Medicare B increase by 21.60 to 170.10 (friend, allowance, housing, single)
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Yes, I was quite concerned about that since I'm well past that "first eligible" date. But I looked it up, and since I have been on my wife's university's private insurance all that time (which is coming to a close), I was relieved that I won't be penalized if I start Medicare B as soon as that private insurance runs out.
Yup, I should have added that - you are good.
In my case, I wish I could delay because current plan is much cheaper because it is subsidized more than medicare because i will need to pay IRMAA.
I'm surprised that no one corrected the statement that SS benefits are increasing by 8% next year. They are increasing by 5.9%. This is based on the CPI difference in the months of July, August, and September as compared to the previous years CPI for those same months.
A recent bill introduced by Democrats in Congress to allow Medicare to negotiate drug prices like any other large consumer failed because Republicans in Congress failed to vote for it. Those prescription costs, while a ridiculous burden on Medicare patients are even more catastrophic for the government to cover, in the form of our taxes. In the case of this drug and all others, lobbyists are paid tremendous amounts of money to pressure politicians to back off on prescription cost legislation.
SS is only going to increase by 5.9% in 2022.
It wasn't just the Republicans that voted against that bill.
the problem is the iirma is not always someone who is making that a year .
it could be someone who simply sold their house or property and got a one time windfall .
a sanitation worker here gets a 40k pension as an income every year , inflation adjusted but if you sold an asset that now spins off the same 40k a year in income you are penalized even though effective incomes are the same so to speak.
they also go back two years so that asset sale may not even be from a time you were even retired since they go back two years
we were subject to it once when we first retired just for that reason .
we sold an asset pre retirement, were still collecting a working income and no one was even on medicare yet
i fought it since we were not retired and no one was even on medicare yet and won
For the first-tier Medicare beneficiary, the govt subsidizes the premium 75%. That subsidy is reduced as income level increases. Thus, the higher Part B premium.
I'm surprised that no one corrected the statement that SS benefits are increasing by 8% next year. They are increasing by 5.9%. This is based on the CPI difference in the months of July, August, and September as compared to the previous years CPI for those same months.
My wife and I pay more on Medicare than we did before and we don't have any change in our conditions. We paid over $16,000 in premiums and co-pays alone last year. We are also not subject to IRMAA if that's what you're thinking. We have Parts A and B, as well as Plan N and Part D.
Almost half of that total amount is a co-pay for an arthritis medicine that's been on the market for over 22 years. That co-pay is almost $6,000 and the full cost of the drug would be over $75,000 without insurance. Millions of Americans take this drug, which is far less expensive in other countries. Therein lies the problem; out of control prescription costs.
A recent bill introduced by Democrats in Congress to allow Medicare to negotiate drug prices like any other large consumer failed because Republicans in Congress failed to vote for it. Those prescription costs, while a ridiculous burden on Medicare patients are even more catastrophic for the government to cover, in the form of our taxes. In the case of this drug and all others, lobbyists are paid tremendous amounts of money to pressure politicians to back off on prescription cost legislation.
So everybody wins, the politician and the lobbyists, and of course big pharma. But not the American citizen and certainly not the senior.
Before Medicare that same drug, which keeps my wife out a wheelchair cost us $10 every 90 days with no income restriction. But of course, as soon as the taxpayer is footing the bill it's a different story. That drug went up 9.8% last year, even though it's been on the market for over 22 years. The manufacturer was recently allowed to extend the time that a generic equivalent can be marketed by another 10 years. Millions of Americans take that drug, and millions more are in the same position with other high priced drugs that are in higher tiers, like my wife's tier 5 drug.
it all comes down to greed as usual. We are the lab rats, but we also have to pay dearly for that privilege. Those who can't wait to reach Medicare age may have a nasty surprise waiting for them. I also have a lot of information on Medicare Advantage, but this post is already too long.
I hope you have explored other sources for expensive drugs, bypassing insurance. DH gets one through Globalpharmacyplus.com and I get one through Goodrx.
Well, now I'm confused again. What was that about Medicare B costing $150/mo (or now $170/mo)?
Last year the Part B premium only went up $4.00 to get to the $148.50. If this number would raise by the same 5.9% as the Social Security COLA gets you to the $150/month figure. If the government was honest that $4.00 increase was only 1/2 of what they could have done. Now for 2022 they raise the other 1/2 so you get to the $170.10 figure. When they go to take this out of SS drop the .10 and only take $170.
Most people also get Part A hospital free. Yet there are individuals that buy Part A & paid $471/month & will pay $499. Individuals with less than 30 credits pay the same amount. Individuals with 30-39 credits paid $259 now $274. So any foreigners that want to get into the system do pay.
