Will my Medicare premiums increase every year?
The government determines the cost of Medicare, and they adjust these annually based on two main factors. These are Medical Inflation and the Medicare beneficiaries age. They also consider an annual 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 two rating systems 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 reach out for an appointment. We can discuss plans and how they are rated and help find the one that is right for you.
For more information contact the Beck / Frost Insurance Agency. Call us at 419-446-2777, send an email to help@beckinsurance.com, or click here to submit your request today! You can also stop by and see us at one of our four convenient locations in Archbold, Napoleon, Holgate, or Whitehouse.
We do not offer every plan available in your area. Currently, we represent 10 organizations that offer 6,584 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
The Beck / Frost Insurance Agency is ready to help seniors throughout Archbold, Napoleon, and Wauseon, OH looking for Medicare Supplements and Medicare Advantage Plans. When it’s time for enrollment, you might feel pressured to choose something quickly even if you don’t fully understand the difference in plans. Let Beck Insurance Agency help you with understanding the right plans, as well as find competitive pricing.
