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Medicare recipients who take expensive prescriptions will get a break this year with a $2,000 cap on drug costs. The cap will reduce out-of-pocket spending for potentially millions of older ...
In the first year of the cap, about 3.2 million Medicare recipients are likely to see lower costs due to the new rule, particularly seniors who take multiple medications or have high-cost ...
Luckily, recipients can expect a 2.5% increase in their monthly benefits beginning in January 2025. A 2.5% increase is below the average COLA since it became annual in 1975, but it could also be ...
Going forward, out-of-pocket drug costs are capped at $2,000 a year for people with Medicare Part D drug plans or the prescription drug coverage in Medicare Advantage plans, according to Medicare.gov.
3. Maximum Social Security benefit also set to increase. The maximum Social Security benefit for a worker retiring at full retirement age will increase from $3,822 in 2024 to $4,018 in 2025. This ...
The jump in the 2025 Medicare Part B premium outpaces both inflation and the Social Security cost-of-living adjustment (COLA). Annual inflation rose 3.2% in October and COLA for 2025 will be 2.5% ...
Sometimes those premiums go down and sometimes they go up — and in 2024, they are going up. ... $146 based on the 2023 COLA. Many Social Security recipients won’t even get the full COLA next ...
In fact, next year's 2.5% bump is higher than the 2010's average COLA of 1.4%, and is similar to the average since 1983 (after the soaring inflation of the preceding decade). What it means for ...