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Old 04-15-2016, 12:35 PM
 
Location: Saint Johns, FL
1,193 posts, read 944,127 times
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If they had not passed a bill to alleviate it, Medicare Part B monthly costs would have gone up $55 a month or $660 a year for those who have delayed SS. If you delay from 65 to 70 and that happened every year, that could be an additional $3,330 taken away from that bigger SS check you were trying to get.

This concern anyone else? Or am I mis-thinking?
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Old 04-15-2016, 01:53 PM
 
10,819 posts, read 8,073,350 times
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I don't see any reason for concern. A decision to delay is not irrevocable. Anyone unduly bothered by an upcoming increase (they're known well in advance) can easily go ahead and file for benefits before it goes into effect.

Keep in mind too that existing SS recipients will eventually also start paying the increased premiums through offset of COLA's.
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Old 04-16-2016, 04:04 AM
 
71,762 posts, read 71,853,273 times
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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 .

certain incomes , collecting or not will have to pick up higher percentages of the costs of that years medicare costs since medicare is mostly user funded .

premium increases based on income have nothing to do with being protected under hold harmless

your ss in 2018 will be based on 2016 income . if you are in that 133k range you need to do some tax planning for this year to get taxable income lower perhaps by living more off cash , etc .


Last edited by mathjak107; 04-16-2016 at 04:48 AM..
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Old 04-16-2016, 06:01 AM
 
Location: Jamestown, NY
7,841 posts, read 7,338,037 times
Reputation: 13779
Quote:
Originally Posted by Newporttom View Post
If they had not passed a bill to alleviate it, Medicare Part B monthly costs would have gone up $55 a month or $660 a year for those who have delayed SS. If you delay from 65 to 70 and that happened every year, that could be an additional $3,330 taken away from that bigger SS check you were trying to get.

This concern anyone else? Or am I mis-thinking?
Deciding to take Medicare Part B is not dependent on when you decide to take SS. When you turn 65, you become eligible for Medicare even if you are still working. For people with less than optimal health care through their employer, it might be good deal to drop employer health care and take Medicare Part B. For the self employed or retired, it's a good deal too.

The big decision is for those people who continue to work past 65 who have good employer health insurance. Since I worked until I was 66 and had excellent employer health insurance, I delayed applying for Medicare Part B. It costs me about $20/month more.
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Old 04-16-2016, 06:04 AM
 
Location: Jamestown, NY
7,841 posts, read 7,338,037 times
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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 .

certain incomes , collecting or not will have to pick up higher percentages of the costs of that years medicare costs since medicare is mostly user funded .

premium increases based on income have nothing to do with being protected under hold harmless

your ss in 2018 will be based on 2016 income . if you are in that 133k range you need to do some tax planning for this year to get taxable income lower perhaps by living more off cash , etc .
Thanks, mathjak!! I'll have to refigure how much I put into my 403b this year because of my lump sum distributions from retirement to be sure I'm good.
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Old 04-16-2016, 06:37 AM
 
Location: Mount Airy, Maryland
10,473 posts, read 5,939,796 times
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Quote:
Originally Posted by Linda_d View Post
Deciding to take Medicare Part B is not dependent on when you decide to take SS. When you turn 65, you become eligible for Medicare even if you are still working. For people with less than optimal health care through their employer, it might be good deal to drop employer health care and take Medicare Part B. For the self employed or retired, it's a good deal too.

The big decision is for those people who continue to work past 65 who have good employer health insurance. Since I worked until I was 66 and had excellent employer health insurance, I delayed applying for Medicare Part B. It costs me about $20/month more.
This is what I will be looking into as well, especially since my wife will be 65 several years before I plan to retire so I'd like to explore this with her coverage. The problem I am having is getting a handle on how much the supplemental coverage will cost for just her and for both of us when I become eligible.

Last edited by DaveinMtAiry; 04-16-2016 at 07:08 AM..
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Old 04-16-2016, 07:07 AM
 
71,762 posts, read 71,853,273 times
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you need to decide if you want to go advantage plan , not my choice, or medicare and supplement .

medicare and supplement is the broadest geographically and hassle free coverage and with an f-plan there are no surprise charges .

an f-plan in ny is about 3k each a year
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Old 04-16-2016, 07:09 AM
 
Location: Mount Airy, Maryland
10,473 posts, read 5,939,796 times
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$3,000 year is great, is that for one person or 2? I have heard your horror stories on Advantage, I want total coverage with no surprises with a reasonable out of pocket.
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Old 04-16-2016, 07:11 AM
 
71,762 posts, read 71,853,273 times
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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 .
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Old 04-16-2016, 07:30 AM
 
Location: Jamestown, NY
7,841 posts, read 7,338,037 times
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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.
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