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Old 04-16-2016, 07:48 AM
 
Location: Central Massachusetts
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Quote:
Originally Posted by Linda_d View Post
Mathjak, a question about your chart ...do you know if the income brackets are calculated on taxable income or adjusted gross income?

Thanks in advance.
The fine print at the bottom of the chart says adjusted income.
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Old 04-16-2016, 08:55 AM
 
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it is called magi .... it is basically income before deductions but less certain allowed items .
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Old 04-16-2016, 10:23 AM
 
Location: Baltimore, MD
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Quote:
Originally Posted by mathjak107 View Post
yep , in the end everyone will be effected .

any up coming colas are likely already gone and will go to premium increases . for those delaying i think this year's base rate is about 121.00 instead of 104.50 but it changes each year . in fact even if you are collecting , in 2018 they are increasing premiums based on income levels as they add new income level increases . <snip>
Unless there is a surge in the CPI-W in the 3rd quarter of 2016 - there will either be no COLA or a tiny one that is insufficient to negate the "hold harmless" provision that is applied to the the masses.

Here is why:

The average CPI-W in 3rd quarter of 2014, not last year's CPI-W, is used to determine whether a COLA will be applied to the 2017 benefit. Thus far, the CPI-W is running significantly lower than the 3rd quarter 2014 CPI-W.

AVERAGE CPI-W in 1st quarter 2016 - 231.44
AVERAGE CPI-W in 3rd quarter 2014 - 234.24

(Just for s**** and giggles, I'll note the AVERAGE CPI-W for 3rd quarter 2015: 231.62)

Medicare's hold harmless provision also applies when an increase in the COLA does not offset the increase in the Part B premium. IOW, even with a tiny increase in the COLA the beneficiary's social security "check" cannot be reduced because of the premium increase.

So, I'm willing to bet that the hold harmless provision will kick in again for 2017. Obviously, I have no crystal ball. If only...
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Old 04-16-2016, 12:29 PM
 
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whatever it is you can be sure the cola will go towards premiums
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Old 04-16-2016, 06:48 PM
 
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Oh HAIL yes. Would someone with some economic/business sense (without ulterior motives) please become president!!
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Old 04-17-2016, 07:58 AM
 
Location: Mount Airy, Maryland
10,489 posts, read 5,952,316 times
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Quote:
Originally Posted by mathjak107 View Post
one person , plus medicare premiums , plus a drug plan . 10k oer more for 2 is about right.
.

we are pretty healthy so we use a high deductible f-plan with 2k deductible and we save more than 2k a year each on premiums . we never eat more then a few hundred at best .
Whoa, $10,000/year for a couple is way more than I remember other posters saying they pay. The Insurance board doesn't really have the topic, maybe I should start a new thread.
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Old 04-17-2016, 09:47 AM
 
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well if you want medicare and a supplement do the math

medicare is 121 .00 x 12 x 2 =2900 roughly

drug plan 350 x 2 = 700

f-plan supplement ny 3000 x 2 =6000

roughly 10k and that is no dental , glasses or hearing aids.

supllements vary by state . ny has a higher rate but no increase by age each year like other states . we are community based and not aged based .

you can roll the dice with more exposure with other plans rather then a comprehensive f-plan .
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Old 04-17-2016, 12:16 PM
 
Location: Baltimore, MD
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Quote:
Originally Posted by DaveinMtAiry View Post
Whoa, $10,000/year for a couple is way more than I remember other posters saying they pay. The Insurance board doesn't really have the topic, maybe I should start a new thread.
IIRC, you will be moving from MD. However, FWIW, here's a link to the cost of each plan in Maryland.
http://insurance.maryland.gov/Consum...cies1.2016.pdf
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Old 04-17-2016, 12:30 PM
 
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dave- see how each year they go up .

in ny every age gets the same price but we start off higher . md is 214 at 65 for a f-plan , we are about 300 but stay the same price age wise regardless .
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Old 04-17-2016, 01:20 PM
 
Location: Baltimore, MD
3,746 posts, read 4,227,384 times
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Quote:
Originally Posted by mathjak107 View Post
dave- see how each year they go up .

in ny every age gets the same price but we start off higher . md is 214 at 65 for a f-plan , we are about 300 but stay the same price age wise regardless .
You're misreading the chart.

One plan is "community rated", one is "issue age", several are "attained age" and several are mixed.

For example, TransAmerica Life is "issue age". That means the policy is priced according to the age at the time the policy is issued. Thus, at 65 the cost would be $176.00. The premium will not rise based on age. So, the 65 year old's premium will stay the same as he ages unless there are other factors, such as the Company's increased costs, that will raise the premium for EVERYONE.

Attained Age: The yearly premium is based on the insured's age. So, a 65 year old may pay $150 this year and $170 when he turns 66.

Community Rated: The premium is never based on age, but it too may rise because the benefit changes or there are overall premium adjustments.
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