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Medicare Is Not Going Away, but Healthcare Costs Are Definitely Rising! - Yahoo! Finance
Those of you on Medicare, who watched as your monthly premium for Part B (outpatient medical services) went from $164.90 per month in 2023 to $202.90 per month in 2026, are acutely aware of the rising cost of American healthcare. Now, in their most recent analysis, the Trustees of Medicare predict that the reserves which supplement Medicare Part A (for inpatient hospitalization) costs will run dry in 2033. But don’t panic – that does not mean that Medicare is going away! The more immediate concern for retirees is rising healthcare costs rather than trust fund depletion.
This Yahoo! Finance article by Tanya Rawat explains that Medicare spending is projected to grow by 8.5% annually over the next few years, and Medicare Part D (prescription drugs) spending is expected to go up by about 9.4% yearly. Those will almost certainly result in rising Medicare premiums, which has far outpaced inflation in recent years. That, coupled with the propensity of Medicare Advantage plan providers to initially deny needed coverage, portends a dismal outlook for healthcare costs in the United States. As the article suggests, the best way to cope with this is to focus on preparation for the inevitable increase in your healthcare costs, using the techniques offered in this article.