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“In light of projected Medicare Part B premium increases, NortonLifeLock 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, NortonLifeLock 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:
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The upcoming Medicare Part B premium increase and its impact on retirement budgets.
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How Medicare Part B is funded and how COLA adjustments compare to premium hikes.
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Strategic planning tips to help NortonLifeLock 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. NortonLifeLock 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:
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- Cancer screenings, diagnostic procedures, and doctor visits
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- Durable medical equipment and mental health counseling
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- Prescription medications for outpatients and ambulance transportation
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- 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 NortonLifeLock 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 NortonLifeLock 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 NortonLifeLock 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 NortonLifeLock employees relying on Social Security should plan for most of their increase to be offset.
Strategic Planning Tips
To manage rising health care costs, NortonLifeLock employees should consider the following proactive steps:
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Forecast Health Care Inflation: Incorporate rising out-of-pocket costs and premiums into your annual budgeting.
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Compare Plans Online: Use the official Medicare Plan Finder to evaluate alternatives beyond agent recommendations.
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Manage IRMAA Exposures: Employ tax-sensitive strategies—such as income smoothing withdrawals—to help limit future surcharges.
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Explore Local Tax Relief: Research state and municipal programs offering property tax exemptions or rebates for seniors.
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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. NortonLifeLock 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.
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- 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)
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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 NortonLifeLock?
The 401(k) plan at NortonLifeLock is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.
Does NortonLifeLock offer a matching contribution for the 401(k) plan?
Yes, NortonLifeLock offers a matching contribution to the 401(k) plan, which helps employees increase their retirement savings.
How can I enroll in the 401(k) plan at NortonLifeLock?
Employees can enroll in the NortonLifeLock 401(k) plan through the company’s HR portal during the enrollment period or after a qualifying event.
What are the eligibility requirements for the 401(k) plan at NortonLifeLock?
To be eligible for the NortonLifeLock 401(k) plan, employees typically need to be full-time employees and meet a minimum service requirement.
Can I change my contribution rate for the NortonLifeLock 401(k) plan?
Yes, employees can change their contribution rate for the NortonLifeLock 401(k) plan at any time, subject to plan rules.
What investment options are available in the NortonLifeLock 401(k) plan?
The NortonLifeLock 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Is there a vesting schedule for the NortonLifeLock 401(k) matching contributions?
Yes, NortonLifeLock has a vesting schedule for matching contributions, which determines how much of the employer contributions you own based on your years of service.
How can I access my 401(k) account information at NortonLifeLock?
Employees can access their 401(k) account information through the NortonLifeLock benefits portal or by contacting the plan administrator.
What happens to my NortonLifeLock 401(k) if I leave the company?
If you leave NortonLifeLock, you can choose to roll over your 401(k) balance to another qualified plan, cash it out, or leave it in the NortonLifeLock plan if eligible.
Are loans available from the NortonLifeLock 401(k) plan?
Yes, employees may have the option to take loans from their NortonLifeLock 401(k) plan, subject to specific terms and conditions.