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Just so I understand, so Part B $134 per month no matter your income? Thanks
Or in other words, $134 per month is the lowest tier of Part B premiums. There are another four tiers, if I recall correctly (or maybe it's three more), for people who have higher incomes. I believe (just from memory) that the first bend point comes with an adjusted gross income of $85,000 per year for single filers and $170,000 for married filing jointly. I don't remember what the higher bend points are.
Or in other words, $134 per month is the lowest tier of Part B premiums. There are another four tiers, if I recall correctly (or maybe it's three more), for people who have higher incomes. I believe (just from memory) that the first bend point comes with an adjusted gross income of $85,000 per year for single filers and $170,000 for married filing jointly. I don't remember what the higher bend points are.
2018 is introducing more tiers . 133,501 will start a new tier . as always what you pay is based on income two years earlier so 2016 counts for 2018
Part B rates by income are clearly outlined. We know OP is on limited income so her premium is $134.
Thanks for the link. It is very useful. So looks like if our income was less then $170,000 the two years
before I retire and it will be less to retirement I should only have to pay $134 per month. Am I right in the assumption? Thanks!
2018 is introducing more tiers . 133,501 will start a new tier . as always what you pay is based on income two years earlier so 2016 counts for 2018
So now I am confused some what as I am retiring and taking Medicare in 2018. So if my income is between 133,501 and 170,000 looks like I am paying more then the $134. Do you know how much more? Let's say we have a gross income of $160,000 in 2016 could you give a figure what I would be paying when in 2018 I go on Medicare?
the rate for 2018 has not been determined yet . but yes you will pay more . only the percentage of the total budget each income level will have to pick up has been determined .
the way medicare works is the users of medicare are expected to pick up a percentage of the years total expected costs when they are determined based on income .
whatever the total costs are when determined will have 25% of the budget filled by those less than 85k , 35% of the total will be filled by those with incomes of 85k-107k . 50% by 107-133k , 65% by those 133-160k . that group used to pay 50% of the total nut so 133,501 to 160k will be paying 15% more towards the budget . no one knows the budget amount and premiums yet . to far in advance . .
don't forget those already collecting and below the increase threshold are protected against being raised more than the cola adjustments . those not collecting yet are not protected and have to pick up a greater share so depending how many are delaying ss and unprotected the balance of the budget is made up by those who can be raised more than the cola adjustments.
Last edited by mathjak107; 04-05-2017 at 07:15 AM..
Say someone stops working 2 years before taking Medicare. So they have no income for those 2 years. What is the method they use to factor the Medicare cost then?
the rate for 2018 has not been determined yet . but yes you will pay more .
the way medicare works is the users of medicare are expected to pick up a percentage of the years total expected costs when they are determined .
whatever the total costs are when determined will have 25% of the budget filled by those less than 85k , 35% of the total will be filled by those with incomes of 85k-107k . 50% by 107-133k , 65% by those 133-160k . that group used to pay 50% of the total nut so 133,501 to 160k will be paying 15% more towards the budget . no one knows the budget amount and premiums yet . to far in advance . .
don't forget those already collecting and below the increase threshold are protected so depending how many are delaying ss and unprotected the balance of the budget is made up by those who can be raised more than the cola adjustments
OK thanks, I got it now. Just have to wait and see what the new rates will be. Just my luck they change it the year I retire. One more question: In a few years the premium should go down as my income goes down after retirement right, as it always will be based on my income two years prior?
we unknowingly sold an asset in 2014 before we retired . who knew our 2016 rate for medicare was going to hinge on it . we were not on medicare yet , not retired nor even knew how it worked .
the jump was an extra 300 per month per person on top of the base amount . so premium jumps can be insane.
i appealed it and on some technicality's they rolled us back .
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