The Centers for Medicare & Medicaid Services (CMS) released the 2022 premiums, deductibles and other key information for Medicare Advantage and Part D prescription drug plans in advance of the annual Medicare Open Enrollment to help Medicare enrollees decide on coverage that fits their needs.

According to CMS, the average monthly premium for Medicare Advantage plans will be lower in 2022 at $19, compared to $21.22 in 2021, while the average monthly premium for Part D coverage will be $33, compared to $31.47 in 2021.

Medicare Advantage plans will continue to offer a wide range of supplemental benefits in 2022, including eyewear, hearing aids, both preventive and comprehensive dental benefits, access to meals (for a limited duration), over-the-counter items, fitness benefits and worldwide emergency/urgent coverage. In addition, the percentage of plans offering special supplemental benefits for chronically ill individuals will increase from 19% to 25%. 295 plans in 2022, compared to 256 in 2021, will cover all Medicare services, plus Medicaid-covered behavioral health treatment or long-term services and supports, through a single organization.

CMS will continue to test the Part D Senior Savings Model for insulin for seniors in more than 2,100 plans in 2022. Furthermore, over 1,000 Medicare Advantage plans will participate in the CMS Innovation Center’s Medicare Advantage Value-Based Insurance Design (VBID) Model in 2022 which tests the effect of offering a projected 3.7 million people customized benefits designed to better manage their diseases and address social needs from food insecurity to social isolation.

Medicare open enrollment begins on October 15, 2021 and ends on December 7, 2021.

Source: U.S. Centers for Medicare & Medicaid Services (CMS)

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