If that figure holds, it would be the third-largest for the CPI-connected metric since 1975, behind an 11.2% increase in January 1982 and a 14.3% boost the . #CalPERSCulture, Inspired by the City of Trees, Sacramento, the ent, Retirement Application Tips for Soon-To-Be Retirees, New to CalPERS? Check with your employer to find out how much they contribute toward your premium. OPERS announces COLA amount for 2022. Federal government websites often end in .gov or .mil. Your retirement date must be before September 1 to receive the annual benefit adjustment on September 1 of the next year. Requires employers that report directly to CalSTRS to requisition up tothree months of estimated charter school contributions from the charter schools apportionment for the purpose of paying contributions, as well as amounts necessary to pay penalties and interest, and requires those employers to use unencumbered funds, legally available for this purpose, to pay for any amounts due to CalSTRS that remain unpaid. July 1, 2021, COLA rates by retirement date. If this projection holds up, it would still be the biggest COLA increase since 1982. If your retirement date is December 31, 2022, your COLA would be based on the Consumer Price Index for 2023, and you would receive your first COLA in May 2024. Use our online form forQuestions, Comments, & Complaintsabout CalPERS programs and services. Members who retire in 2022 and later would receive their first cost-of-living adjustment 24 months after their retirement date, on their second retirement anniversary. https://bit.ly/3BWZt9W #ASW2023, We serve those who serve California. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California, 3 Important Facts to Know About Service Credit. Toll Free: 1 (800) 443-7732 2023 FedSmith Inc. All rights reserved. The 2022 COLA will take over the number two position for the highest COLA in recent memory and, perhaps, move into the number one position over a 30-year period. 24 0 obj <> endobj You may choose to opt-out of these cookies if you wish. We focused on giving our members even more choices of plans offering lower out-of-pocket costs while also adding benefit designs focused on equity and high-quality care.. Limits by plan type (IRA, 401 (k), SEP, SIMPLE IRA, 403 (b), 457 (b), defined benefit) SACRAMENTO, Calif.- The California Public Employees' Retirement System Board of Administration today took another step forward to bring innovative health benefits to its members. Wednesday, February 9, 2022. 2022 RPEA and AMBA. Also requires the chartering authority to notify CalSTRS and CalPERS of specified events within 30 calendar days of each occurrence. The increase in the standard monthly premiumfrom $148.50 in 2021 to $170.10 in 2022is based in part on the statutory requirement to prepare for expenses, such as spending trends driven by COVID-19, and prior Congressional action in the Continuing Appropriations Act, 2021 that limited the 2021 Medicare Part B monthly premium increase during the COVID-19 pandemic. At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022. 8630 0 obj <>/Filter/FlateDecode/ID[<96950F58685B4865838C1311093009EF>]/Index[8617 25]/Info 8616 0 R/Length 77/Prev 970994/Root 8618 0 R/Size 8642/Type/XRef/W[1 2 1]>>stream If you retire instead on January 1, 2022, that single day's difference can delay the first eligibility by up to one year and you wouldn't receive your first COLA until May 1, 2024. endstream endobj startxref Cost drivers for the overall 2023 premium increase include medical inflation, pharmaceutical inflation, and buydown adjustments made to 2022 premiums. It is an increase in the money that those receiving money from the federal government will receive in 2022 reflecting the inflation beneficiaries have been experiencing over the past year. Currently, 18 counties in California are without an HMO in their area. A federal government website managed and paid for by the U.S. Centers for Medicare & Medicaid Services. Monday, March 22, 2021. The flowering Bradford pear trees at our headquart, Congratulations to CalPERS Information Technology, Nash loves learning new skills! October 13, 2022 The 2023 federal retiree cost-of-living adjustment (COLA) will be 8.7 percent for those under the Civil Service Retirement System (CSRS) and 7.7 percent for those under the Federal Employees Retirement System (FERS). Most people with Medicare will see a 5.9 percent cost-of-living adjustment (COLA) in their 2022 Social Security benefitsthe largest COLA in 30 years. While it may be technically correct to refer to