2025 MEDICARE & SOCIAL SECURITY CHEAT SHEET
Great Oak Insurance Solutions | (951) 319-3545 | www.greatoakis.com
Medicare Costs 2025
Monthly Premium
$0
For most people
Cost Sharing:
- • Days 1-60: $0 coinsurance
- • Days 61-90: $419/day
- • Days 91+: $838/day (lifetime reserve days, max 60 days)
Monthly Premium
$185
Standard amount
Cost Sharing
Medicare pays 80%, you pay 20%
⚠️ No limit on total out-of-pocket costs!
Medicare IRMAA Chart 2025
Higher income means higher Medicare premiums
| Individual Tax Return 2023 | Joint Tax Return 2023 | Part B Premium 2025 | Part D IRMAA 2025 |
|---|---|---|---|
| $106,000 or less | $212,000 or less | $185.00 | --- |
| $106,001 to $133,000 | $212,001 to $266,000 | $259.00 (185.00 + 74.00) | + $13.70 |
| $133,001 to $167,000 | $266,001 to $334,000 | $370.00 (185.00 + 185.00) | + $35.30 |
| $167,001 to $200,000 | $334,001 to $400,000 | $480.90 (185.00 + 295.90) | + $57.00 |
| $200,001 to $499,999 | $400,001 to $749,999 | $591.90 (185.00 + 406.90) | + $78.60 |
| $500,000 + | $750,000 + | $628.90 (185.00 + 443.90) | + $85.80 |
Individual Income (2023)
$106,000 or less
Joint Income (2023)
$212,000 or less
Part B Premium
$185.00
Part D IRMAA
---
Individual Income (2023)
$106,001 - $133,000
Joint Income (2023)
$212,001 - $266,000
Part B Premium
$259.00
Part D IRMAA
+ $13.70
Individual Income (2023)
$133,001 - $167,000
Joint Income (2023)
$266,001 - $334,000
Part B Premium
$370.00
Part D IRMAA
+ $35.30
Individual Income (2023)
$167,001 - $200,000
Joint Income (2023)
$334,001 - $400,000
Part B Premium
$480.90
Part D IRMAA
+ $57.00
Individual Income (2023)
$200,001 - $499,999
Joint Income (2023)
$400,001 - $749,999
Part B Premium
$591.90
Part D IRMAA
+ $78.60
Individual Income (2023)
$500,000 +
Joint Income (2023)
$750,000 +
Part B Premium
$628.90
Part D IRMAA
+ $85.80
Medicare Enrollment Periods
Your 7-month window around turning 65
- • 3 months before your birthday month
- • Your birthday month
- • 3 months after your birthday month
Important: Your Medicare typically starts on the 1st day of the month you turn 65 (unless you delay it due to having other coverage). This is your time to get a Supplement without health questions!
October 15 - December 7
During AEP, you can enroll in Advantage & Part D Drug plans for 2026
Changes take effect January 1st of the following year
January 1 - March 31
During OEP, you can make one change to your Medicare Advantage plan
Only available if you're already enrolled in Medicare Advantage
All Year
You can enroll in a Medicare Supplement (Medigap) plan at any point in the year
*Must pass medical underwriting (except during your Initial Enrollment Period)
Certain events allow you to make changes to your coverage outside of the enrollment periods listed.
