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Welcome to our spot where we will include important information you should know about Medicare and your plan options!
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Medicare Supplement insurance premiums generally increase annually due to several factors. This year United Healthcare has announced that their monthly premiums will be increasing by an average of 18% across the several supplements plans they offer.
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When you are choosing a plan what are the things you are looking for? Total out-of-pocket cost, copays, ancillary benefits, customer service, network size, etc.? These are all things that the J.D Power Award looks at when deciding which plans are performing better than others. According to the J.D. Power 2024 “The top five drivers…
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In 2025 the out-of-pocket max is going to be lowered to $2,000 for the whole year, but there is always still a concern about the upfront cost of medications, especially if you are going to be meeting that out-of-pocket max in the first month! Starting in 2025 Medicare is going to be introducing the Medicare…
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The projections for 2025’s income-related monthly adjustment amount (IRMAA) are out. IRMAA is what decides your Medicare Part B premium. IRMAA is calculated on a sliding scale with five income brackets, with the bracket topping out at $500,000 for Single and $750,000 for Married/filing jointly. These figures will change annually to account for inflation. IRMAA…
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The 2025 Medicare Part D Deductible will be increasing to $590.00 which is a $45.00 increase! This means that carriers can still elect to lower the deductible, but the Part D deductible cannot be higher than $590.00. Stand-alone Part D Plans may may offer higher monthly premiums in order to buy down the 2025 deductible.
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In 2023, the federal government spent $832 billion on Medicare, which is 3.1% of the GDP. This makes Medicare the second largest program in the federal budget, after Social Security, and accounts for 21% of national health spending. As the population ages and healthcare costs increase, the Congressional Budget Office projects that Medicare spending will…
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The Inflation Reduction Act signed into Law by President Biden will cause many changes in Medicare 2025 Plans. Plans will be mailing out a Notice of Changes in September for the 2025 plan year which will be effective January 1, 2025. Please make sure to read these changes carefully.
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