There are several food assistance programs that can help low-income individuals with their grocery costs. However, what is available to your parent will depend on their income level. Here is what you should know.

SNAP Benefits

The largest hunger safety net program in the U.S. is the Supplemental Nutrition Assistance Program (SNAP), formerly known as Food Stamps. Your state may use a different name for their version of SNAP. While there are millions of people who are eligible for SNAP, only approximately 40% or 4.8 million take advantage of this benefit.

For older adults to qualify for SNAP, their net income must be under 100% of the federal poverty guidelines. Households that have at least one person aged 60 and older, or who are disabled, must have a net monthly income less than $1,255 per month for an individual or $1,704 for a family of two. These amounts are higher in Alaska and Hawaii. Households receiving Temporary Assistance for Needy Families (TANF) or Supplemental Security Income (SSI) are also eligible.

Net income is calculated by subtracting allowable deductions from gross income. Allowable deductions include a standard monthly deduction, out-of-pocket medical expenses that exceed $35 per month, rent or mortgage payments, utility costs, taxes and other eligible expenses.

In addition to the net income requirement, some states also require that a senior’s assets be below $4,500, excluding home, personal property and retirement savings. In some instances, vehicles are also excluded although the rules vary by state. Most states, however, have much higher asset limits or they do not count assets at all when determining eligibility.

To apply for SNAP benefits, complete a state application form, which can be done by mail, by phone, or online, depending on your parent’s state of residence.

If eligible, your parent’s benefits will be provided on a plastic Electronic Benefits Transfer (EBT) card that is used like a debit card and accepted at most grocery stores. The average SNAP benefit for 60-and-older households is around $105 per month.

To learn more or apply, contact your local SNAP office by visiting fns.usda.gov/snap/state-directory or calling 800-221-5689.

Other Programs

In addition to SNAP, there are other food assistance programs that can help lower-income individuals like the Commodity Supplemental Food Program (CSFP) and the Senior Farmers’ Market Nutrition Program (SFMNP).

The CSFP is a program that provides supplemental food packages to those with income limits at or below the 150% poverty line. The SFMNP offers coupons that can be exchanged for fresh fruits and vegetables at farmers’ markets, roadside stands and community supported agriculture programs in select locations throughout the U.S. To be eligible, your parent’s income must be below the 185% poverty level. To learn more about these programs and find out if they are available in your parent’s area, visit fns.usda.gov/programs.

There are also many Feeding America member food banks that host grocery programs that provide free food boxes to older adults. Contact your local food bank to find out if a program is available nearby.

In addition to food assistance programs, there are also various financial assistance programs that may help your parent pay for medications, health care, utilities and more. To locate these programs, and learn how to apply for them, go to BenefitsCheckUp.org.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Senior” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Because a will is a public document, her will is available on the internet. In the will she remembered family members and several friends and planned to make a substantial transfer to a charitable lead trust. However, because her two children received the family personal property and promptly sold the items for the unexpectedly large sum of $35,000,000, the residue of the estate was used to pay the estate taxes on this large transfer of value to children and the charitable trust was not funded.

Bing Crosby passed away on October 14, 1977, with a trust. When his first wife Dixie Lee passed away from cancer in 1952, she had a will that transferred her separate and community property. Bing Crosby was very upset that his financial circumstances were disclosed to the public through the probate process. After marrying his second wife Kathryn, Crosby created several trusts for the children from his first marriage, for Kathryn and for children from his second marriage. He greatly appreciated the privacy benefit of creating a living trust.

You may not have the fame of Jacqueline Onassis or the assets of Bing Crosby (along with Lawrence Welk and Bob Hope, he was one of the wealthiest actors at the time of his death), but you can learn from both of them in deciding whether or not to create a will or a living trust.

When Wills are a Good Choice

There are a number of reasons why a person frequently starts the estate planning process with a will. These include youth, cost, the estate size, the ability to transfer assets outside of probate and a hesitation to select a trustee.

Young and Healthy

If you are in your 30s or 40s and have good health, a will is a common starting point for estate planning. A will is much simpler than a living trust. The property subject to a will goes through probate, but that could be many decades in the future.

As you acquire other property, it can be covered by your will. You can modify your will at any time, and you save the effort necessary to retitle and track property inside a living trust.

