Question: I started collecting Social Security and signed up for Medicare this year. What happens in 2025?

Answer: It is that time of year when lots of new information is announced. I am very pleased that we have the answers to these questions. It is useful to know what your premiums and other cost shares for Medicare will be when considering your insurance options.

Social Security announced their 2025 Cost of Living Adjustment (COLA) and the increase is 2.5%. That means your Social Security Benefit (gross amount) will go up by 2.5%. That becomes a $25 increase on a $1000 benefit, your amount will most likely be different than $25.

How much your increase is in actual dollars is different depending on what you receive as a Gross Social Security Benefit.

This COLA increase will most definitely cover the increased premium you will be seeing in your Medicare Part B premium, which in January is going up to $185. That is just over $10 a month more than 2024.

In addition to the premium changing, all the other amounts change as well. The Medicare Part A premium is $0 for most enrolled in Medicare. If you have a work history of ten years (40 quarters) or more you have no premium for Medicare Part A. If you have less than a ten year work history there are premiums you pay for Medicare Part A. For those individuals with a 30 to 39 quarters of work history the 2025 Medicare Part A premium will be $285. For those with 29 or less quarters of work history their Medicare Part A premium is the full premium of $518 per month.

Medicare Part A does have a deductible when you are hospitalized, and in 2024 you will pay $1676 to meet that deductible for the first 60 days of care.

Medicare Part A also covers Skilled Nursing Admissions after a hospital stay for up to 100 days. In 2024 the first 20 days continue to be covered in full and then days 21 to 100 will have a co-pay of $209.50 per day.

Medicare Part B for most individuals, like I said, increased to $185. Those individuals with an income over $106,000 and couples with an income over $212,000 pay more for their Medicare Part B and Part D premiums. This additional amount is called an IRMAA (Income Related Monthly Adjustment amount). For these individuals the letter they receive in the mail from SSA will address their new premiums rates and how that is paid.

When individuals access care, their Medicare Part B deductible in 2025 will be $257 which is a $17 increase from 2024. After the deductible is met it continues to be an 80/20 split with Medicare Part B paying the 80%. There are some services that are considered preventative that Medicare will cover in full.

This and lots of other useful coverage information is outlined in the Medicare & You handbook you recently received in the mail or maybe in your email inbox.

You should be hearing from Social Security in the coming weeks, probably late November or early December, as to what your actual Social Security 2025 monthly benefit will be. They send everyone a letter in the mail to review this information.

Since this is your first year collecting Social Security all this is new to you! Now that you have begun collecting SS benefits, you will get used to the timelines that go along with those benefits.

It is also my hope that you have health insurance (Medicare) and that you are watching those changes to your coverage. The opportunity to change that Medicare Insurance Coverage is October 15 to December 7 each year. So don’t forget to think about those decisions for 2025.

Janell Sluga is a Geriatric Care Manager helping seniors in our community access services and insurance. To reach her, please email editorial@post-journal.com.