Medicare Premiums 2025: Wondering about your Medicare premiums for the upcoming year? In 2025, Social Security benefits and SSI payments will increase by 2.5%. While this may not seem substantial, retirees can expect an additional $50 per month starting in January.
This increase is part of the annual cost-of-living adjustment (COLA), designed to help beneficiaries keep up with inflation. Social Security Commissioner Martin O’Malley noted that this increase will help millions manage expenses, even as inflation begins to ease.
#Medicare Guidance Season Begins, by @JaeOhCFP https://t.co/gzTcoYzcdz pic.twitter.com/DkhlPiQwss
— Maximize Your Medicare (2024-2025 Edition) (@MaxYourMedicare) September 26, 2024
At this point, you’re probably wondering about your Medicare premiums. While details for 2025 haven’t been released yet, here’s what we know: If you’re enrolled in Medicare and receive Social Security, your benefit amount, including any Medicare premium deductions, will be available in late November. You can check this by logging into your my Social Security account.
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If you haven’t opted for online notifications, don’t worry—you’ll receive a letter with the updated numbers in December. Also, if you haven’t created a my Social Security account, do so by November 20. It’s an easy, secure way to stay informed and set up alerts for important updates like your COLA notice.
Simpler COLA notices and a 2.5% increase
Another fascinating fact for you to know is that Social Security is streamlining the COLA notice as of this year. Now reduced to a single page, it contains all the essential information you require, including precise dollar amounts and significant dates, and is written in simple language.
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Visit www.medicare.gov for further information if you’re interested in learning about any additional Medicare changes for 2025. The Medicare-specific updates will be shared here, assisting you in determining the precise amount you will be responsible for paying in premiums and any other adjustments.
To put it briefly, the 2.5% increase in Social Security should provide you with some extra breathing room to manage your medical expenses in the upcoming year. For all the updates, keep a watch on your my Social Security account.
