You get a lab test done only to find out that the cost has increased from previous years. As confusing as the Medicare program is, it is equally perplexing as to why costs continue to increase.
Medicare is funded by payroll and income taxes, Medicare premiums and congressional funds. Based on the accumulated funds and factors like inflation, the provisions of the Social Security Act determine Medicare premiums and cost of services. If taxes and congressional funds are not enough and inflation is trending upwards, Medicare premiums will increase as a result.
In addition, over 10,000 people turn 65 every day in the US, which means that more people rely on Medicare to cover their healthcare needs. More beneficiaries lead to increased spending on physician-administered drugs. Healthcare services costs increase to keep up with demand.
You can reduce your healthcare costs by reviewing your Medicare plans and comparing them to other plans. If you only have Original Medicare (Parts A and B), see if you can benefit from Medigap or a Medicare Advantage Plan.
COPELAND INSURANCE GROUP
1360 South Beretania St., Ste. #209, Honolulu, HI 96814
O: 808-591-4877 | F: 808-354-0512
josie@copelandgroupusa.com
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