Medicare provides health coverage for roughly 57 million older adults and nearly 8 million younger adults with disabilities. A totally of nearly 66 million Americans. Approximately 5,000,000 of which live in Florida. This insurance has been mostly paid for by taxes, but only partly. Medicare Part B was not fully funded with tax dollars and has a monthly premium.
The 2024 Medicare part B base premium will be $174.70. This is an almost $10 increase from the $164.90 base premium in 2023.
When you add this onto the average $185/mo Medicare Supplement premium in Florida, and the $45/mo Part D premium, Medicare can get expensive quickly. This means the average beneficiary in Florida is paying about $400/mo for their Medicare insurance, and a married couple is paying about $800/mo. When you take into consideration the average Social Security check is only $1,700/mo, that eats into the monthly budget fast.
What many Floridians opt to do to help with the cost of insurance is choose a Medicare Advantage plan. Every county in the state has at least one plan with a $0/mo premium, and many counties even have plans that refund part or all of the Part B premium. This extra $185-$300+/mo can make a real difference in in the financial lives of someone on a fixed income.
However, monthly premiums alone are not enough to fully analyze the cost of any Medicare plan. One must also look at the out-of-pocket cost, like copays and deductibles, as well. And also doctor networks.
The Coast of Living Adjustment for Social Security checks will be raised by 3.2% as well, so it will help some. But with rising costs we cannot realistically expect Medicare to buck the trend. Our balancing act must go on.
To assist, it is recommended that you consult a local Medicare broker in Florida that represents more than one plan to help control your costs. With record inflation over the past 3 years, healthcare costs can easily spiral out of control if you do not actively work to keep them down. There are reported to be major changes to plans next year, from benefits being cut, to Part D formulary changes, and doctor networks shifting. Be proactive, and shop your plan this year.
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