Those nearing retirement age have a lot to look forward to – including qualifying for Medicare. If you’re retired before the age of 65, you know paying for an insurance plan out of pocket can be quite expensive, costing $1,000 or more per month. When you hit 65 and qualify for Medicare benefits, you can reduce your healthcare costs significantly. Even when you combine the standard premium for Part B – $164.90 in 2023 – with Part D and a supplemental policy, Medicare is a cheap form of health insurance for most people.
However, there are certain situations where the Medicare Part B premium can increase that are important to understand in order to properly budget for healthcare in retirement. In many cases, you can appeal higher premiums and get surcharges removed. Read on to learn more about why the Medicare Part B Premium might be increased for you and what you can do to keep costs manageable.