“Why Are My Medicare Costs Going Up Again?”

What to Know About 2026 Premium Increases — and What You Can Do About It

If you’re on Medicare, you’ve probably heard the news: premiums are expected to jump again in 2026.

The standard Part B premium is projected to rise from $185 in 2025 to about $206 in 2026 — roughly a 12% increase, one of the steepest in recent years.

That’s tough news for retirees, especially since Social Security’s Cost-of-Living Adjustment (COLA) is only expected to rise by 2.8%. For many, that means the Medicare increase will completely wipe out their COLA benefit.

“We’re already getting calls from clients worried that their Social Security check will actually go down once the new premiums hit,” says Mary Mitchem, co-owner of M3 Insurance. “But the truth is, there are ways to soften the blow if you plan ahead.”

🧭 Practical Steps to Keep Medicare Costs Manageable

1. Review your plan during Open Enrollment.

Every fall, Medicare sends an Annual Notice of Change (ANOC). Compare your plan’s new costs and coverage against your current health needs. Sometimes a small change—like switching to a plan with a better drug formulary or pharmacy network—can save hundreds.

2. Check your income level to avoid IRMAA surcharges.

The Income-Related Monthly Adjustment Amount (IRMAA) can raise your premiums if your income exceeds certain limits. Strategic income planning—such as charitable distributions or Roth conversions—can help lower or eliminate these surcharges.

3. Enroll on time to avoid late penalties.

Delays in signing up for Parts A, B, or D can lead to permanent premium increases. A licensed agent can help make sure you meet every deadline.

4. Reevaluate your prescription coverage.

Make a list of your medications each year and compare Part D plans side by side. Many people overpay simply because they stay in the same plan without checking updates.

5. Consider switching plans if it fits your needs.

Sometimes a Medicare Advantage plan can reduce total costs, while other times returning to Original Medicare with a Medigap plan makes more sense. The right choice depends entirely on your personal situation.

6. Request an IRMAA adjustment if your income drops.

If you’ve recently retired, lost a spouse, or had another major life change, you can ask Social Security to reduce your IRMAA surcharge.

Why Working With a Medicare Agent Matters

“Our clients often come to us after spending hours online trying to compare plans on their own,” explains Alexis Mitchem. “Once we review their medications and doctors, we usually find ways to save them money—and in some cases, even improve their coverage.”

A skilled, independent Medicare broker does much more than just “sign you up.” They:

• Compare plans across multiple carriers to find the right fit for your needs and budget.

• Prevent costly mistakes by ensuring you meet deadlines and avoid penalties.

• Offer annual plan reviews to keep your coverage current as your health changes.

• Guide you through IRMAA planning and other income-based adjustments.

It’s personalized, ongoing support—not a one-time transaction.

An M3 client testimonial:

"When my husband and I needed to get Medicare, someone recommended Mary Manos Mitchem to us. Mary's understanding of Medicare was evident. She knows the ins and outs of Medicare and can provide accurate information about different plans and options. Every question we asked was answered with confidence and clarity. I would recommend Mary Manos Mitchem for anyone looking for a person who understands the whole Medicare process. For a very difficult part of life, Mary made it clear and understandable."

Deb & Tom A

The Bottom Line

Medicare premium hikes for 2026 are real, but they don’t have to derail your finances.

By taking proactive steps and working with an experienced team like Mary & Alexis at M3 Insurance, you can stay protected, stay informed, and keep your healthcare costs under control.

“We look at every client as if they were our own family,” Mary says. “Our job is to make sure no one overpays for care or loses benefits just because the system is complicated.”

If you’d like a free annual review or help understanding your 2026 options, reach out to Mary & Alexis Mitchem at M3 Insurance — your trusted partners in making Medicare make sense.