Aging Best says seniors should review Medicare plans as costs shift
COLUMBIA, Mo. (KMIZ)
Local nonprofit Aging Best is urging seniors to review their Medicare plans during the current open enrollment period, as coverage limits and out-of-pocket costs could change.
Open enrollment runs from Oct. 15 to Dec. 7, and applicants can choose between traditional Medicare or privately run Medicare Advantage plans.
Changes include medication coverage, which will see an increased out-of-pocket cap and the end of federal subsidies. The cap on annual out-of-pocket expenses for Medicare Part D drugs will increase to $2,400, up from $2,100 in 2026, and the standard deductible will increase from $615 to $700.
"Anyone that is on Medicare, they need to call and have their Part D looked at," Aging Best Director of Special Programs Candi Brockenstadt said. "We have benefits counselors, and those benefit counselors are non-biased, and so they're able to look at all of the different plans, be able to look at a person's what their pharmaceutical costs are, what medications they're on, and then be able to compare and look at what the better plan might be."
The costs come as inflation is on the rise, fueling concerns over the cost of living.
According to the Bureau of Labor Statistics, prices have increased by 3.7% since last year. Since last month, gasoline has increased by about 9.1%, and energy has increased by around 5.2%.
Food costs have remained flat since last month but are about 2.5% more than last year.
"Everything is more expensive, whether it's groceries or bills, their housing costs, their health care bills. Everything is rising, and so when you live on a fixed income, it just equates to everything, everyone struggling," Brockenstadt said.
The Social Security Administration announced a 3.6% increase in benefits beginning in January. According to ABC, the rise in Social Security payments for 2027 amounts to an average of about $75 a month for each recipient.
Any increase is welcomed, but it "doesn't necessarily translate into purchasing power," Brockenstadt said. "If everything is going up on one hand, then the increase doesn't necessarily mean at the end of the day that they're going to actually have money to put toward all of the needs that they need to meet."
Brokenstadt seniors are experiencing more food insecurity across Mid-Missouri, with many elderly residents relying on Social Security as their only form of income.
"People that are aging might not necessarily be able to return to work, their income is already fixed, and so once they reduce their expenses, a lot of times there's no more places that they can reduce their expenses," Brokenstadt said.
Social Security recipients can check their online accounts for their new benefit amount beginning in late November, the agency says. Notices will be sent to recipients by mail starting in early December.