the increase as a raise, it is not an actual hike in benefits. Today, the Centers for Medicare & Medicaid Services (CMS) released the 2022 Medicare Parts A and B premiums, deductibles, and coinsurance amounts, and the 2022 Part D income-related monthly adjustment amounts. The OPERS COLA is based on a retiree's initial pension benefit. Members in PERS Select can also easily reduce their annual deductible costs by participating in up to five evidence-based health and wellness activities: CalPERS will evaluate the PERS Select plan changes quarterly during the two-year period, and report the findings to the Board with recommendations to continue the plan as it is or modify the benefits. (916) 795-3991 - newsroom@calpers.ca.gov. Among other provisions, requires that when a benefit is overpaid, the party responsible for the error that caused the overpayment must pay CalSTRS the full amount of the resulting overpayment, except in instances of CalSTRS error, in which case the overpayment must be recovered with interest on an annual basis from the General Fund and employers, as specified. Under existing retirement law, retirees receive an annual COLA paid in the May 1 warrant each year. The exact percent is based on the annual calculation of the Consumer Price Index (CPI) for All Urban Consumers and begins in the second calendar year of your retirement, up to a set limit based on your contract. Thank you for your patience as we continue to improve our services. The last time an annual COLA was higher than the latest projection was inJuly 1982when there was a different COLA system. COLA typically begins the second calendar year of retirement. Heres What That Means. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. While we will not know the 2022 COLA until October, we do know the full increase is likely to be about 6%. hb```a``Ja`e`ab@ !+spY} V>F&x,L;yTIV|GI9'?8d}w8ae wk51Wt40 t O3)Lk0M@ v@?CWYh\[H`vHO;YqILpf` |F% U CalPERS members can change health plans during the annual Open Enrollment period, September 19 to October 14, 2022. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California, Kaiser Permanente Senior Advantage Summit, Kaiser Permanente Senior Advantage Out-of-State, CalPERS Announces Health Plan Premiums for 2023. This significant COLA increase will more than cover the increase in the Medicare Part B monthly premium. and 2% COLA. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. CA# 0I96562, RPEAS Advocacy & Legislative Accomplishments, https://www.sacbee.com/news/politics-government/the-state-worker/article256895587.html#storylink=cpy, Certify thatthey are non-smokers, or participating in a smoking cessation program, Get a secondopinion for non-emergency elective surgeries, Engage witha nurse manager for disease management (for those who can be treated bydisease management programs). $245,000 $230,000 Defined Contribution Plan 415 dollar . [iB i==VU9mv!~^w}:k5Ew)\5e}iW/Yq?dxyHi-[Px8! People with Medicare will see a significant increase in Social Security payments in 2022. Also establishes reporting requirements. %PDF-1.7 % PERSpective provides information for members of the retirement and health programs of the California Public Employees Retirement System. The latest COLA is 8.7 percent for Social Security benefits and SSI payments. endstream endobj 25 0 obj <>>> endobj 26 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 27 0 obj <>stream If they do not raise prices enough, the company will go out of business as it cannot remain profitable. endstream endobj 95 0 obj <> endobj 96 0 obj <> endobj 97 0 obj <>stream Before sharing sensitive information, make sure youre on a federal government site. (example based on the 2% contracted COLA Provision for CSU retirees) First year of COLA, 2% (no compounding) Second year of COLA, 2% = 2% x 1.02% + 2% = 4.04% Third year of COLA, 2% = 4.04% x 1.02% + 2% = 6.12% Step 3 The reason for the increasing interest in the 2022 COLA is obvious. Overall premiums for CalPERS Medicare Advantage plans decreased for the third straight year. For more information, visit www.calpers.ca.gov. In 2021, the Social Security cost-of-living adjustment . Thursday, September 16, 2021. endstream endobj startxref The easiest way to calculate your benefit is by taking your monthly payment and multiplying it by 5.9 percent. In that year, the COLA was 7.4%likely the last time a COLA was as high as it is likely to be for 2022. Open Enrollment information will be available on the CalPERS website and through members' myCalPERS accounts beginning September 12, 2022. Sign up to get the latest information about your choice of CMS topics in your inbox. The method of calculating expenses for retirees actually measures inflation on a number of items of less importance to seniors than to younger Americans. You can make changes and selections through your myCalPERS account. In other words, as the cost of everything goes up, annuity payments and Social Security benefits go upafter the inflation has already increased. %%EOF We know the cost of living adjustment (COLA) in January 2022 will be 5.9%. 