/General/General%2010.png?width=1280&height=853&name=General%2010.png)
Healthcare Provider Update: Healthcare Provider for Consolidated Edison: Consolidated Edison (Con Edison) primarily utilizes Empire BlueCross BlueShield as its healthcare provider for employee health insurance plans. This offers a range of services including medical, pharmaceutical, and behavioral health benefits for its employees and their families. Potential Healthcare Cost Increases for Consolidated Edison in 2026: As the healthcare landscape changes, Consolidated Edison faces potential challenges with rising health insurance premiums expected in 2026. Experts predict that without the continuation of enhanced federal subsidies, individuals enrolled in ACA marketplace plans may see premium increases exceeding 75%. This surge is driven by escalating medical costs, including hospital and drug prices, which are increasing faster than overall inflation. With major insurers seeking double-digit rate hikes and a significant number of enrollees expected to face higher out-of-pocket costs, Consolidated Edison employees may need to prepare for heightened financial pressures related to their healthcare coverage in the upcoming year. Click here to learn more
“In light of projected Medicare Part B premium increases, Consolidated Edison employees should proactively adjust their retirement income projections and consult with a financial advisor to address rising health care expenses.” – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement.
“In anticipation of significant Medicare Part B premium hikes, Consolidated Edison employees would benefit from integrating health care cost projections into their retirement plans and seeking guidance from professional advisors on potential relief strategies.” – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article we will discuss:
-
The upcoming Medicare Part B premium increase and its impact on retirement budgets.
-
How Medicare Part B is funded and how COLA adjustments compare to premium hikes.
-
Strategic planning tips to help Consolidated Edison retirees manage rising health care costs.
There will soon be a significant shift in Medicare expenses that could affect your retirement budget. According to the 2025 Medicare Trustees Report, the average Part B premium will jump by 11.6%—rising from $185 in 2025 to $206.50 in 2026 1 —outpacing most Social Security cost of living adjustments (COLA) over the last decade. Consolidated Edison employees should begin factoring this increase into their long-term financial plans.
Benefit Structure for Medicare Part B
Outpatient and preventative care are covered under Part B, including:
-
- Cancer screenings, diagnostic procedures, and doctor visits
-
- Durable medical equipment and mental health counseling
-
- Prescription medications for outpatients and ambulance transportation
-
- Skilled nursing services and home health care
In 2025, beneficiaries must pay a $185 monthly premium, a $257 annual deductible, and a 20% co-insurance on most services—important information for any Consolidated Edison retiree’s annual budget.
History of Premiums (2015–2025)
| Year | Standard Premium | Dollar Change | Percentage Change |
|---|---|---|---|
| 2015 | — | — | — |
| 2016 | $121.80 | +$16.90 | 16.1% |
| 2017 | $134.00 | +$12.20 | 10.0% |
| 2018 | $134.00 | +$0.00 | 0.0% |
| 2019 | $135.50 | +$1.50 | 1.1% |
| 2020 | $144.60 | +$9.10 | 6.7% |
| 2021 | $148.50 | +$3.90 | 2.7% |
| 2022 | $170.10 | +$21.60 | 14.5% |
| 2023 | $164.90 | –$5.20 | –3.1% |
| 2024 | $174.70 | +$9.80 | 5.9% |
| 2025 | $185.00 | +$10.30 | 5.9% |
The 2022 increase—a 14.5% rise driven by higher drug costs and pandemic-related utilization—served as a warning sign that’s echoed in the projected 2026 jump.
Estimated Premiums (2026–2034)
| Year | Estimated Premium | Dollar Growth | Percentage Growth |
|---|---|---|---|
| 2026 | $206.50 | +$21.50 | 11.6% |
| 2027 | $218.60 | +$12.10 | 5.9% |
| 2028 | $231.30 | +$12.70 | 5.9% |
| 2029 | $247.40 | +$16.10 | 5.8% |
| 2030 | $264.70 | +$17.30 | 7.0% |
| 2031 | $281.60 | +$16.90 | 6.4% |
| 2032 | $300.80 | +$19.20 | 6.8% |
| 2033 | $325.90 | +$25.10 | 7.0% |
| 2034 | $347.50 | +$21.60 | 6.6% |
Part B premiums alone could approach $350 per month by 2034—a 231% increase since 2015—underscoring why Consolidated Edison retirees should plan now to mitigate long-term budget shocks.
The Funding Mechanisms
There are two primary sources of funding for Medicare Part B:
1. 75% from general U.S. Treasury revenues
2. 25% from premiums paid by beneficiaries
Premium income reached $139.8 billion in 2024, 2 with additional support from brand name drug fees and trust fund interest—details that Consolidated Edison retirees may find crucial when reviewing their future health care funding.
Cost of Living Adjustments vs. Premium Increases
In 2026, the “hold harmless” provision that protects most Social Security benefits from Part B hikes may not apply. The anticipated 2.5% Social Security COLA—roughly $50 per month—still falls short of the $21.50 premium increase. Only recipients with monthly benefits under $800 will see any net gain, so Consolidated Edison employees relying on Social Security should plan for most of their increase to be offset.
