The Medicare Trustees Report for 2019 was just released and the following table shows Medicare Part B premium estimates through 2028. You can see in the table below (page 189 of the report) that the current Medicare Part B monthly premium for 2019 is $135.50 per person and they anticipate this to increase to $226.50 per person by 2028. This is an estimated increase of almost 6% per year. See the table:
These premiums are just the lowest tier of premiums based on income. Amazingly, this $453 (per couple in 2028) does not include your Part D premium or Medigap/Medicare Advantage premiums. Once you include those, you are likely looking at $1,000 per month at a minimum in health insurance premiums or potentially far more depending on your income level. And that’s before you even see a doctor.
Yikes! How are you planning for this?
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I am a Financial Advisor in Pittsburgh and a CERTIFIED FINANCIAL PLANNER™ professional with Shorebridge Wealth Management. I enjoy helping clients and readers find sensible answers to retirement’s big questions. If I can answer any questions for you, feel free to Contact Me or if you think you might be a fit for our practice, see Who We Serve.