TAMPA, Fla. — Medicare premiums are expected to rise next year, which means higher expenses for those enrolled.

The Centers for Medicare & Medicaid Services has announced that monthly premiums for physician and outpatient care under Medicare will increase by almost 6% next year.

Kally Love, a Medicare insurance agent, has stated that healthcare expenses are continuously on the rise, which has led to higher care costs.

“Especially for people on a fixed income or those that have full Medicaid and full Medicare. You know, those increases can be, you know, a difference between what kind of food they can buy and how much they can buy, if they pay their TECO bill which has skyrocketed recently or their water bill which can impact their overall satisfaction with their quality of life,” said Love.

Like clockwork, 79-year-old Roger Verszyla takes dozens of pills to manage his health. 

“I have neuropathy in my legs and high blood pressure,” said Verszyla. “There is no cure for it, other than taking medication.”

He will probably need to take these medications for the rest of his life.

“I have to take this twice a day, lots of copay on this,” he said. “There’s a medication that I take; the co-pay is $200.”

He says the cost of his medications has been rising for several years.

“Prescriptions used to be $29 a month,” he said. “I’ve been at that price for almost five to six years. It went up to $58 a month.” 

The Centers for Medicare & Medicaid Services recently announced that monthly premiums for physician and outpatient care will increase by almost 6% in 2024. Premiums differ for each individual based on their income. 

“My social security is not covering it all,” said Verszyla.

Verszyla relies on his military benefits to offset expenses. But he says it’s not an option every senior has. 

“I didn’t rely on the military supporting me until now. Since COVID-19, I got involved with the VA,” he said. “My drug costs for 2023 are $4,500, and I paid $943 of it.”

He says any change to premiums is significant, especially if you are on a fixed income.

“I’d be homeless, I couldn’t afford it,” he said.

Now he’s looking at other options to save. But he’s proceeding with extreme caution.

“There are a lot of phone calls coming in,” he said. “There are a lot of companies that provide supplemental insurance, and promise you everything, but I don’t know. The way things are going today, you got to think positive.”

He believes that managing his mental health and stress is crucial for maintaining his quality of life. This year, depending on their income, individuals can apply for full or partial coverage on out-of-pocket expenses of Medicare prescription drugs from the federal program called Extra Help. Dec. 7 is the last day to switch Medicare plans for coverage that begins on Jan. 1, 2024.