Most all Americans rely on medicare during their retirement as a means of subsidizing or paying for their healthcare. This year is more critical than ever as changes hit medicare payments because the U.S. is seeing a spike in inflation that eats at retirement funds and might put many in a bind. Medicare costs are split into two main categories: Part A, hospital coverage and Part B, outpatient care. Most don’t pay for a Part A premium and for those that don’t meet the work requirements costs aren’t changing much about $28 for the year, but Part B is a different story. For the lowest income category, the payment is up to $21 a month, and that only increases as tax returns increases. Individuals should appeal their part B premium if their income had a significant change.
FINSUM: These healthcare cost changes are huge, and retirees need to address them in their portfolio given spiking prolonged inflation.