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Medicare Premiums Will Increase Over $20 Next Year

The increase is almost double what the Centers for Medicare and Medicaid Services predicted it would be back in August.

Medicare premiums will increase by $21.60 next year, going from $148.50 a month to $170.10 in 2022 for those in the lowest income bracket. According to CNN, this is the largest increase since 2016, worrying advocates for senior citizens who say it will cut into their cost of living. The Centers for Medicare and Medicaid Services cited the pandemic as a reason for the new price, along with “uncertainty” over how much it will have to pay for the controversial Alzheimer’s drug Aduhelm, which is predicted to cost $56,000 a year. The Medicare trustees’ report in August had predicted that the annual increase would be around $10. As CNN reports, more than 62 million Americans are on Medicare.