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.
We take an in-depth look at the changes to Part A in 2023 here
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
The Part B Deductible is now $257. With Medicare Supplement Plan G
For many people, Medicare Part B typically costs $185 per month. You might be required to pay even more based on your MAGI
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.
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
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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