50 0 obj <>/Filter/FlateDecode/ID[<449B3E2C6E2E66322B9D947CA8B1492C><4E48F42DEC012E40B36E76A5156355AB>]/Index[24 50]/Info 23 0 R/Length 116/Prev 55243/Root 25 0 R/Size 74/Type/XRef/W[1 2 1]>>stream Today, the Centers for Medicare & Medicaid Services (CMS) released the 2022 Medicare Parts A and B premiums, deductibles, and coinsurance amounts, and the 2022 Part D income-related monthly adjustment amounts. %%EOF Also indemnifies present, former and future board members, officers and employees of and investment managers under contract with those retirement systems for actions related to the bill. If you retired last year 2021 you won't see your first COLA until May 2023. Phone: 1 (916) 441-7732 The plan includes legislative and administrative proposals to reduce drug costs in Medicare Parts B and D. Medicare Open Enrollment which ends December 7, 2021 is an opportunity for the more than 63 million people who rely on Medicare to compare coverage options like Original Medicare (Parts A and Part B) and Medicare Advantage, and choose health and prescription drug plans for 2022. 7500 Security Boulevard, Baltimore, MD 21244, CMS Announces 2022 Medicare Part B Premiums, The Administration is taking action to address the rapidly increasing drug costs that are posing a threat to the future of the Medicare program and that place a burden on people with Medicare. The board approved a value-based insurance design (VBID) plan for PERS Select. SACRAMENTO, Calif. The CalPERS Board of Administration today approved health plan premiums for calendar year 2023, at an overall premium increase of 6.75%. All Rights Reserved. Communications & Stakeholder Relations Basic health plans will include new health equity benefit language for reproductive and fertility care, expanded coverage for medically necessary hearing aids for members under the age of 26, and a new match to a primary care provider for PPO members that does not change the ability to see a specialist. 3|;wqHdA- OHdAb< 3 b-m\H? Vr If you retire on December 31, 2021, your COLA would be based on the CPI for 2022, and you would receive your first COLA May 1, 2023. For example, based on a State Miscellaneous & Industrial members 2% at 55 formula, you are eligible to retire at age 50 with a multiplier of 1.1%. Most people with Medicare will see a significant net increase in Social Security benefits. hbbd``b`=$@`6 ~ $ $&BL@# G\ The increase represents the amount of the raise that federal retirees and Social Security beneficiaries will receive in their annuity payments starting in January. While there was a 7% year-over-year increase, the Social Security cost-of-living adjustment for 2022 was 5.9%. Provides additional Supplemental Benefit Maintenance Account (SBMA) benefits to members and beneficiaries of between 5% and 15% of their total benefit to be paid quarterly beginning July 1, 2023. https://bit.ly/3BWZt9W #ASW2023, We serve those who serve California. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California, 7 End-of-Year Financial Actions to Cross Off Your List, Your Medicare Part B Reimbursement May Change in 2023, The flowering Bradford pear trees at our headquart, Congratulations to CalPERS Information Technology, Nash loves learning new skills! intermittent hot water from combi boiler; madelaine petsch website. This is because of the probable size of the 2022 COLA increase. Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. We serve those who serve California. There is significant uncertainty regarding the potential for future coverage of clinician-administered Alzheimers drugs (i.e., Aduhelm), requiring additional contingency reserves. Premiums and deductibles for Medicare Advantage and Medicare Prescription Drug plans (Medicare Part D) are already finalized and unaffected by this announcement. The new VBID design takes effect as a two-year pilot in the 2019 plan year for the PERS Select Preferred Provider Organization non-Medicare plan. The purchasing power of the current allowance is determined as follows: A. If you would like to give us feedback or suggest future topics, send us an email. To find out the . Cost-of-living-adjustment (COLA) rates for federal annuities in 2022 were announced earlier today. the fiscal year 2022 -27 CalPERS Strategic Plan. Typically, this benefit begins the second calendar year of retirement, although the annual rate of inflation and retirement law could affect the onset of your COLA. z5k;)Qc'.EYt;B7V0%rqo*W/e SB 1173 (Gonzalez) - Fossil fuel divestment That increase is as large as it is just because of how fast inflation was creeping up through September due to how the annual increase is calculated. The investments weve made to spark plan competition by adding more affordable narrow network products and Medicare Advantage plans is paying dividends as our members benefit from more choices. The months of July September are the important months in next years annuity or Social Security increase. This understanding of the Cola can only be achieved if inflation is not controlled for 2023. The Cost-of-Living Adjustment (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation. hSmk0+12Xl($m9%l~wfBs'A""DdLLA&$f(QqD..8 8.yNNu]FoYj%\Z|0vM.teN.zgf^7)1py*1_LJY6 8A' HD For a fact sheet on the 2022 Medicare Parts A & B premiums and deductibles, and the Part D income-related monthly adjustment amounts, please visit:https://www.cms.gov/newsroom/fact-sheets/2022-medicare-parts-b-premiums-and-deductibles2022-medicare-part-d-income-related-monthly-adjustment. That will give you the increase you will see reflected in your check. If you start working in July, its possible to earn one year of service credit by the end of April (10 months), as service credit is earned in tenths, not twelfths. Highlights of the changes for 2023 include: More information on the 2023 health plan changes and premiums for the HMO, PPO, and Association plans are available on the CalPERS website. Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in a fossil fuel company, as defined, and requires divestment from such investments by July 1, 2030, unless and only until January 1, 2035, an unforeseeable event creates conditions that materially impact normal market mechanisms for pricing assets. The annual rate of inflation and existing retirement law could affect the onset of your adjustment. An official website of the United States government. in the American Economy. The proposed NCD on Aduhelm (as well as any drugs in this category) is still to be determined. 3 JRS is closed to new members and is funded on a pay-as-you-go basis. 2022 Cost-of-Living Adjustment Coming in May 1 year ago This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). Open Enrollment information will be available on the CalPERS website and through members myCalPERS accounts beginning September 12, 2022. On September 14th, the Senior Citizens League (TSCL), a nonpartisan seniors advocacy group, calculated the Social Security Cost of Living Adjustment (COLA) for 2022 (and this will also be true for federal annuities for most readers) will be between 6% to 6.1%. Commencing February 1, 2024, also requires an annual report to be submitted to the Legislature and Governor with specified information. Those who retired between 2015 and 2019 will receive between 2.77% and 3.13%, according to CalPERS charts. Obtain the Purchasing Power Factor for the benefit effective year: 2.646 B. . Currently, over 50,000 CalPERS members are enrolled in the PERS Select non-Medicare plan. The 2022 COLA will be significant but lower for FERS than for CSRS. For example, a retired worker who currently receives $1,565 per month from Social Security can expect to receive a net increase of $70.40 more per month after the Medicare Part B premium is deducted. This In effect, the rate of inflation is still a factor in Americas economy and inflation is still a big factor, as the cost of supplies of products, services, and labor continued to drive prices higher. J(}*^gD. This latest projection is down slightly from the previous months estimate of 6.2%. There are three dates that may have a financial impact on your CalPERS retirement: the fiscal year, your birthday quarter, or the first year of your cost-of-living adjustment (COLA). CMS urges Medicare beneficiaries to go to. &l4jhDGH `g`Q%X$h:tX[xZ$$`i^iIGik8@]p"H;pw20\e0 `3| The discount rate was 4.5% in the June 30, 2010 valuation. The percentage increase depends on the date that the member retired, became disabled or died. In fact, there is set to be a 5.9% boost. Multiply the initial allowance by the Purchasing Power Factor to obtain the