How is Medicare Changing in 2025?

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How is Medicare Changing in 2025?

Medicare 2025 What you need to know in the new year stock image

By Daniel Petkevich

Dec 21, 2022

Read to see if you can expect to save money this year

The cost of Medicare can fluctuate every year. To get your 2025 budget ready, you will want to know how much your Medicare expenses will change. Some prices have gone up, others have gone down, and there might be potentially massive savings on the cost of insulin. Read on to find out how Medicare is changing in the new year.

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Part A

We take an in-depth look at the

changes to Part A in 2023 here

, including information for the 1% of Medicare beneficiaries who need to pay a premium on Part A. The main highlights you want to know are as follows:

The Part A Deductible is now $1,676
The copayment for hospital days 61-90 is now $419 per day
For days 21-100 in a Skilled Nursing Facility (SNF), you will be responsible for $209.50 each day

Part B

The Part B Deductible is now $257. With

Medicare Supplement Plan G

, this deductible is your only out-of-pocket cost.

For many people, Medicare Part B typically costs $185 per month. You might be required to pay even more based on your

MAGI

(modified adjusted gross income).

If your MAGI is above a certain amount (as per your IRS tax return from 2 years ago), you’ll have to pay the standard premium and an income-related monthly adjustment amount (

IRMAA

The table below shows the cost of Medicare Part B and Part D, depending on your income:

Many of the most significant changes to Part D Prescription Drug plans resulted from government legislation in 2022.

Inflation Reduction Act

Insulin is one of the most expensive life-saving medications available. But starting on January 1, the cost of a month's supply of insulin will be capped at $35.

Also, starting in 2025, there will be better access to vaccines that the Advisory Council on Immunization Practices recommends. That means no more out-of-pocket costs for the

shingles vaccine

through your Part D prescription drug plan.

Conclusion

Medicare premiums and deductibles might change every year. If you are wondering how these changes might affect your budget, our team of experts is ready to help. Fair Square Medicare is here for you.

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How is Medicare Changing in 2025?

Read to see if you can expect to save money this year

Stay Up to Date on Medicare!

Part A

Part B

Inflation Reduction Act

Conclusion

Stay Up to Date on Medicare!

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