Page 26 THE MALDEN ADVOCATE–Wednesday, November 27, 2024 For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net avvya yavvy en r avvy S iorniiooro vy io y Dear Savvy Senior, I know there will be a small 2.5 percent cost-ofliving increase in Social Security benefi ts next year, but what about Medicare? What will the Medicare Part B monthly premiums be in 2025, and when do the surcharges kick in for higher income benefi ciaries? Medicare Benefi ciary Dear Benefi ciary, The Centers for Medicare and Medicaid Services recently announced their cost adjustments for 2025 and the increases for premiums and out-of-pocket costs for most benefi ciaries will be moderate. But if you’re a high earner, you’ll pay signifi cantly more. Here’s what you can expect to pay in 2025. Part B Premium While Medicare Part A, which pays for hospital care, is premium-free for most benefi ciaries, Part B, which covers doctor visits and outpatient services does have a monthly premium. Starting in January, the standard monthly Part B premium will be $185, up from $174.70 in 2024. That $10.30 bump represents a 5.9 percent increase, which is more than double the most recent Social Security cost-of-living adjustment which was 2.5 percent. But if you’re a high earning benefi ciary, which makes up about 8 percent of all Medicare recipients, you’ll have to pay more. Medicare surcharges for high earners, known as the income-related monthly adjustment amount (or IRMAA), are based on adjusted gross income (AGI) from two years earlier, which means that your 2025 Part B premiums are determined by your 2023 AGI, which is on line 11 of the IRS tax form 1040. Here’s how it breaks down. If your 2023 income was above $106,000 up to $133,000 ($212,000 up to $266,000 for married couples fi ling jointly), your 2025 Part B monthly premium will be $259. Monthly Part B premiums for singles with an income between $133,000 and $167,000 ($266,000 and $334,000 for joint fi lers) will rise to $370. iori by Jim Miller What You’ll Pay for Medicare in 2025 Individuals earning above $167,000 up to $200,000 ($334,000 to $400,000 for joint fi lers) will see their monthly Part B premium increase to $480.90. Those with incomes above $200,000 up to $500,000 ($400,000 to $750,000 for joint fi lers), will pay $591.90 per month in 2025. And single fi lers with income of $500,000 or more ($750,000 or more for joint filers) will pay $628.90 per month. Part D Premium If you have a stand-alone Medicare (Part D) prescription drug plan, the average premium in 2025 will be $46.50 per month for most benefi ciaries, down from $53.95 in 2024. But again, for high earners with annual incomes above $106,000 ($212,000 for joint fi lers) you’ll pay a monthly surcharge of $13.70 to $85.80 (based on your income level) on top of your regular Part D premiums. How to Contest Income Benefi ciaries that fall into any of the high-income categories and have experienced certain life-changing events that have reduced their income since 2023, such as retirement, divorce or the death of a spouse, can contest the surcharge. For more information on how to do this, see “Medicare Premiums: Rules for Higher-Income Benefi ciaries” at SSA.gov/benefi ts/medicare/medicare-premiums.html. Other Medicare Increases In addition to the Part B and Part D premium increases, there are other cost increases you should be aware of. For example, the annual deductible for Medicare Part B will be $257 in 2025, which is $17 more than the 2024 deductible of $240. And the deductible for Medicare Part A, which covers hospital services, will increase to $1,676 in 2025. That’s $44 more than the 2024 deductible of $1,632. There are no surcharges on Medicare deductibles for high earners. For more information on all the Medicare costs for 2025 visit Medicare.gov/basics/costs or call 800-633-4227. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior. org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. Hearts, Hugs & Hope: An Alzheimer’s Support Group at Forestdale Park Senior Living D ecember 17, 2024, 5:30 pm, at Forestdale Park Assisted Living and Memory Care Community, 341 Forest Street, Malden. Our support group for caregivers meets in person at Forestdale Park. Dealing with Alzheimer's disease and related dementia isn't easy, so it is helpful to share your concerns and personal experiences with others who completely understand what you're going through. You will also learn about proven strategies to help you better care for your family member. RSVP to 781-333-8903 or reception@forestdalepark.com. Forestdale Park Senior Living is a project of the nonprofi t Volunteers of America Massachusetts, which has supported local seniors with specialized services for over 75 years. - LEGAL NOTICE - City of Malden Massachusetts Board of Appeal 215 Pleasant Street Malden, Massachusetts 02148 Telephone 781-397-7000 x2104 MALDEN BOARD OF APPEAL PUBLIC HEARING The Malden Board of Appeal will hold a public hearing on Wednesday, December 18, 2024 at 6:30 pm at Malden City Hall, 215 Pleasant St, Room #106 Herbert L Jackson Council Chambers, Malden, MA on Petition 24-013 by Mystic Valley Regional Charter School seeking an appeal under Code of the City of Malden as amended – Title 12 Section 12.32.040 (A) (3) to hear and decide appeals of decisions made by the Inspector of Buildings or other administrative official - Specifically the decision of Building Commissioner, Nelson Miller dated 10/23/2024 Re: the Gym Project. As per Plans Res-064150-2024 at the property known as and numbered 31 Granite Street, Malden, MA and also known by City Assessor’s Parcel ID #133-663-303 Additional information, Petition & plans available for public review in the Office of Inspectional Services, 215 Pleasant St., 3rd floor, Malden, MA or online at www.cityofmalden.org or https://maldenma-energovweb.tylerhost.net/apps/SelfService#/ home Nathaniel Cramer, Chair November 22, 27, 2024 Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma
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