Fully Estimates for the 2022 COLA range from 5.8 percent from economist Bill McBride, who writes the finance and economics blog Calculated Risk, to 6 to 6.2 percent from The Senior Citizens League. These changes may impact you differently, depending on your retirement date. To earn a full year of service credit during a fiscal year, you must work at least: Service credit for retirement purposes may differ from the service credit used by your employer for accrual of leave time. In other words, when the data for September are announced in mid-October, the final COLA calculations for 2022 will be available. For personal account questions, log in tomyCalPERSand send your questions through our secure Message Center. Watch our Quick Tip video for a few things to consider when choosing a retirement date. While some readers may be excited about a bigger check coming in January (and a bigger check will be coming in January) it is only the CPI-W readings from July to September that make a difference in the 2022 COLA. Here are the differences and an explanation for the differences. This is the highest COLA increase in almost 40 years. If you retire on December 31, 2021, your COLA would be based on the CPI for 2022, and you would receive your first COLA May 1, 2023. for June of 2022 by the CCPI for June of the calendar year of retirement, in this example, 1988.) Whether you're a parent trying to instill this habit in your children or want to change your own behaviors, there are strategies that savers of all ages can develop. Large Statutory COLA Projected in 202223, Followed by COLAs Around the Historical Average. https://www.calpers.ca.gov/page/retirees/retirement-checks/pay-days, BY RANDY DIAMOND UPDATED DECEMBER 29, 2021, Read more at: https://www.sacbee.com/news/politics-government/the-state-worker/article256895587.html#storylink=cpy, https://www.calpersltcclassaction.com/Home/FAQ, https://www.calpersltcclassaction.com/Home/Documents, https://www.calpersltcclassaction.com/Home/Benefits, https://www.calpersltcclassaction.com/Home/Webinar, https://www.calpersltcclassaction.com/Home/Contact, Communications & Stakeholder RelationsContact: Bill Madison, Information Officer(916) 795-3991 -newsroom@calpers.ca.gov, New PERS Select plan designed to increase engagement and improve health. By statute, SERS' COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%. ALERT: Due to system maintenance, myCalPERS will be unavailable from 3:00 pm on Sat, March 4 until 6:00 am on Mon, March 6. Our HMO and managed Medicare plan premium increases are well below national benchmarks for premium inflation, said Don Moulds, chief health director, CalPERS. Moody's Analytics estimates the 2022 COLA at 5.6 percent. CalPERS estimates that those enrolled in the PERS Select plan will save between $221 and $277 annually on their premiums, for an overall savings of more than $3 million a year. Saving is a habit, not a destination. Blue Shield Trio expansion into seven counties: Butte (pending state approval), Kern, Kings, Monterey, Riverside, San Bernardino, and Tulare. 2022 could be the highest COLA increase since the rapid inflation that started during the Carter administration. 121 0 obj <>/Filter/FlateDecode/ID[<5E9D1C261E159F41870E47E60C24DAA9>]/Index[94 35]/Info 93 0 R/Length 125/Prev 461730/Root 95 0 R/Size 129/Type/XRef/W[1 3 1]>>stream CalSTRS) for teachers, faculty, and administrators, as well as to the California Public Employees' Retirement System (CalPERS) for their other employees. For those with an eye on history, President Carter left office in 1981. "Members still have a choice of plans, and this new PERS Select option encourages enrollees to be more engaged in their own health care, and enables them to make better informed health care decisions.". A new year means possible tax and health plan premium changes to your retirement benefits. For the month of August, this index went up 0.2%. We pressed our health plans to sharpen their pencils and deliver the best premiums possible for our members, said Rob Feckner, chair of the Pension & Health Benefits Committee. If you retire instead on January 1, 2022, that single days difference can delay the first eligibility by up to one year and you wouldnt receive your first COLA until May 1, 2024. The bill allows members to purchase up to one year of service credit for each five years of credited service with CalSTRS and requires a member electing to purchase this service credit to have at least 10 years of service with CalSTRS on the date of election. Also makes various technical and conforming changes to the County Employees Retirement Law. The system estimates a total cost savings of nearly $10 million. 