The Joint Economic Committee estimates that millions of seniors paid higher Medicare premiums last year due to overpayments to private insurers in the Medicare Advantage program. The federal government paid between $76 billion and $84 billion more than it would have cost to cover the same people under traditional fee-for-service Medicare. The higher premiums are reducing the amount seniors receive from Social Security. The committee estimates that since 2016, Medicare Advantage overpayingments have added about $82 billion to total Part B premiums. Annual premiums are projected to increase from about $2,440 per person today to roughly $5,000 by 2035.