Medicare premiums are going up in 2025, and with Social Security’s Cost-of-Living Adjustment (COLA) falling short of the increase, many retirees could feel the squeeze.
Here’s a quick look at the key changes and what they mean for you.
Higher Part B Premiums and Deductibles
Starting in January, Medicare Part B premiums will rise by $10.30, reaching $185 per month—a 6% increase.
Deductibles for Part B will also go up to $257 annually. These increases surpass the 2.5% COLA adjustment, putting more financial pressure on retirees.
Tip: Medicare Part B covers outpatient services, including doctor visits and some home health services. Learn more at Medicare.gov’s Part B Overview.
Increased Costs for Part A and Higher-Income Individuals
Part A premiums will be $518 per month for those who pay them, and hospital stay deductibles are also rising.
For those with higher incomes (over $106,000 annually), monthly premiums may be adjusted even higher based on income levels.
For more details on IRMAA adjustments, visit the CMS IRMAA page.
Considering Medicare Advantage
Medicare Advantage, or Part C, might be a good option to explore, as it bundles Medicare services with extras like dental and vision.
Compare options on the Medicare Advantage page.
Staying Informed
With these changes, staying updated is essential. Visit CMS.gov and the Social Security Administration’s COLA Resources to keep on top of any updates.
By understanding these Medicare changes, you can better prepare for healthcare costs in 2025.
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