Medicare's "Part B" premium jumping by $21.60 a month next year, one of largest increases ever

Medicare's "Part B" outpatient premium will jump by $21.60 a month in 2022, one of the largest increases ever. Officials said Friday a new Alzheimer's drug is responsible for about half of that.

The increase guarantees that health care will gobble up a big chunk of the recently announced Social Security cost-of-living allowance, a boost that had worked out to $92 a month for the average retired worker, intended to help cover rising prices for gas and food that are pinching seniors.

Medicare officials told reporters on Friday that about half the increase is due to contingency planning if the program ultimately has to cover Aduhelm, the new $56,000-a-year medication for Alzheimer's disease from pharmaceutical company Biogen. The medication would add to the cost of outpatient coverage because it's administered intravenously in a doctor's office and paid for under Part B.