If you’re on Medicare or planning to join next year you’ve probably heard that costs are going up in 2025. From premiums to deductibles things are getting pricier. But don’t worry—at Medicare Advisors Insurance Group LLC we’re here to help you understand what this means for your budget. Let’s break it down in simple terms so you know what to expect and how to keep your healthcare costs manageable.
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What’s Changing with Medicare Costs in 2025?
When we talk about the “Medicare increase” we’re talking about rising costs for things like premiums and deductibles. So if you’ve got Medicare Part B Medicare Part D or a Medicare Advantage (Part C) plan—there’s a good chance you’ll see some increases. Here’s a closer look at what’s changing and how it might affect you.
Medicare Part B – Higher Premiums and Deductibles
Medicare Part B covers basics like doctor visits and outpatient care. The bad news? It’ll cost a bit more in 2025. Here’s what’s up:
- Monthly Premiums – Expect a bump in your monthly Part B premiums. It might not be huge but every dollar counts.
- Annual Deductible – The deductible for Part B is also increasing so you’ll pay a bit more out of pocket before Medicare steps in.
“A lot of folks think Medicare is a bargain until they see the price tags going up every year” says Henry Beltran owner of Medicare Advisors Insurance Group LLC. “But hey—we’re here to make sure you get the most out of what you’re paying for!”
Why These Changes Can Be Frustrating
More money out of your pocket isn’t anyone’s idea of fun. But if you’re the type who enjoys a good budgeting challenge this might be right up your alley. Henry even jokes “If you love math calculating these new costs might be your next favorite hobby!”
Medicare Part D – Rising Prescription Drug Costs
Prescription drugs aren’t getting cheaper and Medicare Part D is going up too. If you rely on medications here’s what you need to know:
- Higher Monthly Premiums – Part D premiums are increasing depending on your plan.
- Bigger Deductibles – Some plans will have higher deductibles meaning you’ll pay more out of pocket before your coverage starts.
- The Donut Hole – The “donut hole” (aka the coverage gap) is getting pricier. You’ll pay more during this gap period until you hit the limit and get catastrophic coverage.
“Nothing makes clients sigh louder than hearing they’re entering the donut hole—and no it’s not filled with actual donuts” jokes Henry. “But we’re here to help you manage these costs as best we can.”
The Downside of Medicare Part D Changes
No one’s thrilled about paying more for medications but at least you’re covered right? We’ll help you find ways to cut down on these higher drug costs so you’re not spending a fortune on meds.
Medicare Advantage (Part C) – More Out-of-Pocket Costs
Medicare Advantage plans are popular since they often include extra perks. But in 2025 some plans will likely come with a few cost bumps. Here’s what to watch for:
- Monthly Premium Increases – Some Advantage plans are raising monthly premiums a bit.
- Higher Out-of-Pocket Maximums – Many Advantage plans have a cap on how much you pay each year and some of those caps are going up.
- Adjustments to Benefits – Certain Advantage plans may change what they cover meaning you might see higher co-pays or fewer covered services.
“People love their Advantage plans until they see that little ‘premium increase’ notice” laughs Henry. “But we’ll make sure you’re not stuck in a plan that isn’t giving you good value.”
The Catch with Medicare Advantage
Paying more for less is never ideal but that’s where we come in. We’ll help you find the plan that makes the most sense for you—even if it means switching things up a bit.
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How to Handle These Medicare Cost Hikes in 2025
The good news? You’ve got options. Here are some tips to help manage these Medicare cost increases:
- Review Your Plan Every Year – Medicare Advantage and Part D plans change annually so it’s smart to compare your options each year.
- Look into Extra Help Programs – Programs like Medicare Savings and Extra Help for Part D might help lower your costs if you qualify.
- Consider Medigap Plans – Medigap (also called Medicare Supplement plans) can help cover those out-of-pocket expenses that Original Medicare doesn’t.
- Get Advice from a Medicare Expert – That’s what we’re here for—Henry and the team at Medicare Advisors Insurance Group LLC can help you find the most affordable and useful plan for your needs.
“Our goal is to keep our clients informed without making them feel overwhelmed” Henry says. “It’s about getting the best coverage for your needs without stretching your budget too thin.”
Key Dates for Making Medicare Plan Changes
Want to make sure you’re not caught off guard? Mark these dates:
- Medicare Open Enrollment Period – October 15 – December 7 2024
- This is the main time to switch up your Medicare plan for next year.
- Medicare Advantage Open Enrollment Period – January 1 – March 31 2025
- If you’re on Medicare Advantage you can make one change during this period.
Remembering these dates means you’ve got a chance to make adjustments if your plan’s costs become a problem.
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Final Thoughts on Facing the Medicare Increase in 2025
Rising healthcare costs are no one’s favorite topic but knowing what to expect makes it a little easier. “It’s like a game of whack-a-mole with healthcare costs popping up all over” says Henry. “But you don’t have to go at it alone—we’re here to help you find the right plan without the stress.”
At Medicare Advisors Insurance Group LLC we’re all about making Medicare simple. We want you to feel like you understand your options without feeling like you need a PhD in Medicare.
