Do Medicare Premiums go up each year?
Before answering you must understand that the cost of Medicare is actually decided by the Federal Government. The average rate increase over the last several years has varied between 2-5% each year. Factors that are used to help determine these rates are generally 1) medical inflation, 2) client age (“attained age”), and 3) geographic location in regards to any cost of living adjustments.
Regarding item 2, some insurance companies use a “community rate“, which means once you’ve reached a certain age your rated age stays put at future renewals.
Benefits in the plans usually do not change much from year to year, however in addition to possible rate changes your co-pays and deductibles could potentially be affected.
This is why an annual review of your plan and coverages can be beneficial. To review your plan and to determine which plans are best for you please contact Lori Good at Beck Insurance Agency to schedule a review of your Medicare insurance. Call 419-446-2777, email us at email@example.com, or click here.