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I wonder how this will affect my husband. He is collecting full Social Security, but has declined Part B because he is still working and is covered by his employer's health insurance.
He is going to retire in the Spring of 2016 which means that he will elect Medicare Part B (and D) at that time. Supposedly, there is no late penalty for Part B if still working and covered under a private plan.
He is already getting a Social Security check. So would his check be deducted by the new rates in 2016? Our income with him working is under that $170,000.
I have had my Medicare Part B taken out of my Social Security for the past year, so I would fall under that "hold harmless" clause, but my husband could be paying more than I am simply for the penalty of having employer insurance and declining Part B for a year, for which there isn't supposed to be a penalty in the first place? When he did become eligible for Medicare, I told him to DROP his employer coverage and go with Medicare instead because it was a lot cheaper. He refused. Hopefully, he won't be paying the penalty for that now.
I wonder what will happen to people in my husband's situation?
New enrolees w / o SS pay the new base Part B or new surcharges based on 2014 income MAGI
Based on my understanding
Even at 150aonyh it is a good deal IMP
I wonder how this will affect my husband. He is collecting full Social Security, but has declined Part B because he is still working and is covered by his employer's health insurance.
Hopefully, he won't be paying the penalty for that now.
It is not a penalty. It is a change in premium for new enrollees. That means anyone reaching Medicare age next year, those who delayed enrollment for whatever reason, and more.
Short answer is he pays the higher premium unless he enrolls and has his first Part B payment deducted from SS in December, latest.
The people who are going to get hit with this the most are the newly eligible for Medicare at 65, but too young to collect full Social Security benefits until 66. Donut hole if you can call it.
The first year's worth of Part B Premiums has to be paid for by the beneficiary when it cannot be taken out of a Social Security check.
This just proves the point that the ages for both should be the same, both at 65.
I don't see that it proves that point at all. You are paying your Part B premium anyway, whether you write a check for it or whether you receive a reduced Social Security benefit because it is taken out of that check. It's all the same.
A useful analogy would be items which get deducted from our checks while we are still working. Union dues are one example. If they are deducted automatically we are simply less aware of them compared to writing a check for them, but they still cost us exactly the same amount of money either way.
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