Are you a Medicare beneficiary receiving Social Security benefits? Stay tuned to find out how the 2022 year will affect your cost!

In 2022, Social Security recipients will get an annual Cost-Of-Living Adjustment (COLA) of up to 5.9% – the largest increase since 1982. The COLA spike will boost retirees' monthly payments by up to $92 in 2022.

This Social Security increase is the first to have matched rising costs more closely. Yet, with the increase in inflation, Medicare's cost has gone up as well. 

This brings us to the cost breakdown for 2022. 

The Medicare Part A deductible increases to $1,556 for each benefit period. The standard Medicare Part B premium is now $170.10. Premiums for higher-income individuals are subject to increase. The new Part B deductible is $233, which is a $30 increase from 2021.

The good news is that in 2022, the average Social Security recipient will be better off for 2022.

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