Medicare Part B increase for File & Suspend SocSec folks ?? (plan, supplement)

[Major Longabough]

Is this chatter about increasing Medicare Part B premiums for real ?? Is it likely to happen in 2016 ??

They are trying to fund a jump in the amount, and they are using a "hold harmless" clause to exclude those already collecting Social Security. This results in a larger increase for the smaller percentage of File & Suspenders.

Should I worry about losing all my Deferred Retirement Credits to a Part B increase ??

[mathjak107]

If you did a file and suspend you are not protected and get the full increase which as of now will be raised from 104 to 159.

This is one of the problems with delaying either not filing or suspending.

[Major Longabough]

Thanks Guys. Maybe the Mods will move it. I was going to ask the question over on bogleheads forum.....but we all know what their answer would be ;_)

Do you guys know what the deadline to "unsuspend" is this fall ???? Do you have to be on the SocSec payroll by October ??

[mathjak107]

You must be getting a december check

[mathjak107]

This Is pretty much a done deal. It will be announced officially likely in october but it appears a done deal.

[MadManofBethesda]

This has been discussed here for the past few days in this thread:

Double Whamming Coming our Way

[Reynard32]

Originally Posted by mathjak107

If you did a file and suspend you are not protected and get the full increase which as of now will be raised from 104 to 159.

Actually, you get the full increase plus your share of all the full increases that would NOT be passed on to the 75% of folks who would be held harmless. The $159.30 figure however is as yet an estimate, one that assumes Congress will do nothing to alter the calculation. As things stand, the $159.30 would be the standard monthly premium for not held harmless married couples with incomes of up to $170K. Premiums would be considerably higher in the four income bands above that, reaching $509.80 per month for those with incomes above $428K.

[mathjak107]

this is making doing roths even more of a value for some .

[loves2read]

Ouch--does that $500 include B and D?

Premumiums are calculated on prior tax filing years--2016 fees based not on 2015 income but 2014--
right now we are in highest supplemental bracket for Part B because of high (and unusual)
S-corp income last years...
Delayed SS filing for both of us
If we don't claim SS AND get a revised AGI for current/ongoing income--not prior tax year-- we are going to have more than double monthly Part B
Part D is taken care of with supplemental insurance through my teacher retirement plan...

[mathjak107]

d is always seperate . a is free and b is what is going up .