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Old 02-19-2016, 02:16 PM
 
Location: OH>IL>CO>CT
5,237 posts, read 8,406,103 times
Reputation: 7191

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Quote:
Originally Posted by GeoffD View Post
Your Social Security benefit is not means tested. You get the same benefit regardless of whether you earn a million dollars that year as if you have no other income at all. The tax treatment changes based on your income. If you don't have other income, your Social Security check is not taxed. If you have some income, you pay tax on half your Social Security check. If you have a bit higher income, you pay tax on 85% of your Social Security check.

Also, the health coverage you receive under Medicare is not means tested. The monthly premiums you pay vary depending on your income. If you have nothing coming in but a small Social Security check, you don't pay much of anything in Medicare premiums. If you earn 6 figures, Medicare and supplemental coverage will cost you about $7,000.

It is hard to say how any of this will work 20 years from now. The law will certainly change but there is no telling how.
If those statements do not amount to "means testing", what does ?
Granted your initial payment is not "garnisheed", but the effect is the same. You end up with less money than you expected, based solely on the fact you had a higher income than others..

Re taxation of SS, in 2014, I had to "give back" $421, in 2015 $1161, and my 2016 projection is $2671. Mainly due to effect of IRA RMD withdrawals.

Re Medicare, fortunately, for me, I fell into the "hold harmless" group.
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Old 02-19-2016, 02:48 PM
 
Location: Mount Airy, Maryland
10,463 posts, read 5,930,681 times
Reputation: 16159
Quote:
Originally Posted by ABQ2015 View Post
I just saved $150 on a $250 prescription using GoodRx. I've told friends and co-workers about GoodRx but most aren't interested. I think they have good insurance that pays for their drugs and/or they are too young to be at the point where they require expensive prescriptions.
I find it interesting that there is little interest. Again sounds like GoodRx and Blink Health operate the same way. I don't take many meds but my wife does and every single one was significantly cheaper than when we run it through Kaiser.
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Old 02-19-2016, 03:30 PM
 
Location: WA
5,395 posts, read 21,401,588 times
Reputation: 5898
Quote:
Originally Posted by GeoffD View Post
Your Social Security benefit is not means tested.
...

Actually if you looked at how benefits are calculated (benefits against total dollars paid) and the tax regulations (taxes on upper range of benefits) the end result is that citizens with more get less for their contributions. It is in effect means tested.
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Old 02-19-2016, 06:22 PM
 
Location: NYC
2,910 posts, read 1,589,162 times
Reputation: 7952
Quote:
Originally Posted by DaveinMtAiry View Post
I wouldn't call it a scam. Sounds like GoodRx and Blink Health are offering the same thing, ...
Yes, & I didn't call it a scam or mean to imply that, I called it a scheme, as in a plan or a project.

I do think the big pharma corporations & insurance companies are part of a scam however in their arbitrary exorbitant price gouging & dropping coverage of needed medicines. I believe they will ultimately create a demand that market forces & business profits from illnesses are undesirable in a modern society & should be at least tightly regulated if not eliminated entirely. A different topic however....
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Old 02-20-2016, 03:48 AM
 
71,626 posts, read 71,777,271 times
Reputation: 49225
Quote:
Originally Posted by 2sleepy View Post
What are you talking about? The only things that can be capped are those for which medicare allows a cap, and the only service I can find that has a cap is out patienttherapy services But neither mine nor my husband's advantage plan have any dollar limits for those services. Both of our plans pay for hospice care, so I can't even imagine what all these capped services are that you are talking about.

https://www.medicare.gov/what-medica...-services.html

And our plans cover out of area emergency care, but seriously would it make sense for them to cover me if I went on vacation and, without any medical emergency decided to schedule an appointment for a physical examination?
don't confuse the fact that advantage plans have to cover the same services as medicare with them actually approving you for that service or care .


advantage plans are no different then any other hmo . you still need them to review and approve certain costs unique to your case .. you certainly can be denied if they feel it is something they feel not needed or something they will not cover in full for whatever reason they can give .

medigap plans have no review process . once medicare covers it they have to pay it regardless of what they think or whether or not they would have approved it for their advantage plan holders in a similar situation . .

in fact in a kaiser study 1/3 of advantage plan holders ran in to cases of denial or issues getting the care they wanted .

Last edited by mathjak107; 02-20-2016 at 04:50 AM..
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Old 02-20-2016, 03:50 AM
 
Location: Mount Airy, Maryland
10,463 posts, read 5,930,681 times
Reputation: 16159
Quote:
Originally Posted by Hefe View Post
Yes, & I didn't call it a scam or mean to imply that, I called it a scheme, as in a plan or a project.

I do think the big pharma corporations & insurance companies are part of a scam however in their arbitrary exorbitant price gouging & dropping coverage of needed medicines. I believe they will ultimately create a demand that market forces & business profits from illnesses are undesirable in a modern society & should be at least tightly regulated if not eliminated entirely. A different topic however....
Yeah sorry, I caught my mistake after it was too late to correct. I HATE that function of this board. Agree about pharma, this is not news, but I was really clueless on what the insurance companies are making on the drugs.
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Old 02-20-2016, 08:16 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
Quote:
Originally Posted by DaveinMtAiry View Post
I wouldn't call it a scam. Sounds like GoodRx and Blink Health are offering the same thing, prescriptions at huge discounts. I'm not sure why nobody seems very interested in that given the lack of responses here.
I have gone through GoodRx to buy 1 drug (a topical antibiotic acne lotion). Saved about $100 (on a little bottle). Otherwise - the savings were basically zip for the other drugs I take. Great idea in theory. Little practical effects in terms of savings (at least for me). Robyn
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Old 02-20-2016, 08:29 AM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,932,507 times
Reputation: 6716
My father - a single who makes over $85k/year - pays a total of $6831/year for traditional Medicare - Parts B and D - and his Medigap policy.

As for Medicare Advantage plans - they are a non-starter where I live due to very limited provider networks. Guess if I had to do MA for financial reasons - I'd do it. But I like having the widest possible choice of providers that I can get as a Medicare patient. Robyn
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Old 02-20-2016, 08:31 AM
 
71,626 posts, read 71,777,271 times
Reputation: 49225
i agree , last thing i want in the event of a severe illness is to be restricted to only certain hospitals or specialists . we do a lot of traveling and the pickings can be even slimmer once you are out of area with many of them unless it is life threatening .
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Old 02-20-2016, 08:36 AM
 
Location: WA
5,395 posts, read 21,401,588 times
Reputation: 5898
Quote:
Originally Posted by mathjak107 View Post
...
advantage plans are no different then any other hmo .
...
I am currently using an Advantage plan that is a PPO. Clearly you still need to watch out of pocket and shop for providers but it is still much more flexible than most HMO plans.
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