The standard Medicare Part B monthly premium will reach nearly $300 a month by 2033 according to the annual Medicare trustees report, which also includes projections for income-adjusted rates in coming years.

Beneficiaries would see a projected 5.9% increase in their standard premium for 2025, moving from $174.70 this year to an estimated $185 next year, per the report. After a smaller projected increase to $186.90 in 2026, the estimated rate rises more than $100 over the next seven years, to $299.80 in 2033.

See a snapshot of the full projection at this link, or on page 198 of the 2024 Annual Report of the Boards of Trustees of the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund, sent to Congress on May 6.

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Military retirees who wish to access their TRICARE For Life benefits at age 65 must enroll in both Medicare Part A and Part B. In addition to the standard premium, Part B beneficiaries must pay an Income-Related Monthly Adjustment Amount (IRMAA), which varies by income level.

The report does not estimate those income levels – which change with inflation and may influence your financial planning, including charitable giving amounts – but does estimate IRMAA based on income bracket.

[FROM SSA.GOV: Medicare Premiums Explained]

The full chart is available at this link or on page 199 of the report linked above, but here’s an example:

• The first IRMAA bracket for 2024 beneficiaries covers those with reported 2022 income from $103,001 to $129,000 on an individual tax return or from $206,001 to $258,000 on a joint return.
  
  
• In 2024, beneficiaries in that bracket pay an additional $69.90 a month, for a total payment of $244.60.
  
  
• The income levels for 2025 in that bracket will rise depending on inflation, but those in the bracket that year (based on 2023 income levels) will pay an additional $74 a month (estimated) on top of their estimated $185 standard premium, for a $259 monthly total.

The top IRMAA bracket would move from a $419.30 adjustment in 2024 to an estimated $719.40 adjustment in 2033, according to the report. These figures would be added to the standard premium to determine an overall monthly payment.

Official Medicare Part B premium rates typically are announced in November for the following calendar year. MOAA Premium and Life members can learn more about making the transition to Medicare and TRICARE For Life in our exclusive digital guide (or can download a PDF version; login required).