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Old 10-14-2018, 11:22 AM
 
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Quote:
Originally Posted by loves2read View Post
We have had the good/bad situation to pay the supplemental tax for Medicare since we turned 65--
That can be a big bite-and rates are going up
The only hope is that our tax profile will be lower because of tax plan...not something I really supported and don't know how/if we will benefit or not-
We always have to file a delayed/amended return because we need K1s and the company sends them about as late as they can...
With Medicare it is hard not to benefit. The typical beneficiary gets a 1/3 to a 1/2 bonus in benefits over and above what they pay in.
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Old 10-14-2018, 12:33 PM
 
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medicare cost the gov't 10k per person in premium . we pay only a percentage of that 10k based on our income . from a low of 25% to 80%

that is why insurers love pushing advantage plans . they get 10k for every subscriber to their plan .

lower incomes pay only a tiny piece of what medicare actually cost .

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Old 10-14-2018, 12:57 PM
 
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Quote:
Originally Posted by mathjak107 View Post
medicare cost the gov't 10k per person in premium . we pay only a percentage of that 10k based on our income . from a low of 25% to 80%

that is why insurers love pushing advantage plans . they get 10k for every subscriber to their plan .

lower incomes pay only a tiny piece of what medicare actually cost .
I'm not sure of current info, but the was a time MA plans got a bonus for each patients. All the more reason to cherry pick if and when they can.

https://www.nytimes.com/2017/08/07/u...g-so-much.html

https://www.commonwealthfund.org/pub...ional-medicare

https://healthpayerintelligence.com/...-contain-costs
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Old 10-14-2018, 01:06 PM
 
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well they get 10k per subscriber from medicare including the 134 you pay in ..
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Old 10-14-2018, 03:29 PM
 
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Quote:
Originally Posted by mathjak107 View Post
well they get 10k per subscriber from medicare including the 134 you pay in ..
Obviously they can make money. My mentor started one of the first HMO's in the SW and retired rich as F.
One big profit center was to refuse unnecessary testings and treatments after proper evaluation by qualified docs.
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Old 10-14-2018, 05:25 PM
 
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Currently on employer plan through spouse's employment but am thinking of dropping coverage on myself and enroll in Medicare. I know the look back period for income related surcharges is two years. Does anyone know of cases where the look back period was shorter? For example, if I go on Medicare later in 2019, is it possible the look back period would only be one year so surcharges would be based on 2018 rather than 2017. I know if I wait to go onto Medicare when my husband retires, we will have a qualifying event for an adjustment to income. I prefer to go on sooner as I am not happy with his plan for myself but due to a one time capital gain in 2017, the surcharge would be hefty. Also I am not collecting social security so I don't have the hold harmless provision. I am eligible to enroll now and have been advised to sign up for Part A. Any reason not to sign up for Part A?
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Old 10-14-2018, 05:26 PM
 
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It is two years because when rates are set in January you have not filed that years taxes yet.

So as an example we sold an asset in 2014 and I was not retired yet so we had a whopper of an income .

So 2014 was filed in April 2015 . My wife was on Medicare . Well here comes January 2016 when rates are set , 2015 taxes won’t be filed until after you get your rate. So you only have 2014 filed so far.

We ended up appealing and because we were not retired in 2014 and in the interim by the time the appeal came up months later they deemed it a life changing event and rolled us back .
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Old 10-14-2018, 06:00 PM
 
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Quote:
Originally Posted by mathjak107 View Post
It is two years because when rates are set in January you have not filed that years taxes yet.

So as an example we sold an asset in 2014 and I was not retired yet so we had a whopper of an income .

So 2014 was filed in April 2015 . My wife was on Medicare . Well here comes January 2016 when rates are set , 2015 taxes won’t be filed until after you get your rate. So you only have 2014 filed so far.

We ended up appealing and because we were not retired in 2014 and in the interim by the time the appeal came up months later they deemed it a life changing event and rolled us back .
If I understand you correctly, if I enroll in Medicare in September of 2019, the Medicare surcharge will be based on 2017 income even though my 2018 taxes will have been filed by April 2019?
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Old 10-14-2018, 06:05 PM
 
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Rates are set for the year beginning of January 2019 using 2017 .so they go back two years to 2017. Irma rules state it is a two year look back . you can appeal it if it qualifies for a reason. A capital gain by itself is not a reason. Retiring and having earned a large salary and no longer having income in that range is a reason

Last edited by mathjak107; 10-14-2018 at 06:15 PM..
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Old 10-14-2018, 06:31 PM
 
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Quote:
Originally Posted by mathjak107 View Post
Rates are set for the year beginning of January 2019 using 2017 .so they go back two years to 2017. Irma rules state it is a two year look back . you can appeal it if it qualifies for a reason. A capital gain by itself is not a reason. Retiring and having earned a large salary and no longer having income in that range is a reason
Thanks. My husband's company has open enrollment July 1 so I was hoping to switch to medicare without the surcharges at that time. At least I would only have to pay for 6 months.
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