For a young person, the cost savings are significant. Wills frequently cost from $400 to $800, while a living trust may involve costs of $1,000 to $3,500. A young person may be reluctant to spend the funds necessary to create a living trust, but can start his or her estate plan quite reasonably with a will.

Modest or Moderate Estate

A second characteristic of people who choose a will is that they have a modest or moderate estate. As the estate becomes larger and more complicated, a trust is more important. For individuals who have more moderate assets, the will is a good starting point. As the estate grows, they can use some of the increase in resources to add a living trust to their plan.

Using Transfer Methods that Avoid Probate

Another option is to create a will, but transfer most assets without probate. Your IRA, qualified pension plan, life insurance and property held in joint tenancy with right of survivorship all avoid the probate process. For individuals who have a modest or moderate estate and are willing to transfer most assets through contract or property law methods that avoid probate, a will is a good solution.

Do Not Want to Select a Trustee

With a living trust, it is necessary to select a trustee to manage your property. This trustee frequently will end up managing your assets during the senior years of your life and after you pass away.

Some people do not like the concept of a trustee managing their property. They would rather own the property themselves outright during life and transfer the property outright to family members. For this person, a will is often a preferred planning method.

When a Living Trust is a Good Choice

For those individuals who can afford a living trust, it is a good choice. The living trust facilitates management of property during life, protection of the grantor, transfer of assets and income to family members and management of real estate.

Senior Care

What if I become too ill to manage property? One of the concerns you may have is that you may eventually become a senior person with a major illness. For medical reasons, you may be unable to manage your property. A major benefit of a living trust is that you select a successor trustee. If you are no longer able to serve as trustee and manage the property, your successor trustee can manage your property. He or she can make certain that the expenses of your medical care or long-term care needs are covered through trust payments.

Larger Estate or Real Estate

If you have a more substantial estate, a living trust can have multiple benefits. The living trust may include various provisions for handling the management of real estate or personal business interests. Particularly if you have real estate in multiple states, it is advantageous to transfer that property to a living trust. This property can then be managed for the benefit of both you and your heirs.

If you have property in multiple states and pass away with a will, it is necessary to conduct a probate administration in each state where you own property. This entails hiring professionals to manage the probate in each state and considerably increases the total cost. With a living trust holding real estate in different states, there is no need for multiple and expensive probate proceedings.

Bypassing Probate

One of the major benefits of a living trust is that the trust assets bypass the probate process. In most states, this may mean savings in probate costs up to many thousands of dollars.

Not only are there savings in probate costs, but your estate may also avoid the delays that frequently occur in the probate process. If there are claims against the estate, the probate process can take from two to ten years. While some large estates have been tied up in probate for many years, other similarly sized estates with a living trust can continue to manage the property and pay income and principal to beneficiaries.

Privacy

As Bing Crosby discovered, a living trust is generally a private document. While wills are public documents (the wills of Jacqueline Kennedy Onassis and many other famous individuals are readily available through internet search sites), a living trust is a private document. Even if a financial institution requests the trust in order to invest property owned by the trust, generally only a small portion of the trust is required to be disclosed to the institution. For most purposes the living trust is private.

Reduced Risk of Estate Contest

Larger estates are understandably more vulnerable to a probate contest. When the document and a large estate are public, as is the case with the will, the target is very tempting. Distant relatives come out of the woodwork to determine whether they have a potential claim against the estate.

One of the most disheartening aspects of a will contest is that there frequently are lifelong hard feelings among family members. In many cases, the bitterness from a will contest is carried by children, grandchildren, cousins, nephews and nieces to their graves.

A living trust is a private document. Because it is a private document and does not have to meet the specific standards for signature and witnesses that are applicable to a will, it is less likely to be attacked.

With a large estate, the living trust is generally safer. In addition, if a senior person needs someone to manage the estate, the successor trustee has been previously designated. The successor trustee frequently protects the senior person from potential undue influence of heirs or caregivers. Therefore, the living trust reduces the probability of an estate contest.

The Internal Revenue Service (IRS) reminds taxpayers that the 2025 filing season is rapidly approaching. The IRS is attempting to provide improved taxpayer services. One of the primary ways for taxpayers to benefit is to sign up for an IRS Online Account.

There is an IRS Get Ready page on IRS.gov. It has many practical tips and resources for taxpayers.

