Will the cost of my Medicare go up every year?
The government determines the cost of Medicare, which fluctuates annually based on two main factors: Medical Inflation and the Medicare beneficiaries age, along with the cost-of-living adjustment.
While the benefits provided by your chosen plan remain relatively stable each year, the expenses you incur for premiums, copays, and deductibles may change. These adjustments are made in accordance with the Social Security Act and are primarily influenced by the aforementioned factors.
Additionally:
Private companies utilize a rating system that impacts the premiums in Medicare Supplements:
- Attained Age: Your initial premium cost is determined by your age and increases as you grow older.
- Community Rate: The premium cost is the same for all individuals, regardless of age.
Medicare Advantage (or Part C) plans are private plans. Out-of-pocket costs can vary by plan and change every year. All Part C plans have a maximum out-of-pocket spending limit that is set annually.
If you need help figuring out what plan is best for you, please contact Beck Insurance Agency in Archbold or Whitehouse, Ohio. We can discuss plans and how they are rated and help find the one that is right for you. Call 419-446-2777, email us at help@beckinsurance.com, or click here to submit your request.
Beck Insurance Agency will search through our network of insurance carriers. This means when better coverage or lower rates are available, you reap the benefits. Beck Insurance Agency puts the power of independence to work for you. We have access to dozens of top-rated, financially strong and respected insurance carriers, ensuring you get the coverage that’s best for you at the fairest possible rate. You get more for less with the power of independence at Beck Insurance Agency!
