GREENSBORO, N.C. — The price of Medicare is going up starting in 2025. Next year the premium for Part B will be increasing by $10.30 per month. That’s about a 6 percent increase. And the annual deductible for Plan B is also going up. It will increase from $240 dollars to $257.
The reason for the 2025 premium and deductible increases is due to "projected price changes and assumed utilization increases that are consistent with historical experience," according to the Centers for Medicare & Medicaid Services.
These aren't huge increases. But if they are enough to put you in a financial bind, you probably qualify for help. In North Carolina, Medicare Savings Programs (MSPs) are available to help lower-income seniors cover Medicare premiums, deductibles, coinsurance, and copayments. Eligibility is based on income and asset limits, and there are four types of MSPs: Qualified Medicare Beneficiary (QMB), Specified Low-Income Medicare Beneficiary (SLMB), Qualifying Individual (QI), and Qualified Disabled Working Individual (QDWI).
According to Medicare’s website, here is a breakdown of eligibility criteria for each program:
- Qualified Medicare Beneficiary (QMB):
- Helps cover Part A and Part B premiums, deductibles, copayments, and coinsurance.
- Monthly income limit: $1,275 for individuals, $1,724 for couples.
- Asset limit: $9,430 for individuals, $14,130 for couples.
- Specified Low-Income Medicare Beneficiary (SLMB):
- Covers Medicare Part B premiums.
- Monthly income limit: $1,526 for individuals, $2,064 for couples.
- Asset limit: $9,430 for individuals, $14,130 for couples.
- Qualifying Individual (QI):
- Also helps cover Part B premiums, but limited to first-come, first-served.
- Monthly income limit: $1,715 for individuals, $2,320 for couples.
- Asset limit: $9,430 for individuals, $14,130 for couples.
- Qualified Disabled and Working Individual (QDWI):
- Helps pay the Part A premium for certain individuals under 65 who have a disability and are working.
- Monthly income limit: $5,105 for individuals, $6,899 for couples.
- Asset limit: $4,000 for individuals, $6,000 for couples.
Here's how you find out if you qualify and sign up. Call this number for North Carolina Medicaid. 1-888-245-0179. The catch is that you have to act fast. Open enrollment ends on December 7th.