2025 Medicare and Social Security updates
The government recently announced the increases to Social Security and Medicare for 2025. Next year, Social Security checks will increase by 2.5%. Medicare Part B’s premium will increase to $185.00, up $10.30 from 2024.
Medicare Part B: Updated deductible
The Medicare Part B deductible will increase by $17 to $257 per year. The Part B deductible applies to those who have Original Medicare A & B, not those who have opted into a Medicare Advantage (Part C) plan.
Medicare Income Related Monthly Adjustment Amount (IRMAA)
The income brackets for Medicare Part B & Part D premiums will increase as well in 2025. Medicare beneficiaries with incomes in 2023 above $106,000 if filing taxes individually or above $212,000 in filing a joint return will pay an additional cost for Medicare called IRMAA (Income Related Monthly Adjustment Amount). The cost of both Medicare Part B and Part D are adjusted based on which of 6 income brackets you fall within.
Medicare Part D: No More Donut Hole!
The Medicare Part D, Prescription coverage, deductibles, and coverage limits are also updated annually. Not all Part D plans have a deductible but the highest deductible possible is $590 in 2025. A key tenant of the Medicare portion of the Inflation Reduction Act, beginning in 2025 the Coverage Gap or “Donut Hole” will no longer exist. All Medicare beneficiaries will be capped at $2,000 maximum out-of-pocket at the pharmacy. The $2,000 cap applies to deductibles, co-pays and coinsurances paid for medications on your Part D plan’s formulary and does not include non-prescription vitamins or supplements.
In New Jersey for 2025, we represent 11 different insurance carriers that offer 89 Medicare Part D and Medicare Advantage products. We also offer Medicare Supplement plans through 12 insurance carriers. If you or anyone you know need help with your Medicare coverage options for 2025 please feel free to reach out to New Jersey Medicare Brokers.
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