This year, high-income retirees can expect to shell out even more money to cover their Medicare premiums.
That’s because as of 2018, there is a shift in the income brackets that are used to determine how much older Americans will pay for their Medicare Part B and Part D coverage, according to a recent analysis by HealthView Services, a provider of health-care cost projection software.
Medicare Part B covers preventive services and doctor visits, and Part D covers prescription drugs.
These surcharges could take a bigger bite out of present and future retirees’ income than they may have expected.
A 55-year-old couple, where each spouse earns $70,000, could anticipate seeing their lifetime Medicare surcharges rise by almost $122,000 due to changes to how the health-care program charges its beneficiaries, HealthView Services found.
Medicare costs may rise by more than 200 percent for the highest earners.
“The fear is that things will continue along these lines where future retirees will be responsible for more and more of their medical costs and will be receiving less in terms of compensation,” said Ron Mastrogiovanni, CEO of HealthView Services.
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