Plus, if you’re in the top 7-8% of income earners, there’s IRMAA in addition to the premium.
https://www.thestreet.com/retirement/retired-workers-to-see-shocking-change-to-medicare-in-2026
intercst
3 Likes
“The projected jump to $206.50 in 2026 may be just the beginning. According to the Medicare Trustees, monthly Part B premiums are expected to continue rising, reaching $347.50 by 2034 — a $141 monthly increase per person over nine years.”
That would work out to be an average $14 increase per year (and less when adjusted for inflation). Is that considered “shocking”?
DB2
2 Likes
This stuff is not factual.
Several years ago, I foresaw a situation where the average SS check is entirely consumed by the Medicare premium.
According to the media, everything is “shocking” and “alarming”.
Steve
2 Likes
I think you missed the word “monthly”. The trump budget projects that in nine years the average American will be paying an additional $1,691 (12 x 141) per year on top of their current Medicare B fee.
For a lot of retirees who didn’t save enough that probably qualifies as “shocking”.
4 Likes
His phrasing was ambiguous. I think he meant a $14 per year increase of the monthly, so after 10 years it would be $140 increase per month. Just a minor point.
Medicare is still the best insurance out there in terms of efficiency (i.e. least overhead). I didn’t realize until I retired just how much the medical benefit at work really helped us. I’m on the ACA right now, and it’s expensive without government tax credits (PTC). I’m really looking forward to Medicare (in less than 3 years) as it will save a lot of money compared to private insurance. The ACA isn’t a great system, but it’s better than what we had before.
What’s really “shocking” is that we don’t know what the future holds. Fiscal policies could dramatically increase that estimate for part B inflation. Heck, if the Felon (and similar people) continue to increase the debt with their tax cuts for billionaires, we could see some serious slashing to Medicare and SS. Simply because at some point they will have no alternative but to do it.
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$14 a monthly hopefully isn’t shocking. There is also Medicaid for those to whom it is.
DB2