Will the cost of my Medicare go up every year?
The cost of Medicare is decided by the government. This cost will vary from year to year and is generally based on only a few factors:
- Medical inflation.
- Your age.
- Cost-of-living adjustment.
The benefits covered by the plan you chose generally don’t change very much from year to year. However, what may change from year to year is the amount you pay for premiums, copays, and deductibles. These are adjusted according to the Social Security Act and are generally based on the 2 factors listed above.
Most companies also have a rating system that affects the premiums in Medicare Supplements.
- Attained Age- The cost of the premium at initial enrollment is based on your age and will continue to rise as you get older.
- Community Rate- The cost of the premium is charged to everyone regardless of age.