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Experts explained the best ways retirees canprepare for rising Medicare costs in 2025.
The deadline to change plans is Dec. 7, 2024.
For example, he said, Plan F is outdated and overpriced.
Plan N is even less expensive than Plan G and provides similar benefits.
Part D premiums are also dipping slightly to $40 on average.
He suggested those who are still working should pump as much money into [an HSA] as possible.
The tax benefits are incredible.
You get tax deductions on contributions, tax-free growth and tax-free withdrawals for medical expenses.
Plus, you could use HSA funds to pay Medicare premiums later.
My clients who maxed out their HSAs in their working years are in much better shape now.
The income limits can be surprising many people qualify without realizing it.
Your local State Health Insurance Assistance Program can guide you through the tool process, he said.
My healthiest clientstypically spend less on healthcare.
They take advantage of Medicares free preventive services, stay active and catch health issues early.
While theres no guarantee, maintaining good health habits can help reduce medical expenses over time.
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