Seniors who are already struggling to pay for healthcare costs got more grim news last week when reports surfaced that the standard premium for Medicare’s outpatient care coverage will rise by 14.5% for 2022.

                By                    Vance Cariaga

See: Medicare Penalty — Sign Up Before You Turn 65 to Avoid Late Enrollment ChargesFind: Should You Refinance Now With the Low Mortgage Rates?

That increase is more than double the earlier estimate of 6.7%, CNBC reported on Friday, citing comments from a senior official for the Centers for Medicare & Medicaid Services. The premium for Part B, which covers outpatient care, will rise to $170.10 in 2022 from $148.50 this year. Medicare trustees had estimated that the premium would only rise to $158.50 next year.

Meanwhile, the 2022 deductible for Part B will increase about 15% to $233, while the deductible for Medicare Part A (hospital coverage) will climb to $1,556 per benefit period from $1,484 in 2021.

Part of the reason for the higher-than-expected Part B increase is that inflation is pushing prices higher across all sectors of the economy. Other factors include a rise in the use of healthcare services during the COVID-19 pandemic and a move by Congress to limit the increase in the 2021 Part B premium.

See: What Should Americans Expect With Inflation in the Coming Months and Years?Find: From Healthcare to Groceries — Brilliant Ways Seniors Can Save Money

See: Senior Healthcare — Out-of-Pocket Expenses Too Large for Medicare BeneficiariesFind: Senior Savings — How Exploring Medicare Options Cuts Costs During Open Enrollment

See: With A Recession Looming, Take These 3 Retirement Moves To Stay On Track

Seniors who are struggling to pay for healthcare do have a few options to relieve the financial stress — including finding Medicare options that cost less. This is a good time to do so, with Medicare’s current open enrollment ending on Dec. 7. The enrollment period lets seniors add or change their coverage, with any changes going into on effect Jan. 1, 2022.

Beneficiaries who only have basic Medicare Part A and Part B coverage might benefit from switching to a Medicare Advantage plan offered by private insurance companies. Advantage plans typically feature out-of-pocket maximums and include prescription drug coverage as well as extras like dental, vision and hearing.

Prescription drug coverage is also available through a Part D prescription drug plan.

  • 5 Things Most Americans Don’t Know About Social Security
  • Social Security Benefits Might Get Cut Early — What Does It Mean for You?
  • 5 Reasons Why You Need a Cash-Back Card in Your Wallet
  • What To Consider When Choosing a Mortgage Lender