Bonus check for Social Security retirement, Disability, SSDI survivors, and Medicare beneficiaries. So again, thank you so much for visiting our site. don’t miss any topics going forward during this very busy time while things are changing very rapidly. All right, let’s jump right into it. All right, so this is actually some pretty encouraging information.
I just found this and I wanted to bring you the latest details because as we know right now, things are getting a little bit tough for those people living on a fixed income. However, let’s quickly rewind a little bit back to November of 2021. That is when the Centers for Medicare and Medicaid Services came out and announced the premium increase for 2022 on Medicare Part B. Well, that was a big number. Remember that one?
It came in at 14.5%, which actually translated into $21 and change. So the Medicare Part B premium for 2021 was $148 and some change. The premium for 2022 is $170 and change, an increase of over $21 each and every month. Well, I think a lot of us at the time were calling out saying foul, foul. That is not okay.
You got to go back and you got to revise this. However, for the last few months here, we’ve been talking about a number of different lawmakers coming out saying, okay, Centers for Medicare and Medicaid Services, you’ve got to revise this. This is not okay. You’ve got to do something about this. Premium 14.5% premium increase is not okay.
These beneficiaries need to get something done about this. Well, for quite a few months here, we haven’t heard anything until now. I got some new information and I want to show you the details in this topic. All right. So now that you remember the whole story about this and again, I don’t think many of us could really forget about that because honestly, that was a little bit surprising when we got that information back in November of 2021.
However, let me share with you the new information now. So as of right now, we have a few major advocacy groups, as well as multiple lawmakers reaching out to the Centers for Medicare and Medicaid Services, calling on them to revise the Medicare Part B premium for 2022 and actually reduce it, and therefore send out a payment to all of these millions of beneficiaries. By the way, this encompasses about 63 million beneficiaries. So let me walk you through a little bit more of the details on this. Right now.
We have 30 lawmakers who have written a letter calling on the Centers for Medicare and Medicaid Services to revise the Medicare Part B premium for 2022. We also now have the Senior Citizens League jumping on this as well, calling on the Centers for Medicare and Medicaid Services to do the same thing, calling on them to revise the Medicare Part B premium because the major increase in the Medicare Part B premium was coming from that one prescription item. It was called AddYou Helm, or I think I’m pronouncing that correctly. Anyway, it is that Alzheimer’s prescription to help people with Alzheimer’s. Well, here’s the deal.
The manufacturer of that prescription item lowered the price on that from $56,000 per year down to $28,000 per year per patient. They essentially cut the price in half. Well, therefore, as a result of that, the Medicare Part B premium was increased by about $10 to $11 extra because of that one prescription. Well, now they cut the price down in half. Therefore, these individuals, as in the lawmakers and the Senior Citizens League is calling on the Centers for Medicare and Medicaid Services to reduce the Medicare Part B premium by about eleven point $0.60 per month and then send that back to these individuals, as in the 63 million beneficiaries in the form of a refund.
And then going forward through the rest of the year, lower the Medicare Part B premium by eleven point $0.60. Therefore, that would actually translate into the current Medicare Part B premium being $170.0.10, lowering it by eleven point $60 to bring it down to about $158 per month. So, again, this would actually be the new Medicare Part B premium going forward if they actually do happen to change this. Now, all these lawmakers and the Senior Citizens League calling on Congress to do this actually does have a pretty good case going forward because this prescription was cut in half in price. So why wouldn’t the Medicare Part B premium also reflect that new price in the prescription?
Right. Well, here’s also the deal with this. This prescription that is causing the Medicare Part B premium to increase so much is still in clinical trials right now. It’s still in the clinical trial phase. So a lot of people are saying it’s not even out for the general consumer to start even using right now or for it to even be prescribed.
Therefore, why are all of these millions of beneficiaries paying more every single month right now for a prescription that isn’t even out for the average consumer to just go out and get right now as a prescription? So kind of makes sense of what I’m saying here. Yeah, that’s exactly what the lawmakers and the Senior Citizens League are also saying to the Centers for Medicare and Medicaid Services. So this is actually pretty encouraging. So here’s what we’re looking at going forward.
Now, again, to be totally clear, just like so many things right now, we’ve got to wait for congressional well, not necessarily congressional action. I take that back. We need to wait for the Centers for Medicare and Medicaid Services to revise the Medicare Part B premium, and then we would actually have to reassess the situation going forward. So here’s what we could potentially be looking at. We could potentially be looking at a refund of up to eleven point $60 per month that you’ve already prepaid through Medicare Part B premiums.
So as of right now, that would be about three months’ worth of the Medicare Part B premium. Right. As of this recording. Anyway, by the time that they actually get this done, it could be another three months. At that point, your refunds that you may be getting as a result of this would therefore be much higher.
Right. So here’s what we could be looking at. We could potentially be looking at them cutting a check to all of these millions of beneficiaries, or essentially a check being possibly a direct deposit or something like this in the form of a refund of whatever they decide. Again, we’re looking at about eleven point $60 per month. However, then going forward, it looks like the Medicare Part B premium would then be adjusted lower to what it should be, about $158 per month.
Again, just roughly about that depends on what they do about that $158 per month. And then it would be adjusted going forward through the duration of the rest of 2022. Now, again, it all hinges on number one. If the Centers for Medicare and Medicaid Services actually does something about this, as in they decide to maybe lower the Medicare Part B premium. If so, how much will they actually lower it?
And number two, or I guess number three is kind of where I’m at right now is would be at what point will they do this in the year? Will it be next month? Will it be in three months from now? Will it be in seven months from now? We don’t know that at that point.
We could potentially be looking at that potential refund for all these millions of beneficiaries coming back is essentially kind of a refund slash a bonus check. Right. Makes sense. And then, of course, your benefit would actually be boosted a little bit going forward through the rest of the year because your Medicare Part B premium would be decreased. Therefore, your benefit would actually increase by about eleven point $60.
Again, roughly, these are the numbers that are being estimated based on what it should be lowered, the Medicare Part B premium. But again, we won’t know that until the Centers for Medicare and Medicaid Services sings and gives us the final numbers. Right. If they even decide to do anything at all, however, the lawmakers calling on them to do this and the senior citizens League calling on them to do this and I guess us officially right here in the community calling on them to do this as well. I feel like we have a pretty solid case because they did effectively lower the price on that prescription that Alzheimer’s prescription.
Therefore they should also lower the Medicare part B premium for all of these millions of beneficiaries. So a pretty encouraging update. Here’s the deal we’ve been hearing about this for. I don’t know since the original proposal or the original announcement for the 14.5% Medicare part B premium was actually announced back in November. We’ve been hearing about this since then.
I haven’t seen any substantial updates on this until right now when I just came across this a little bit earlier today. So some pretty encouraging stuff. Either way, I’ll keep you posted as we do get more details on this but I feel like we got a pretty solid case here to get a refund on this and the bonus check as well as the lower premium going forward which would ultimately translate into a little bit higher benefit for you each and every month because they wouldn’t be taking quite as much. So we’ll have to see how they approach this. But either way, don’t worry, I’ll watch it for you.
I hope this one helps you and I’ll catch you again later in the next update day. I’ll see you.