Thank you Yakker, for posts 107-109. Rep given. While I was actually aware of those things, it was only recently on some. One more thing: DW (69) has been on Plan G since she went on Plan B, after I retired and she was no longer on my insurance. That was July, 2019. The anniversary date is always when you actually start, so “Open Enrollment” for 1/1/xx coversge like Plan D (prescriptions) is not valid. Due to a misquote from a service we have to use, she wanted to switch to Plan F, as there are no deductibles. Of course, the Premium is higher than Plan G, usually by the deductible amount and then some. In the misquoted case, it was cheaper. So we assumed she would have to change during Open Enrollment (OE). In the case of switching from G to Plan F, underwriting is required, and ONCE APPROVED, (IF approved, a big IF , because as you said, pre-existing conditions!!) becomes effective immediately the following month, regardless if when you apply. As it turns out, the misquote was discovered and just continuing on Plan G makes more sense. Assuming one can afford it.
Now to the point: the problem is that during OE, you are quoted premiums for 2022. But they will never tell you what your premiums will be for the plan you are already on, until 2-3 months before your anniversary date. So we can only base what her premiums MIGHT BE based on other Plan G offerings, and hope that ANTHEM (which she has) will not be wildly out of step.
(We are required by my retirement benefits to apply for all Medicare parts through a service called VIA Benefits, rather than open market OE, because my length of service retirement came with a yearly stipend of about $1000/yr, for each of us, towards Supplemental and Prescription plans, but only if acquired through them. The stipends are retroactive so, each year after being on Medicare for a few years, has the effect of a $1000 tax free bonus check for each of us (once I am on Medicare), in January each year. A nice benefit in addition to my pension. It can be VERY confusing)
My husband died so not only do I get to "enjoy" being alone, I am now subjected to a monthly increase of almost $300 in Medicare Part B and Part D IRMAA premiums in 2022 since my filing status changes from MFJ to Single. That $300 isn't the premium, it's the INCREASE in premium for 2022 from 2021.
My income is substantially the same as before and so are my expenses other than the government imposed expenses which have increased considerably since he died. I'm not living the life of the Rich and Famous now that he has died. I don't have any more money than before, but yet the government is taking an additional $300 a month from me just for Medicare. I'm sure when I calculate my 2021 FIT liability, I will be similarly penalized for being a widow.
Not to belittle your loss, but just to put numbers behind it, in order to pay a $300/month IRMAA increase going from MFJ to FS, taxable income has to be about $170,000/yr, understanding that SS income is only 85% taxed. While not Rich & Famous money, it still puts you in better than the top 10% income of all US households, and top 5% in retired households. The government is not “taking your money”, they are reducing their subsidized benefit to you, because that is what the numbers are.
I agree that the MFJ vs FS differential is a bit extreme. It is the main reason why many people convert as much tIRA funds to Roth funds as they can, while married. This way, income from the Roth when one is single (most all people, eventually) is tax free and IRMAA free. The benefit of doing this in advance can make the lower FS FIT bill savings as much as the IRMAA savings, about another $3600/yr.
Last edited by Perryinva; 11-23-2021 at 02:05 AM..
Last year the Part B premium only went up $4.00 to get to the $148.50. If this number would raise by the same 5.9% as the Social Security COLA gets you to the $150/month figure. If the government was honest that $4.00 increase was only 1/2 of what they could have done. Now for 2022 they raise the other 1/2 so you get to the $170.10 figure. When they go to take this out of SS drop the .10 and only take $170.
Most people also get Part A hospital free. Yet there are individuals that buy Part A & paid $471/month & will pay $499. Individuals with less than 30 credits pay the same amount. Individuals with 30-39 credits paid $259 now $274. So any foreigners that want to get into the system do pay.
the flaw here is healthcare costs and general inflation rarely track each otter ..the longer term average for healthcare has been almost 8% inflation . throw in covid costs and it likely will be a lot more of an increase
Last year the Part B premium only went up $4.00 to get to the $148.50. If this number would raise by the same 5.9% as the Social Security COLA gets you to the $150/month figure. If the government was honest that $4.00 increase was only 1/2 of what they could have done. Now for 2022 they raise the other 1/2 so you get to the $170.10 figure. When they go to take this out of SS drop the .10 and only take $170.
Most people also get Part A hospital free. Yet there are individuals that buy Part A & paid $471/month & will pay $499. Individuals with less than 30 credits pay the same amount. Individuals with 30-39 credits paid $259 now $274. So any foreigners that want to get into the system do pay.
the flaw here is healthcare costs and general inflation rarely track each other ..the longer term average for healthcare has been almost 8% inflation . throw in covid costs , new drugs and it likely will be a lot more of an increase than 5.90%.
heck we rarely have any medical bills and we cost medicare 250k this year for both of us with covid and we were just regular care not intensive car .
multiply that by all those on medicare hospitalized and we know it wasnt going to be business as usual in in increases.
you can buy part a if you lack enough hours at 499 part b is subject to any iirma surcharges too
Last edited by mathjak107; 11-23-2021 at 03:11 AM..
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What was that about Medicare B costing $150/mo (or now $170/mo)?
