Medicare Premiums Will Rise In 2025
November 14, 2024
Senior citizens will have to deal with a spike in their Medicare premiums.
The cost of Medicare, Part B, is rising in 2025, according to the Centers for Medicare & Medicaid Services (CMS.) Medicare is a supplemental service given to American citizens, usually 65 years old, who qualify for retirement.
CMS explained on its site how and why the premiums and deductible costs will rise in the coming year:
“Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $185.00 for 2025, an increase of $10.30 from $174.70 in 2024. The annual deductible for all Medicare Part B beneficiaries will be $257 in 2025, an increase of $17 from the annual deductible of $240 in 2024.
The increase in the 2025 Part B standard premium and deductible is mainly due to projected price changes and assumed utilization increases that are consistent with historical experience.”
The cost will affect all senior demographics, including those who are married, single, employed or unemployed. While some will pay out of pocket for the expense, Senior citizens who receive Social Security benefits will see the deduction in their benefit payment.
“Medicare enrollees who are already getting Social Security benefits can expect the new 2025 Part B premium to be automatically deducted from their Social Security checks in January.”
Medicare consists of 2 parts, A and B. Part A partially covers hospital bills, and Part B comprises mostly outpatient services. Regular screenings, home health services, doctor visits, and outpatient services will now carry a higher expense.
CMS will be holding an online information session on Nov. 13 at 2 p.m. ET. The “Ambulance Open Door Forum” will discuss the rising fees and explain the particulars to recipients.
The price hike may seem small to some, but to others, the increase may mean sacrificing an essential item such as food.
BLACK ENTERPRISE recently reported on Senior citizens in Atlanta who are facing food insecurity. The Atlanta residents receive supplemental food assistance from the Commodity Supplemental Food Program. Like other American Seniors, they are not always able to afford groceries on limited incomes.
BE reported, “Atlanta is not the only city battling food insecurity among seniors. The nonprofit organization Feeding America is working to help seniors across the nation. As the elderly population grows, so do the issues of hungry citizens.”
Linda Nageotte, President of “Feeding America” spoke about how lack of access impacts health.
“Food insecurity is closely tied to health, which becomes especially critical as we age. Addressing food insecurity among seniors would help reduce chronic health conditions and could result in healthier communities overall.”
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