a week to make sure that Medicare coverage for 2022 works for you. The program’s open enrollment period, which opened on October 15, ends on December 7. While you are not required to take action—your 2021 plan will generally be renewed for the next … Read more

Inflation, Medicare, taxes will affect Social Security income in 2022

Medicare Part B Premiums While the cost of living adjustment typically goes up each year, the Medicare Part B premiums that older Americans pay for physician and outpatient services. In 2022, the premium for Standard Medicare Part B will rise to $170.10, well above $158.50. The record increase of 14.5% was driven by multiple factors, … Read more

Medicare standard Part B premiums for 2022 jump by 14.5%

Anchorage photos | Digital Vision | Getty Images The standard premium for Medicare outpatient care coverage will jump 14.5% for 2022, well above the previous estimate of 6.7%, according to the government. A senior official at the Centers for Medicare and Medicaid Services said Friday that the standard premium for Part B, which covers outpatient … Read more

Medicare has coverage gaps despite congressional effort to expand it

peak | iStock | Getty Images If Democratic lawmakers get what they want, Medicare will begin covering hearing services for the first time in the program’s history. The coverage, which will take effect in 2023, is included in Democrats’ proposed $1.85 trillion spending bill, called the Building Back Better Act and intended in part to … Read more

1 in 4 older Americans have little saved to cover medical expenses

Andresser | E + | Getty Images For retirees, unplanned medical expenses can tip their budget. In fact, while about 33% of Americans age 65 or older have at least $6,000 set aside for medical bills, 27% have less than $500 in savings for this purpose, according to a survey from Nearly half (46%) … Read more