Common SEPs include:
- • Moving to a new service area
- • Losing other health coverage
- • Getting or losing Medicaid benefits
- • Entering or leaving a skilled nursing facility
- • Plan leaving your service area
Social Security Full Retirement Age
| Birth Year | Full Retirement Age |
|---|---|
| 1945 - 1956 | 66 |
| 1957 | 66 and 2 months |
| 1958 | 66 and 4 months |
| 1959 | 66 and 6 months |
| 1960 | 66 and 8 months |
| 1961 | 66 and 10 months |
| 1962 and Later | 67 |
| Birth Year | Full Retirement Age |
|---|---|
| 1943 - 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and Later | 67 |
Spousal Benefit Formula
(1/2 of higher earner FRA benefit)
−
(lower earner FRA benefit)
=
spousal payment
(then adjusted for filing age)
Social Security: Age-Based Reductions & Increases
Note: Assuming a Full Retirement Age of 67
| Filing Age | Individual Benefit % of FRA | Spousal Benefit % of Earner's FRA | Survivor Benefit % of Benefit |
|---|---|---|---|
| 60 | N/A | N/A | 71.50% |
| 61 | N/A | N/A | 75.58% |
| 62 | 70% | 65% | 79.65% |
| 63 | 75% | 70% | 83.72% |
| 64 | 80% | 75% | 87.79% |
| 65 | 86.66% | 83.33% | 91.86% |
| 66 | 93.33% | 91.66% | 95.93% |
| 67 | 100% | 100% | 100% |
| 68 | 108% | 100% | 100% |
| 69 | 116% | 100% | 100% |
| 70 | 124% | 100% | 100% |
Key Insight: Delaying your own retirement benefit until age 70 increases it by 24% compared to claiming at full retirement age (67).
Social Security Earnings Limit 2025
Age 62 - Before Full Retirement Age
$23,400
$1 withheld for every $2 over limit
Year Reaching Full Retirement Age
$62,160
$1 withheld for every $3 over limit
Full Retirement Age and Beyond
No Limit
Earn as much as you want!
✓ DOES COUNT
- • Wages from employment
- • Net earnings from self-employment
✗ DOES NOT COUNT
- • Pension payments
- • Annuity payments
- • IRA distributions
- • Dividends & interest income
- • Capital gains
Monthly Reductions / Increases
| (-) 5/9 of 1% | 36 month period before full retirement age |
| (-) 5/12 of 1% | More than 36 months before full retirement age |
| (+) 2/3 of 1% | Full Retirement Age to Age 70 |
| (-) 25/36 of 1% | 36 month period before full retirement age |
| (-) 5/12 of 1% | More than 36 months before full retirement age |
| No increase beyond full retirement age | |
Survivor Benefits
28.5% is maximum reduction regardless of full retirement age. To determine the monthly amount of reduction based on various full retirement ages, divide the number of months between age 60 and full retirement age by 28.5
Tax on Social Security
| Single Return | Joint Return | % Taxed |
|---|---|---|
| $0 - $24,999 | $0 - $31,999 | $0 |
| $25,000 - $34,000 | $32,000 - $44,000 | Up to 50% |
| Over $34,000 | Over $44,000 | Up to 85% |
Maximum % of YOUR Full Retirement Age Benefit
An eligible family member can receive if you:
| DIE | RETIRE (OR) BECOME DISABLED | AGE-BASED CONSIDERATIONS | |
|---|---|---|---|
| SPOUSAL BENEFIT | 100% (Adjusted for survivor's filing age) | 50% (Adjusted for survivor's filing age) | If you retire or become disabled, your spouse can collect at age 62+ or any age if caring for your child who is under 16 or disabled before the age of 22 If you die, your spouse of any age who is caring for your child who is under 16 or child of any age if child was disabled before 22 |
| CHILD IN CARE BENEFIT | 75% | 50% | Payable to spouse of any age who is caring for your child who is under 16 or child of any age if child was disabled before 22 |
| BENEFIT TO CHILDREN | 75% | 50% | Payable to child who is under 18, or 19 if still in high school of any age if disabled before 22 |
Additional Requirements
SUBSTANTIAL GAINFUL ACTIVITY
Quick Reference Stats
$1,976
All Retirees
$3,089
Combined Monthly
$1,580
SSDI Recipients
$1,810
Per Credit
$176,100
Social Security Tax Cap
1-800-772-1213
Official Helpline
This guide is meant to be for general information. Please don't rely solely on the information contained herein when making decisions about Medicare or Social Security.
Always consult with Medicare.gov, 1-800-MEDICARE, the Social Security Administration (1-800-772-1213), or your local State Health Insurance Program (SHIP) for official guidance.
Multiple exceptions exist for many Medicare and Social Security rules. Individual circumstances vary, and this guide provides general information only.
Need Help Understanding Your Options?
Our experienced agents can help you navigate Medicare and maximize your Social Security benefits