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Old 04-23-2016, 06:45 AM
 
30,065 posts, read 47,304,581 times
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Lucky cost isn't a factor...I just thought that maybe the old plan WAS the type that did substitute for Medicare coverage--like our teacher retirement plan--we are qualified for Medicare B and D w/out penalty if we have to switch because the plan is qualified...even if my earnings never paid into SS itself...
Then there is only proof of insurability type form that is required...
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Old 04-23-2016, 10:59 AM
 
71,490 posts, read 71,652,652 times
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we got the official letter today from ss as to the rollback . one thing that was a surprise was they do not roll you back to the 104.50 which was her old protected rate . rather they rolled us back to the 121.00 premium which is the lowest rate for someone not protected last year . i am still happy but i was kind of surprised it did not revert back to the hold harmless rate
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Old 04-23-2016, 01:22 PM
 
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She is only being given relief for the supplemental income charge--so premium should be at the new current level...because you did not go into 2015 entitled to full roll back, it is only ongoing that gets the relief from point of retirement...Correct?
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Old 04-23-2016, 01:28 PM
 
Location: SoCal
13,202 posts, read 6,308,074 times
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I enrolled my husband on Medicare part A, so when he turned 65, it will be his primary. But lately I've been googling to see if it's worth it to take part B and something came up that's unsettling. This couple were both Federal employees and retired at 66, the wife has cancer, the cancer drug is from Amgen for $4800 a pop, but if she had not joined Medicare Part A, she would get a private reimbursement from Amgen, Amgen don't want to deal with government insurance plan, aka Medicare part A. So this couple is out of pocket in the $100k plus. Isn't it strange? Anybody have experienced this?

See post 67 and post 80

https://forum.federalsoup.com/defaul...ts&t=68535&p=4

Last edited by NewbieHere; 04-23-2016 at 01:41 PM..
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Old 04-23-2016, 05:29 PM
 
Location: Hiding from Antifa?
6,394 posts, read 4,172,123 times
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In October 2015, we withdrew a sizeable amount from our IRAs to purchase a house with a reverse mortgage. (Please, there are other threads elsewhere and in this forum about reverse mortgages - take it there.)

Then, in January we took out some more to pay estimated taxes to cover last years taxes.

We are covering this year's increase in taxes over the rest of the year.

All this so we can live, mortgage payment free, with about 5K/month SS income, plus a small annuity, once I finally retire.

The upshot is, our AGI in 2015 was about $295K, and this year will be about $178K, and, if I retire next January it will be about $60K in 2017. I was not aware of how the Medicare premium is affected by high levels of income like that which has been discussed here.

1) Is it safe to assume we could win an appeal to reduce the premiums if I retire in January, 2017?

2) How about if I keep working in 2017 and our AGI for that year is about $160K and I retire to $60K/yr in January 2018?
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Old 04-23-2016, 05:36 PM
 
Location: Idaho
1,451 posts, read 1,153,086 times
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Quote:
Originally Posted by Cruzincat View Post
The upshot is, our AGI in 2015 was about $295K, and this year will be about $178K, and, if I retire next January it will be about $60K in 2017. I was not aware of how the Medicare premium is affected by high levels of income like that which has been discussed here.

1) Is it safe to assume we could win an appeal to reduce the premiums if I retire in January, 2017?

2) How about if I keep working in 2017 and our AGI for that year is about $160K and I retire to $60K/yr in January 2018?
If you apply for Medicare in 2017, the premium will be based on 2015 income.

1. If you retire in January 2017, you can appeal the high premium and have it adjusted based on your expected 2017 income. All you need to do is to fill the appeal form and show a proof of work stoppage.

2. If you continue to work in 2017, you have to pay the high premium based on 2015 income and can not appeal simply because your income in 2017 is lower than 2015.

For this case, your 2018 premium will be based on your 2016 income. If you retire in January 2018, then you can appeal as in case 1.
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Old 04-23-2016, 06:20 PM
 
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When are you eligible and going on Medicare?
You can't appeal a future event...
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Old 04-24-2016, 07:44 AM
 
Location: Asheville NC
1,602 posts, read 1,312,212 times
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Default Our Appeal

Quote:
Originally Posted by mathjak107 View Post
we got the official letter today from ss as to the rollback . one thing that was a surprise was they do not roll you back to the 104.50 which was her old protected rate . rather they rolled us back to the 121.00 premium which is the lowest rate for someone not protected last year . i am still happy but i was kind of surprised it did not revert back to the hold harmless rate
Only took Ten days from application. I think the time is dependent on how busy the office. We didn't have to mail mail our paperwork-just dropped it in the box at our local social security office. We didn't get the 104 price for part B either. I think they are bumping up everyone possible.
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Old 04-24-2016, 08:45 AM
 
Location: Hiding from Antifa?
6,394 posts, read 4,172,123 times
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Quote:
Originally Posted by loves2read View Post
When are you eligible and going on Medicare?
You can't appeal a future event...
Going to start getting Medicare at FRA, this August. First, the extra income will go towards this year's taxes, because of the w/d to pay last year's estimated taxes in Jan, 2016. Then, starting in Jan 2017, the extra income will go to paying off bills, and, if I can continue working, build a little more nest egg.

My earlier questions were based on a what if (I can't keep working).
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Old 04-24-2016, 09:38 AM
 
39,214 posts, read 20,338,563 times
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Quote:
Originally Posted by mathjak107 View Post
YES !

much to our surprise the examiner at social security/ medicare ruled in our favor and is rolling back marilyns premium by 300 a month .

we won , but not on the grounds i was making for our case .

i was arguing that they should not use 2014 tax returns but instead go by 2015 .since we had a one time sale of an asset and no one was on medicare yet or retired .

the examiner shot that down because they have very strict rules on asset sales as far as what makes for a life changing event and we didn't qualify .

but she said that because we stopped work in 2015 and saw such a drastic income cut from 2014 that it could be considered a life changing event and ruled in our favor . she reduced us by almost 300 a month and will give us back the almost 900 we already over paid.

i did not think we had a chance winning this so i was pleasantly surprised .

that is the advantage of doing some planning , we set a side 2 years of withdrawals in cash prior to retiring so it generated very little taxable income in comparison for 2015 swaying their decision .
Never mind mathjak, I'm reading the thread. When I first read your post I was shocked. I shouldn't be though. Trying to keep more of your money gets more complicated and complicated.


mathjak I don't understand? I thought all medicare premiums were the same but are you saying because you make more money you have to pay a lot more? Can you explain. Yes it's good to learn the law of the land and make adjustments accordingly.

We also plan on having a few years set aside.

Last edited by petch751; 04-24-2016 at 10:01 AM..
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