1. IRS Online Account — You may create an Online Account and enjoy multiple benefits. With the Online Account, you can review your most recent tax return and adjusted gross income. You can obtain an Identity Protection PIN or sign a power of attorney for your tax preparer. The Online Account allows you to select your language preference and to receive up to 200 various IRS electronic notices. You can review and cancel payments and set up a payment plan.
2. Identity Protection Personal Identification Number (IP PIN) — An IP PIN is a six–digit number that protects you from having your identity stolen and prevents the filing of a federal tax return. This increases your personal and financial information safety. A new feature is that the IRS will accept a return with an already claimed dependent if you have a valid IP PIN. This will allow the IRS to accelerate the issuance of your tax refund.
3. Quarterly Estimated Payments — Some taxpayers have non-wage income and must make estimated payments. There is a Tax Withholding Estimator on IRS.gov that may help you calculate the amount of your estimated payment. The last quarterly estimated payment for 2024 is due on January 15, 2025.
4. 1099-K Reporting — If you received over $5,000 in payments for goods or services through an online marketplace, you can anticipate receiving IRS Form 1099-K in January 2025. While income from part-time work, side jobs or sale of goods and services is taxable, taxpayers who exceed the $5,000 limit may receive Form 1099-K. The IRS reminds taxpayers that they are taxable on all income even if they did not receive this form.
5. Digital Asset Taxes — Many taxpayers own or trade Bitcoin or other digital assets. The income from virtual currencies, cryptocurrencies, stablecoins or non–fungible tokens (NFTs) must be reported. Taxpayers should keep records about the purchase, sale or exchange of digital assets. The 2024 federal tax return will ask taxpayers to answer “Yes” or “No” whether they have received a payment for services, sold, exchanged or otherwise disposed of a digital asset. If the taxpayer checks the "Yes" box, he or she must report all income related to the digital transaction.

The IRS often takes less than 21 days after it receives your tax return to issue a refund. An exception exists for returns that claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC). Returns claiming the EITC or ACTC are blocked from refunds until the middle of February.

You should gather your tax information and have a good record-keeping system. Your records generally are collected by the end of January. They could include Forms W-2, Forms 1099, Form 1099-K from third-party payment vendors, Form 1099-NEC for nonemployee compensation, Form 1099-MISC for miscellaneous income and Form 1099-INT for interest income.

Filing electronically and selecting direct deposit is both fast and safe. An estimated 70% of taxpayers will be qualified to use the complementary filing system that is called IRS Free File. All taxpayers can use the IRS Free File Fillable Forms. The IRS has added another 12 states where taxpayers with fairly simple tax returns can use the Direct File program. Older adults and military members also may benefit from the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) programs.

I have heard that people with heart problems need to be extra cautious during the winter because heart attacks are much more common during that time. What can you tell me about this?

Winter is not only cold and flu season, but also the peak time for heart attacks. Individuals with pre-existing heart conditions or those with a history of heart attacks are particularly susceptible. Here is what you should know along with some tips to help you protect yourself.

In the U.S., the risk of experiencing a heart attack during the winter months is double than what it is during the summertime. The increase is influenced by a number of factors, and they are not all linked to cold weather. Even people who live in warm climates have an increased risk. Here are the areas you need to pay extra attention to this winter.

Cold temperatures: When a person gets cold, the body responds by constricting the blood vessels to help the body maintain heat. This causes blood pressure to rise and makes the heart work harder. Cold temperatures can also increase levels of certain proteins that can thicken the blood and increase the risk for blood clots. To stay warm this winter, bundle up in layers, including gloves and a hat, and use a scarf over your mouth and nose to warm up the air before you breathe in.

Snow shoveling: Studies have shown that heart attack rates jump dramatically in the first few days after a major snowstorm, usually as a result of snow shoveling. Shoveling snow is a very strenuous activity that raises blood pressure and stresses the heart. Combine those factors with cold temperatures and the risks for heart attack surges. If your sidewalk or driveway needs shoveling this winter, hire a professional or someone from the neighborhood to do it for you. Snow blowers are also a great alternative. However, if you must shovel, push rather than lift the snow as much as possible, stay warm and take frequent breaks.

New Year’s resolutions: Every January 1, millions of people join gyms or start exercise programs as part of their New Year’s resolution to get in shape, and many overexert themselves too soon. If you are starting a new exercise program this winter, take the time to talk to your doctor about what types and how much exercise may be appropriate for you.

