Were you surprised to receive a Medicare IRMAA letter from the Social Security Administration? Beware that certain income levels can increase your Medicare premium by up to 286% - an increase called "IRMAA." And yet, some people might still pursue this increase. If you're among the 8% of all Medicare participants who received an "IRMAA" letter, here's what you need to know.
It's the time of year again to review Medicare options. The Open Enrollment Period — which begins on October 15 and runs through December 7 —is an opportunity to switch to a better Medicare health and prescription drug plan. Let's review the Open Enrollment Period options and look at changes to Medicare benefits for 2025.
Let's explore how you can maximize the benefits of your HSA to effectively manage healthcare costs during your Medicare journey, including using HSA funds to pay for certain Medicare premiums, coinsurance, deductibles, and out-of-pocket drug costs.