128 0 obj <>stream This habit can be formed at any age. And it could easily top the last big COLA of 5.8% most retirees got in 2009, as the nation was emerging . President Biden has proposed to lower prescription drug costs for Americans by letting Medicare negotiate drug prices as part of his Build Back Better agenda. To mitigate increases in . Lic. endstream endobj 98 0 obj <>stream This habit can be formed at any age. For details, log in to myCalPERS and refer to your Annual Member Statement. To obtain a copy of the health premium For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. August New Dimensions is now available. 2 Based on May 2011 cost analysis. Here are a few reminders: PERSpective provides information for members of the retirement and health programs of the California Public Employees Retirement System. 2017-18 statewide average reserve levels are slightly down from the prior year Close to the 17%, or two months of expenditures, as recommended by the Governmental View the benefit factor chart for your formula to see how the multiplier increases with each quarter year of age. If you would like to give us feedback or suggest future topics, send us an email. hbbd``b`f 9H0 fX Premiums for CalPERS' Medicare Advantage plans are declining across the board from the previous year. hbbd```b`` ,r DrH` -,,"HVd$SLn`z lXlJ0"YzgudOt[^FM +] It prohibits all state agencies from investing in investment vehicles issued or owned by the governments of Russia or Belarus. Many companies are predictably increasing their prices to consumers as they pass on their higher labor and materials costs in what they are charging customers. The following chart represents the overall percentage premium change for each health plan, between 2022 and 2023 using the state, single-party premium. On Tuesday, The Senior Citizens League (TSCL), a nonpartisan seniors advocacy group, projected that the Social Security Cost of Living Adjustment (COLA) for 2022 will be 6% to 6.1% based on. ALERT: Due to system maintenance, myCalPERS will be unavailable from 3:00 pm on Sat, March 4 until 6:00 am on Mon, March 6. Use our online form forQuestions, Comments, & Complaintsabout CalPERS programs and services. The board's decision revises the PERS Select PPO non-Medicare plan to a VBID approach that allows a member to choose a personal care physician to coordinate their health care, and ensures they are getting the proper care when needed. hkSH/9aI6A+#=-Wa }n+[)aVBaNkRP6-+#@DxJ@LjEa@NIB+HgcaB\G0D$&8. Premiums and deductibles for Medicare Advantage and Medicare Prescription Drug plans (Medicare Part D) are already finalized and unaffected by this announcement. Website: www.rpea.com That's up from the group's 7.6% estimate the previous month. 8617 0 obj <> endobj 2021. Annual notice about COLA. Here are the latest inflation figures impacting the January COLA payment. "This is a major change and innovative way of delivering value-based insurance," said Priya Mathur, the president of the CalPERS Board. In an environment where inflation continues to rise every quarter, it is a guessing game for companies as to how much they can match inflation in raising their prices. CMS has a responsibility to establish an annual Part B premium that will adequately fund projected Medicare spending and maintain an adequate reserve in case actual costs are higher than estimated. >>QM+sy9 p * M R|^0L)QRFTv*A'A #XyY\SVEl5Mr+w/nu.~$_ &mU=yXXh@{c88rC\]\a.x9))@Tj nSJ*RP)GMD|u?lM-:NKX34L4,t>gS8cMWzXgI.8pJMMOkkuVDn6,^*25hm.,BGU5N4 TmiDP+Kc{V)a66U,zo(azCo[m}g"#IF_7kuqjKyhY#$DTd"q8$12$,NKCK!M40fh,/rg/+^S2 )qJ4Q|#oz ~v&R<2sdWzXJ/O6^P}. %PDF-1.3 % (COLA) is a benefit to ensure your value of money at retirement keeps up with the rate of inflation . Thank you for your patience as we continue to improve our services. In addition, prohibits companies that conduct business with the governments of Russia or Belarus from bidding on contracts with state agencies. he cost-of-living adjustment (COLA) is set to benefit many recipients of Social Security benefits in 2022, as the raise is expected to be more than 5%. The Basic plan premiums include risk mitigation approved by the board in November 2020. COLAs will be paid next year to those with a retirement effective date of Dec. 1, 2021, or . The increase in the Part B premium for 2022 is continued evidence that rising drug costs threaten the affordability and sustainability of the Medicare program.