Winter weight gain: During the holiday season and winter months, it is common to indulge in food and drinks, which can put extra strain on the heart, especially for someone with a heart condition. Keep a watchful eye on your diet this winter and moderate any intake of high-fat foods and alcohol.

Shorter days: Less daylight in the winter months can cause many people to develop “seasonal affective disorder” (SAD), a wintertime depression that can stress the heart. Studies have also looked at heart attack patients and found they usually have lower levels of vitamin D (which comes from sunlight) than people with healthy hearts. To boost your vitamin D this winter, talk to your healthcare practitioner to see if taking a supplement that contains between 1,000 and 2,000 international units (IU) per day is right for you.

Flu season: Studies show that people who get flu shots have a lower heart attack risk. It is known that the inflammatory reaction set off by a flu infection can increase blood clotting which can lead to heart attacks in vulnerable people. Talk to your healthcare provider about getting a flu shot, a COVID-19 booster or vaccines for RSV and pneumococcal pneumonia to help protect your health this winter.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Senior” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

In most cases when a person with debt dies, it is their estate and not their children or heirs that are legally responsible. Here is what you should know.

Debt After Death

When you die, your estate – which consists of the assets you owned such as real property, investments and cash – will be responsible for paying your debts. If you do not have enough cash to pay your debts, your heirs will have to sell your assets and pay off your creditors with the proceeds.

Any remaining assets left after debts are paid off will be distributed to your heirs as directed by the terms of your will or trust. If you do not have a will or trust, the intestacy laws of the state you resided in will determine how your estate will be distributed.

If you pass away without enough assets to cover your unsecured debts, such as credit cards, medical bills, and personal loans, then your estate is considered insolvent, and your creditors may have to write off some or all of the remaining debt.

Secured debts, which refer to loans attached to an asset such as a house or a car, are handled differently. If you have a mortgage or car loan when you die, those monthly payments will need to be made by your estate or heirs. If the loans are not paid, the lender can seize the property.

There are some exceptions that would make your heirs legally responsible for your debt after you pass away. If the heir is a joint holder on an account that you owe money on, the heir is legally responsible for the debt. Similarly, if your heir co-signed a loan with you, the heir is liable for the loan.

Spouses Beware

If you are married, the debt inheritance rules discussed above also apply to surviving spouses unless you reside in a community property state. Community property states, which include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin have different rules. In these states, any debt that one spouse acquires during the marriage belongs to the other spouse too. Therefore, spouses in community property states are usually responsible for their deceased spouses’ debts.

Protected Assets

Assets such as IRAs, 401(k)s, brokerage accounts, life insurance policies or employer-based pension plans are usually protected from creditors. These types of accounts have designated beneficiaries, and the money goes directly to the beneficiaries without passing through the estate.

Settling the Estate

If you pass away with outstanding debts and no assets, settling your estate will be relatively simple. Your executor should notify your creditors by sending a letter that explains the situation and includes a copy of your death certificate. If a debt collector becomes aggressive with your heirs or tries to guilt them into paying, they should remember they are not legally responsible.

If you have some assets but not enough to pay all your debts, your state’s probate law has a list of the order of priority for paying debt. While the specifics can vary by state, estate administration fees, funeral expenses, taxes and end-of-life medical expenses are usually paid first, followed by secured debts and, lastly, unsecured debts.

Need Legal Help?

If you or your heirs have questions or need legal assistance, contact a consumer law attorney or probate attorney. If you cannot afford a lawyer, consider searching online for free or low-cost legal help in your area.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Senior” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

A previous IRS Commissioner noted, “Taking a few simple steps to protect your passwords can help protect your money and your sensitive financial information from identity thieves, which is critically important as tax season approaches. Protecting your information makes it harder for an identity thief to file a fraudulent tax return in your name.”

Cybersecurity experts have changed their recommendations related to password strategies. Previously, they suggested complex passwords that were different for every online account. Because most individuals have accounts for financial services, social media, online shopping and other purposes, the number of complex passwords needed became too overwhelming and difficult to recall. 

