Rising Medicare premiums set to squeeze Social Security checks: 'This is gonna hurt'
Millions of Americans relying on their Social Security checks for income may soon face a painful reality. The premium for Medicare's Part B, which covers doctor visits and other outpatient services, is expected to jump 9.7% in 2026, pushing the monthly charge above $200 for the first time.
The hike will not only increase the monthly premium but also mean that seniors' Social Security checks may not go as far as they could due to the reduced purchasing power from the increased Medicare costs. The impact is set to be particularly severe, with the Part B deductible increasing by about 10% and rising above $283 next year.
The increase in Medicare premiums is largely driven by rising healthcare costs, which have seen Americans spending an average of $1,514 on out-of-pocket health care expenses in 2023 - a rise of 9% from 2020. The Centers for Medicare & Medicaid Services attributes this to both underlying inflation and increased demand for medical services.
In contrast, the Social Security cost-of-living increase (COLA) has been set at just 2.8%, which will boost the average Social Security paycheck by $56 per month. However, the impact of the higher Medicare premium is expected to erode this COLA, leaving seniors with a reduced purchasing power.
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, warns that many rely on their Social Security checks for most or all of their income. "This is gonna hurt," he says.
The increase in health care premiums will also affect working adults who receive their insurance through the Affordable Care Act (ACA) marketplaces. If Congress fails to extend premium tax credits, which help lower the cost for many, Americans could see their costs more than double in 2026.
While workers with employee-sponsored coverage are likely to face higher healthcare premiums next year, most are expected to pay around 6% to 7% more for their plans according to an analysis from Mercer.
Millions of Americans relying on their Social Security checks for income may soon face a painful reality. The premium for Medicare's Part B, which covers doctor visits and other outpatient services, is expected to jump 9.7% in 2026, pushing the monthly charge above $200 for the first time.
The hike will not only increase the monthly premium but also mean that seniors' Social Security checks may not go as far as they could due to the reduced purchasing power from the increased Medicare costs. The impact is set to be particularly severe, with the Part B deductible increasing by about 10% and rising above $283 next year.
The increase in Medicare premiums is largely driven by rising healthcare costs, which have seen Americans spending an average of $1,514 on out-of-pocket health care expenses in 2023 - a rise of 9% from 2020. The Centers for Medicare & Medicaid Services attributes this to both underlying inflation and increased demand for medical services.
In contrast, the Social Security cost-of-living increase (COLA) has been set at just 2.8%, which will boost the average Social Security paycheck by $56 per month. However, the impact of the higher Medicare premium is expected to erode this COLA, leaving seniors with a reduced purchasing power.
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, warns that many rely on their Social Security checks for most or all of their income. "This is gonna hurt," he says.
The increase in health care premiums will also affect working adults who receive their insurance through the Affordable Care Act (ACA) marketplaces. If Congress fails to extend premium tax credits, which help lower the cost for many, Americans could see their costs more than double in 2026.
While workers with employee-sponsored coverage are likely to face higher healthcare premiums next year, most are expected to pay around 6% to 7% more for their plans according to an analysis from Mercer.
my grandma is gonna be so affected she relies on her Social Security check for everything 
like how is anyone supposed to afford healthcare when their check is already barely enough? 
and its not just seniors it's also people with ACA plans who are like gonna see a huge increase in costs too 
I feel so bad for them... I wish Congress would do something about it 
. It's not fair to the people who are already struggling to make ends meet.
. If we're already struggling to make ends meet with our Social Security checks, it's not fair that we gotta shell out even more cash for Medicare 
.
. And if Congress is gonna make us pay more for healthcare, maybe they should be looking at ways to help the people who are already struggling with those costs 
.
. We gotta take control of our own financial futures! 
. I'm so worried about all those seniors who rely on their Social Security checks for income. They're gonna have to choose between paying for meds or just barely scraping by. And don't even get me started on the working adults who need health insurance through the ACA marketplaces - they'll be hit with huge premium hikes if Congress doesn't step in 
. The fact that Medicare premiums are going up so much is just a symptom of the bigger problem: healthcare costs are out of control. It's like, can't we afford to take care of our own people? 
. But for those relying solely on Social Security, this is gonna hurt like Max Richtman said 
.
. and what about working adults who need health insurance through the ACA marketplaces? they're gonna be stuck with huge premiums if congress doesn't step in to help 
. it's all just really stressful and uncertain for people right now 
the medicare premium increase is literally gonna be a punch in the gut for seniors... i mean, who doesn't already struggle with affording healthcare and living on a fixed income? now they're gonna have to shell out even more just to pay their doctor visits? $200?! 
This is getting serious! Rising Medicare premiums are gonna take a huge chunk out of Social Security checks 
. It's like the cost of healthcare is being passed on to the most vulnerable, seniors who rely on these checks for their income 
.
this is super worrying. i got my grandma on social security and it's her main income lol. the fact that they're gonna have less money because of the higher medicare costs is really sad. but at the same time, healthcare costs are rising for everyone so it's not like it's a simple issue... maybe we need to find some middle ground here? like, how about congress extends those premium tax credits or something? that way, ppl on ACA wouldn't have to pay as much 
