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Old 10-16-2015, 06:58 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9026

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Quote:
Originally Posted by BugsyPal View Post
With the official announcement that the SS COLA increase will be zero for 2016 some elderly and the disabled New Yorkers will need those "government subsides" sooner than many think.

No raise for 65 million on Social Security - Oct. 15, 2015
No inflation, right? Thanks Barack...give your Labor Secretary a bonus. Tom Perez must have worked like a dog cooking the books that hard.

Well, the upside is the Medicare law says that most of us must be "held harmless" meaning no Medicare Part B increase for those SS recipients (like us) collecting the 0% COLA.
It conflicts with the law that says 25% of Medicare's total costs must be borne by retirees so those NOT "held harmless" will see a huge increase in Medicare Part B monthly costs since they must make up the difference.
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Old 10-16-2015, 07:03 AM
 
64,532 posts, read 66,100,109 times
Reputation: 42983
yep , but those with incomes above the threshold that are collecting won't be protected .anyone who has a 2-year-lagged modified AGI in excess of the first IRMAA threshold of $85,000 (for individuals, or $170,000 for married couples) is not eligible for the Hold Harmless provision.

everyone else who is covered by it likely won't see anymore cola's for many years as when you do get them they will go towards making up the almost 50% price increase .

those that did a file and suspend are not protected either . this is one of the dangers of delaying taking ss younger . 50% is a hell of an increase.

2018 is set to have a lot more income points where folks will pay more than others . it will be based on your 2016 taxes .


this is the percentage you will have toay of the total cost by your income .


Last edited by mathjak107; 10-16-2015 at 07:16 AM..
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Old 10-16-2015, 08:01 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9026
Geez,

If Congress "simplifies" this any further NOBODY will be able to determine what they are getting and not getting. The next Congressperson who utters the word "Simplify" should be smacked in the gob with a nice fat lemon merengue pie...or a salmon.
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Old 10-16-2015, 08:02 AM
 
64,532 posts, read 66,100,109 times
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more and more it will be income linked .

this is where retiree tax planning will be very important .
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Old 10-16-2015, 01:43 PM
 
119 posts, read 75,940 times
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Hence the imperative for universal insurance coverage.

Quote:
Originally Posted by Forest_Hills_Daddy View Post
I heard one can get cheap medical care by showing up at Elmhurst Medical Center and claiming inability to pay.
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Old 10-16-2015, 01:47 PM
 
9,454 posts, read 15,010,253 times
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Quote:
Originally Posted by NYChistorygal View Post
Illness will be the hardest thing, even for those who put $ away. Nursing homes in NYC are about $11,000+ per month. When the cash is gone, you have to go to medicaid.

Done right, that can be a seamless transaction...
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Old 10-17-2015, 08:34 AM
 
Location: Manhattan
20,129 posts, read 26,407,309 times
Reputation: 9026
Quote:
Originally Posted by MaryleeII View Post
Done right, that can be a seamless transaction...
But one that should NOT be handled without an experienced Medicaid lawyer. We went through it with my mother-in-law.
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