As a result, security experts now recommend longer phrases such as “SomethingYouCanRemember@30.” Here are nine IRS tips to help protect online accounts: 

• Password Length – Eight or more characters
• Combination – Use upper and lowercase letters, numbers and symbols in your password.
• Personal Information – Do not use your city, street, or other personal information in a password. This information is widely available to identity thieves.
• Default Password – Do not use “password” for your password. Change all default passwords.
• Reuse of Passwords – Do not use the same or similar passwords on accounts. For example, if you use Begood!17 as your password, do not simply change it to Begood!18 and Begood!19.
• Email Address – Do not use your email address as a username. Email addresses are easily known by fraudsters.
• Security – If you have a written list of passwords, store them in a safe or locked file cabinet.
• Disclosure – Never give out passwords over the internet. Be very cautious if an email sender asks for your password and claims to be from your bank, the IRS or your employer.
• Password Manager – Consider using a password manager program. Search to find password programs for smartphones or tablets. The best password programs typically have 256-bit encryption.

Communication difficulties between patients and their doctors are nothing new. Many patients feel as if doctors are dismissing their concerns, which can be frustrating and potentially lead to missed diagnoses and delayed care. If you believe your doctor is not listening to you, here are some tips offered by the National Institute on Aging that may help.

Prepare for your appointment: Before your exam, make a written prioritized list of any questions and concerns you want to discuss with your doctor. If you have done any online research, print it out and bring it to your appointment to ensure all information gets discussed. If it is a diagnostic visit, you should prepare a detailed description of your symptoms, when they started and what makes them worse.

Be honest and upfront: Even if the topic seems sensitive or embarrassing, it is important to be honest and upfront with your doctor. You may feel uncomfortable talking about memory loss or bowel issues, but these are all important to your health. It is better to be thorough and share detailed information than to be quiet or shy about what you are experiencing or feeling. Remember, your doctor is trained to talk about all kinds of personal matters.

Ask specific questions: If you and your doctor are not communicating well, ask specific questions that require a response. For example: What might have caused the problem I am dealing with? What is the specific name of my diagnosis? Is the problem serious? Will it heal completely or require ongoing management? What future symptoms might suggest the need for emergency care or a follow-up visit? When and how will test results be received? If you do not understand something, do not hesitate to ask, “Can you explain that in simpler terms?” or “Can you give me more details about that?”

Take someone with you: Bring a family member or friend to your appointment. Your companion can help you ask questions or raise concerns that you may not have thought of, help you understand the doctor’s advice and provide you support.

Be persistent: If your doctor is not addressing your questions, repeat them or rephrase them. If there is still no progress, follow up by saying, “I am worried that we are not communicating well. Here is why I feel that way.” or “I need to talk with you about X, but I feel like I cannot. Can we address this together?” If you feel as though you are being dismissed, ask your doctor to include in the notes that they are declining to provide care of the particular symptoms.

After your appointment, if you are uncertain about any instructions or have other questions, call or email your health care provider. Do not wait until your next visit to make sure you understand your diagnosis, treatment plan or anything else that might affect your health.

For more tips, the National Institute on Aging offers a free booklet called “Talking with Your Doctor: A Guide for Older Adults” that can help you prepare for an appointment and become a better and more informed patient. To order free copy or see it online, visit order.nia.nih.gov/publication/talking-with-your-doctor-a-guide-for-older-adults.

Consider moving on: If the communication problem with your doctor persists, it may be time to start looking for a new provider. Depending on how unsatisfied you are with your care, you could also notify your doctor’s medical group and your insurance company or leave feedback on their online profile. If you are dealing with a serious issue – like a doctor who prescribes the wrong medication or fails to provide test results in a timely manner – it might be appropriate to file a complaint with the state medical board.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

There is an exception to the December 31 deadline for traditional IRA owners who turned 73 in 2024. Those individuals may delay their first RMD until April 1, 2025. However, if they delay the first RMD, they will also need to take a second RMD by December 31, 2025.

RMDs are generally required for most qualified retirement plans. This rule applies to three types of IRAs. Specifically, they apply to Individual Retirement Arrangements, Simplified Employee Pension (SEP) IRAs and Savings Incentive Match PLan for Employees (SIMPLE) IRAs.

RMDs also apply to traditional 401(k), 403(b) and 457(b) plans. An exception to the RMD withdrawal requirement is a Roth IRA, Roth 401(k) or Roth 403(b) – there are no distribution requirements for these plans if the original owner is living.

