The standard Medicare Part B monthly premium could nearly double over the next nine years, according to the annual report from the program’s trustees, reaching $347.50 by 2034 – up from $185 this year.

The report projects a $206.50 premium for next year. The $21.50 year-over-year increase from 2025 to 2026 would be the largest among the projected hikes until 2033. A look at the full projection:

• 2026: $206.50
• 2027: $218.60
• 2028: $231.30
• 2029: $247.40
• 2030: $264.70
• 2031: $281.60
• 2032: $300.80
• 2033: $325.90
• 2034: $347.50

The report’s projections are significantly higher than last year’s report, which topped out at a $299.80 monthly premium estimate in 2033. Higher premiums are connected to higher-than-anticipated Part B-related outlays; the report points to “higher projected spending for outpatient hospital and physician-administered drugs” as the key cost driver.

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Future IRMAA

The report also projects the Income Related Monthly Adjustment Amount (IRMAA) for future years, breaking down the additional costs faced by beneficiaries whose income falls into one of five tiered brackets from 35% to 85% above a baseline figure. Next year, those in the lowest IRMAA bracket would pay an estimated $82.60 in additional premium costs, while those in the highest bracket would pay an added $495.60. The 2025 IRMAA levels for those brackets are $69.90 and $419.30, respectively.

[RELATED: What Is IRMAA, and What Does It Mean for My Medicare Premium?]

The report does not predict the income levels connected to the brackets. These will change with inflation, and may influence beneficiaries’ investment and/or charitable-giving strategies.

Rates for 2026 likely will be announced in November.

The report’s projections do not account for any changes to premium formulas that could be part of addressing the health of Medicare trust funds. The Hospital Insurance trust fund, which covers Part A services, is projected to run dry in 2033, per the report, while the Supplementary Medical Insurance fund – covering Part B and Part D programs – would remain solvent thanks to a different funding structure, but would represent nearly 5% of the nation’s gross domestic product by 2099 under the current setup.

Medicare and TRICARE For Life

MOAA Premium and Life members moving from TRICARE coverage to TRICARE For Life (TFL), which requires enrollment in Medicare Parts A and B, with questions about their benefit can access Transitioning Into Medicare and TRICARE For Life – our exclusive guide available as an online microsite and via PDF download (MOAA.org login required). The guide offers:

• A roadmap outlining eligibility concerns and the enrollment process, including a checklist to help prepare for the transition.
• Instructions for filing claims or using TFL alongside other insurance.
• Answers to frequently asked questions about the benefit.
• Advice for using the benefit overseas.
• A list of resources and official contacts.

For more from MOAA, visit our TRICARE and Health Care News and Resources page.