Strategic Planning Tips
To manage rising health care costs, Consolidated Edison employees should consider the following proactive steps:
-
Forecast Health Care Inflation: Incorporate rising out-of-pocket costs and premiums into your annual budgeting.
-
Compare Plans Online: Use the official Medicare Plan Finder to evaluate alternatives beyond agent recommendations.
-
Manage IRMAA Exposures: Employ tax-sensitive strategies—such as income smoothing withdrawals—to help limit future surcharges.
-
Explore Local Tax Relief: Research state and municipal programs offering property tax exemptions or rebates for seniors.
-
Stress-Test Your Retirement Portfolio: Model health care inflation scenarios over multiple decades and adjust allocations to safeguard purchasing power.
Extended Consequences
By 2034, annual Part B costs alone could top $3,000–$4,000 if current trends persist—one of the fastest rising expense categories for retirement households. Consolidated Edison retirees who plan early can navigate budgetary shocks to help maintain their lifestyle goals.
According to Wealth Enhancement’s Patrick Ray, this premium surge ranks among the steepest retirement cost increases, and prudent investors must factor health care inflation into their retirement forecasts to mitigate unwelcome surprises.
Featured Video
Articles you may find interesting:
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
- Corporate Employees: 8 Factors When Choosing a Mutual Fund
- Use of Escrow Accounts: Divorce
- Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
- Stages of Retirement for Corporate Employees
- 7 Things to Consider Before Leaving Your Company
- How Are Workers Impacted by Inflation & Rising Interest Rates?
- Lump-Sum vs Annuity and Rising Interest Rates
- Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
- Corporate Employees: Do NOT Believe These 6 Retirement Myths!
- 401K, Social Security, Pension – How to Maximize Your Options
- Have You Looked at Your 401(k) Plan Recently?
- 11 Questions You Should Ask Yourself When Planning for Retirement
- Worst Month of Layoffs In Over a Year!
Sources:
1. USA Today. ' Social Security 2026 COLA estimated at 2.7%, but much of it will go to Medicare Part B ,' by Medora Lee. 17 July 2025.
2. Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds. ' 2025 Annual Report of the Boards of Trustees of the Federal Hospital Insurance and Federal Supplementary Medical Insurance Trust Funds ,' U.S. Department of Health and Human Services, 18 June 2025.
Other Resources:
1. Kaiser Family Foundation. “ FAQs on Medicare Financing and Trust Fund Solvency .” Kaiser Family Foundation, 15 June 2024.
3. Urban Institute. “ Applying a Premium Cap in Medicare Part B and Part D .” Urban Institute, Mar. 2023.
4. “ Social Security’s 2026 COLA: Recipients Could Get More Money Next Year .” LiveNOW from FOX, 15 June 2025.
5. Kiplinger Staff. “ Medicare Premiums 2026: Projected IRMAA Brackets and Surcharges for Parts B and D .” Kiplinger, 26 June 2025.
What is the 401(k) plan offered by Consolidated Edison?
The 401(k) plan offered by Consolidated Edison is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can employees enroll in the Consolidated Edison 401(k) plan?
Employees can enroll in the Consolidated Edison 401(k) plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
Does Consolidated Edison offer a matching contribution to the 401(k) plan?
Yes, Consolidated Edison offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
What is the maximum contribution limit for the Consolidated Edison 401(k) plan?
The maximum contribution limit for the Consolidated Edison 401(k) plan is in line with IRS guidelines, which are updated annually. Employees should check the current limits for the year.
Can employees take loans against their 401(k) savings at Consolidated Edison?
Yes, Consolidated Edison allows employees to take loans against their 401(k) savings, subject to certain terms and conditions.
What investment options are available in the Consolidated Edison 401(k) plan?
The Consolidated Edison 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.
Is there a vesting schedule for the employer match in the Consolidated Edison 401(k) plan?
Yes, there is a vesting schedule for the employer match in the Consolidated Edison 401(k) plan, which determines how much of the employer contributions employees are entitled to based on their years of service.
How can employees check their 401(k) balance with Consolidated Edison?
Employees can check their 401(k) balance with Consolidated Edison by logging into the retirement plan portal or by contacting the plan administrator.
What happens to the 401(k) savings if an employee leaves Consolidated Edison?
If an employee leaves Consolidated Edison, they have several options for their 401(k) savings, including rolling it over to another retirement account, cashing it out, or leaving it in the Consolidated Edison plan if eligible.
Are there any fees associated with the Consolidated Edison 401(k) plan?
Yes, there may be fees associated with the Consolidated Edison 401(k) plan, which can include administrative fees and investment-related fees. Employees should review the plan documents for detailed information.
-2.png?width=300&height=200&name=office-builing-main-lobby%20(52)-2.png)
.webp?width=300&height=200&name=office-builing-main-lobby%20(27).webp)
-2.png)
.webp)