Double Whamming Coming our Way (raise, wife, taxes, IRA)
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Debbie, if "Federal Blue X and Blue Shield" means "Federal Blue Cross and Blue Shield", then yes, you will need to sign up for Medicare Part B (if you wait you will be hit with even higher premiums). This should have been explained to him at his retirement seminar. If he is CSRS, he can have the Medicare premiums taken out of his retirement annuity, the form can be found at opm.gov. If he is FERS, the premium will come out of his Social Security payment. Looks like you will be paying the higher premium, as will my SO when he signs up for Medicare in 2017, and I just told him today that the premium is $105.
Just saw this, and I wanted to be clear on the wording; i.e., "you will need to sign up for Medicare Part B."
There's nothing mandatory about signing up for Medicare Part B.
I'm a federal CSRS retiree with Blue Cross and Blue Shield through the Federal Employees Health Benefits Plan. If I elect to sign up for Medicare Part B, that will be primary, and BC/BS will be secondary. Between the two, I should pay little or nothing out-of-pocket.
But, I don't know if it's going to be worth whatever the cost of Medicare Part B is two years from now when I turn 65. I'm fine with covering the co-pays and deductibles I have with BC/BS, and if the only financial advantage to me in getting Medicare Part B is that I don't have to cover the deductibles and co-pays, I'm just not sure getting Medicare Part B will be worth it.
"You must collect a december check. The increase is in january"
mathjak -- is that december check date verified ??
I'm going to call SS this afternoon to get their view, but i'm seriously thing of lifting my suspenders and start collecting.....I'm so sick of these politicians fiddling around with this !!!
according to michael kitces you need nov and dec not just dec as i thought
Given the looming Medicare Part B premium increase, those who are not eligible for the Hold Harmless provision - for instance, those enrolled in Medicare but delaying Social Security benefits, or those who haven't yet enrolled in either but could - should carefully consider whether it is really still worth delaying Social Security benefits (and/or delaying enrollment in Medicare), given that those who begin the process by October of this year still have the potential to get started in time to be eligible for Hold Harmless and shelter themselves from the 2016 increase.
The “good” news for planning purposes is that because the Hold Harmless provision is determined based on whether the retiree is getting Social Security benefits (and is a Medicare Part B enrollee) for the last two months of the year, it appears that there is still time for retirees to consider whether to take action on claiming Social Security or Medicare Part B now, before it is too late.
great article and one of my favorite researchers .
according to michael kitces you need nov and dec not just dec as i thought
Given the looming Medicare Part B premium increase, those who are not eligible for the Hold Harmless provision - for instance, those enrolled in Medicare but delaying Social Security benefits, or those who haven't yet enrolled in either but could - should carefully consider whether it is really still worth delaying Social Security benefits (and/or delaying enrollment in Medicare), given that those who begin the process by October of this year still have the potential to get started in time to be eligible for Hold Harmless and shelter themselves from the 2016 increase.
The “good†news for planning purposes is that because the Hold Harmless provision is determined based on whether the retiree is getting Social Security benefits (and is a Medicare Part B enrollee) for the last two months of the year, it appears that there is still time for retirees to consider whether to take action on claiming Social Security or Medicare Part B now, before it is too late.
great article and one of my favorite researchers .
When Kitces refers to Nov and Dec he is talking about entitlement. The Nov entitlement is issued in DEC and the Dec entitlement is issued in JAN.
IOW, the retiree would be applying for benefits to begin in Nov but would not receive Nov's benefit until December. Thus, the Medicare premium is being deducted from the last check issued in 2015. There is a one month lag, hence the Nov & Dec reference.
Just saw this, and I wanted to be clear on the wording; i.e., "you will need to sign up for Medicare Part B."
There's nothing mandatory about signing up for Medicare Part B.
I'm a federal CSRS retiree with Blue Cross and Blue Shield through the Federal Employees Health Benefits Plan. If I elect to sign up for Medicare Part B, that will be primary, and BC/BS will be secondary. Between the two, I should pay little or nothing out-of-pocket.
But, I don't know if it's going to be worth whatever the cost of Medicare Part B is two years from now when I turn 65. I'm fine with covering the co-pays and deductibles I have with BC/BS, and if the only financial advantage to me in getting Medicare Part B is that I don't have to cover the deductibles and co-pays, I'm just not sure getting Medicare Part B will be worth it.
I've got two years to figure it out.
I would start by checking with your current plan to see of they require you to enroll in Part B so they can shift from your major medical coverage to a Medicare supplement plan. Many plans do as did mine from the State of California. Also, be aware that if you fail. to enroll in Part B at age 65 then have to or choose to enroll later, your premium will be increased by 10% for every eligible year you failed to enroll. Also, at 65 you will automatically be enrolled in Medicare Part A.
These same career politicians robbed the SS till for 50 yrs, meanwhile, forced people at "gunpoint" to contribute to SS all those years, now they want to cut SS? Heh. I hope Trump wins the next presidency just because he's no career politician. That alone gets my vote - regardless of anything else.
These same career politicians robbed the SS till for 50 yrs, meanwhile, forced people at "gunpoint" to contribute to SS all those years, now they want to cut SS? Heh. I hope Trump wins the next presidency just because he's no career politician. That alone gets my vote - regardless of anything else.
Which politicians want to "cut" Social Security? The hold harmless provision is part of SS law for the precise purpose of NOT cutting people's Social Security. You seem to be very confused.
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