Most taxpayers take the RMD based upon the Uniform Lifetime Table in IRS Pub. 590-B. This table assumes there is a beneficiary 10 years younger than the IRA owner and calculates a distribution amount based on both ages. If the IRA owner has a spouse more than 10 years younger, a special calculation is applied.

Owners of multiple IRAs must calculate the RMD for each plan. However, the owner can elect to withdraw the total RMD amount from any IRA plan.

Some employees over age 73 who are still working and are not major owners of a business may be able to defer RMDs until after retirement. You should consult your tax advisor to see if you think this exception applies to you.

Many online calculators are available to help determine your RMD. Most large financial companies offer an online determination of the correct amount. RMDs start at approximately 3.8% of your prior year December 31 IRA balance.

The RMDs increase each year after age 73. Your RMD is approximately 4.2% at age 76, 5.0% at age 80, 6.3% at age 85, 8.2% at age 90 and 11.2% at age 95.

Editor’s Note: An excellent way to fulfill an RMD is to give part or all of the IRA payment to a qualified charity. Qualified charitable distributions (QCDs) are available for individuals over age 70½ and may fulfill part or all of your RMD. The QCD is a transfer directly from the IRA custodian to a qualified charity. Up to $105,000 may be transferred in 2024. If you are planning ahead, the 2025 QCD limit will be $108,000. It is important to act quickly if you plan to make a QCD gift this year. The QCD must be completed by December 31, 2024.

The Centers for Medicare and Medicaid Services recently announced the cost-of-living adjustments for 2025. While premium and out-of-pocket cost increases will be moderate for most beneficiaries, high income earners will pay significantly more. Here is what you can expect to pay in 2025.

Part B Premium

Medicare Part A, which covers hospital care, is premium-free for most beneficiaries. Medicare Part B, which covers doctor visits and outpatient services, has a monthly premium.

Starting in January, the standard monthly Part B premium will be $185, up from $174.70 in 2024. The $10.30 difference represents an increase of 5.9%, which is more than double the recent Social Security cost-of-living adjustment of 2.5%.

If you are a high-earning beneficiary, a group that comprises approximately 8% of all Medicare recipients, you will have to pay more. Medicare surcharges for high earners, known as the income-related monthly adjustment amount (IRMAA), are based on adjusted gross income (AGI) from two years earlier. This means that your 2025 Part B premiums are determined by your 2023 AGI, which is located on line 11 of Form 1040.

If your 2023 income was from $106,000 to $133,000 ($212,000 to $266,000 for joint filers), your 2025 Part B monthly premium will be $259. For individuals with an income over $133,000 to $167,000 (over $266,000 to $334,000 for joint filers), the monthly premium will rise to $370. Individuals earning more than $167,000 up to $200,000 (more than $334,000 up to $400,000 for joint filers) will see their monthly Part B premium increase to $480.90. Those with incomes above $200,000 up to $500,000 (above $400,000 up to $750,000 for joint filers) will pay $591.90 per month in 2025. Individuals with income more than $500,000 (more than $750,000 for joint filers) will pay $628.90 per month.

Part D Premium

If you have a stand-alone Medicare (Part D) prescription drug plan, the average premium in 2025 will be $46.50 per month for most beneficiaries, down from $53.95 in 2024. For high earners with annual incomes above $106,000 ($212,000 for joint filers), you will pay a monthly surcharge between $13.70 to $85.80 (based on your income level) in addition to your regular Part D premiums.

How to Contest Income

Beneficiaries who fall into any of the high-income categories and have experienced certain life-changing events that have reduced their income since 2023, such as retirement, divorce or the death of a spouse, can contest the surcharge. For more information on how to do this, see “Medicare Premiums: Rules for Higher-Income Beneficiaries” at SSA.gov/benefits/medicare/medicare-premiums.html.

Other Medicare Increases

In addition to the Part B and Part D premium increases, there are other cost increases you should take into consideration. For example, the annual deductible for Medicare Part B will be $257 in 2025, which is $17 more than the 2024 deductible of $240. In addition, the deductible for Medicare Part A, which covers hospital services, will increase to $1,676 in 2025. This amount is $44 more than the 2024 deductible of $1,632. There are no surcharges on Medicare deductibles for high earners. For more information on all the Medicare costs for 2025 visit Medicare.gov/basics/costs or call 800-633-4227.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.