One problem with delayed Social Security: higher Medicare costs (payments, trouble, income)

[BugsyPal]

Interesting read from Saint Louis Dispatch: One problem with delayed Social Security: higher Medicare costs | Business | stltoday.com

[Escort Rider]

I was having some trouble with the link, but my thought is that since we become Medicare eligible at age 65 whether or not we are already drawing Social Security, what is the problem? Perhaps the OP, or some other kind poster, will lay out the problem for me. (Sorry for my response without having read the article).

[akck]

I think it's that cost increases are passed along, whereas with SS, they are limited to just the increase in SS payments each year.

[NewbieHere]

Yes that's a very small problem.

[Escort Rider]

Originally Posted by akck

I think it's that cost increases are passed along, whereas with SS, they are limited to just the increase in SS payments each year.

Thanks for filling me in. Apparently it is a matter of the Medicare Part B premium which is deducted from the SS monthly payment if you have one. If so, that doesn't really amount to much. What are we talking about as a differential? $25 or $30 a month? Thirty dollars a month is $360 a year. So somebody bothers to write an article about $360 a year?

Perhaps someone needs to fill me in again!

[mathjak107]

the difference is not much at all but it could be open ended and huge . .

that is because the more people that collect early and the more the medic expenses go up on medicare , the more the portion of funding those that are eligible but not collecting have to pick up since medicare is mostly user funded.

with 10,000 boomers a day hitting 65 now depending how many file early the weight of the expenses on those not collecting yet is not really known as many are not on it .

so while the extra portion picked up by those delaying has been small so far and only 30 bucks or so , depending how many boomers file early vs delay that portion can grow huge if colas are small .

[akck]

As I recall, there was talk of the increase being $50-100+, but Congress intervened, keeping the cost down. In other words, they kicked the can down the road, so that could mean bigger increases in the future.

[mathjak107]

for 2018 they have new, lower , income brackets where increases will begin and this has nothing to do with hold harmless .

lower incomes will get premium increases . it used to take far more income prior to 2018 to get a jump in premium

[DaveinMtAiry]

Sorry if this has been addressed before but how do you file and pay for Medicare at 65 if you are delaying SS filing? Do you write a monthly check?

[Vision67]

Originally Posted by DaveinMtAiry

Sorry if this has been addressed before but how do you file and pay for Medicare at 65 if you are delaying SS filing? Do you write a monthly check?

Yes, CMS (Medicare) will send you a bill.