Medicare Costs Are Rising. Here's How to Prepare
Late last year, seniors on Social Security got some great news -- their benefits would be getting a 5.9% increase, representing their largest raise in decades. But that good news was quickly dashed by a follow-up announcement -- that Medicare Part B premiums would be rising substantially in 2022, thereby wiping out a chunk of that cost-of-living adjustment.
Medicare hikes are by no means an anomaly. But over the years, the cost of healthcare under Medicare has been growing increasingly expensive, putting a huge burden on seniors who get the bulk of their income from Social Security in particular.
In fact, new data from the Employee Benefit Research Institute reveals that based on 2021 data, a 65-year-old man needs $79,000 in savings for a 50% chance of having enough money to cover Medicare premiums and median prescription drug costs. A 65-year-old woman, meanwhile, needs $103,000.
Source Fool.com
