The House Bill Would Mean a Tax Hike for Millions of Seniors. Learn More

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Trusted Social Butterfly
Posts: 9,346
Registered: ‎09-03-2008

Re: Social Security Cost of Living

Message 11 of 20 (638 Views)

Gail wrote-Haven't any knowledge of that prophesy.  Post his source and the one you found.------------------------------------------------------------------------------------------------------------------------------------------------------------Agent was broker for several insurance companies and he was encouraging me to switch Medigap plan F to G which he said was going to be discontinued in 2020(F). G has a deductible but overall it would be cheaper than F and office calls would be grandfathered in for those 65 or 0lder. Other source was from link that I deleted and forgot. If true ,information should be available when new health care plan is rolled out.

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Social Security Cost of Living

Message 12 of 20 (644 Views)

easyed598 wrote:

My insurance agent told me that in 2020 Doctor`s office calls won`t be covered by Medicare. This will save Medicare billions in medical cost. Those who turned 65 before will grandfathered in -but those younger will be affected..  Checked a different source and found it is not set in stone yet but could be a way to help save medicare or at least put off bankruptcy for another decade.


Haven't any knowledge of that prophesy.  Post his source and the one you found.

 

There are MANY ways that have been suggested to save money in Medicare and for that matter Social Security too - few have enough backing to pass but we did go through a few of them in the last few years, most of the time as a negotiated compromise in some other legislation.

 

One was the discontinuation of Medigap plans which had 1st dollar coverage - Plans F and C are being discontinued from being sold in 2020.

 

Another was to modify the spousal benefit and delayed retirement for the beneficiary spouse.

 

But as far as overall reform of both entitlement programs - Social Security and Medicare - to make them last for the long term - our legislators are worlds apart.

 

Would you be willing to pay a greater percentage of the cost of Part B in your premium.  It is 25% now but a few years after initiation of Medicare Part B, it was 50%.

 

Trusted Social Butterfly
Posts: 9,346
Registered: ‎09-03-2008

Re: Social Security Cost of Living

Message 13 of 20 (611 Views)

My insurance agent told me that in 2020 Doctor`s office calls won`t be covered by Medicare. This will save Medicare billions in medical cost. Those who turned 65 before will grandfathered in -but those younger will be affected..  Checked a different source and found it is not set in stone yet but could be a way to help save medicare or at least put off bankruptcy for another decade.

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Social Security Cost of Living

[ Edited ]
Message 14 of 20 (632 Views)

Andyrew wrote:

We hear all the time that the Social Security  money will run out by 2034.  Workers and employers are paying into Social Security every week.  You NEVER hear about the Welfare fund running out.  Who the devil is paying into that fund???  Must be the people that have to work for their money and pay taxes.  One can tell who is telling the Federal Government what to do. 


Today there are not enough workers supporting beneficiaries.

See this chart from the Social Security

Social Security History - Workers to Beneficiaries ratio

 

Back in 1950, we had 16.5  Workers for every beneficiary.

In 1970, there were 3.7 workers for every beneficiary

in 2013 we only had 2.8 workers for every beneficiary.

Today, we are getting close to the 2.5 ratio to workers: beneficiaries 

And we have 10,000 baby boomer generation seniors retiring everyday, ready to begin their SS benefit.

 

Social Security is a pretty much pay as you go system and that is not working in present form.

 

The money will NOT run out in 2034 - that is the estimated time of insolvency and what that means is, the surplus will be depleted and we will be paying benefits solely on revenues coming into the program by payroll taxes and taxes paid on benefits and according to the Social Security law, benefits will be REDUCED for every beneficiary to cover the shortfall - this has been estimated to be about a 23% reduction where people would only be getting about 77% of the current benefit.  If it does not get fixed by our legislators, sooner rather than later, this change (reduction) in benefits will be automatic.

 

You do realize that 75% of what Medicare beneficiaries spend on Part B comes out of the General Fund - premiums only cover 25% of the cost.  Would you consider Part B Medicare to be Welfare?  Comes from the same place where Medicaid is covered, same place other "welfare" programs come from - the General Fund.

 

Would you pay more in Part B premiums to make this Medicare Part B benefit more self- sufficient, I.e. It would be less Welfare!!!!!!

 

Payroll taxes in your working years only cover Medicare Part A, not Part B or Part D.

Info Seeker
Posts: 1
Registered: ‎09-24-2013

Re: Social Security Cost of Living

Message 15 of 20 (647 Views)

We hear all the time that the Social Security  money will run out by 2034.  Workers and employers are paying into Social Security every week.  You NEVER hear about the Welfare fund running out.  Who the devil is paying into that fund???  Must be the people that have to work for their money and pay taxes.  One can tell who is telling the Federal Government what to do. 

Valued Social Butterfly
Posts: 8,773
Registered: ‎08-18-2008

Re: Social Security Cost of Living

Message 16 of 20 (741 Views)

de4297 wrote:

I figure a 2% cola increase and then I figure my increased premiums in my prescription drug and supplement insurance coverage.   WELL GUESS WHAT—I NOW HAVE A NEGATIVE 👎 NET LOSS IN SPENDABLE INCOME OF $7.00 A MONTH.  Just really a kick in the derrière! 


And you haven't even included an increase in Part B premiums.  Predictions have it that Part B premiums will go to $ 134.00 per month - that is what those now signing up are paying.

 

Deductible for Part A and B will also be increasing but your supplemental policy may pay that for you.

Info Seeker
Posts: 1
Registered: ‎01-17-2014

Re: Social Security Cost of Living

Message 17 of 20 (761 Views)

I figure a 2% cola increase and then I figure my increased premiums in my prescription drug and supplement insurance coverage.   WELL GUESS WHAT—I NOW HAVE A NEGATIVE 👎 NET LOSS IN SPENDABLE INCOME OF $7.00 A MONTH.  Just really a kick in the derrière! 

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Info Seeker
Posts: 1
Registered: ‎10-04-2011

Re: Social Security Cost of Living

Message 18 of 20 (4,194 Views)

I was under the inpression that a cost of living raise would be given to everyone on social security as well as SSDI/SSI yet was incorrect! I was given some runaround from social security about how because the amount of my Medicare premium being deducted from my check that my check will continue to be the same amount forever! 

Trusted Social Butterfly
Posts: 9,346
Registered: ‎09-03-2008

Re: Social Security Cost of Living

Message 19 of 20 (4,436 Views)

r409 wrote--The average senior on social security receives about $7.00 per hour based on a 40 hour week by comparison.----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------So you think a retired senior should earn the same as someone who works 40 hours a week?  The federal national minimum wage is $7.25/hour. Many who paid SS maximum for several years  get almost double that. FYI- Trump promise that recipients will get a healthy raise in 2018 compared to what we got during the Obama years.

Info Seeker
Posts: 1
Registered: ‎05-31-2017

Social Security Cost of Living

Message 20 of 20 (4,477 Views)

Is anyone advocating a cost of living increase for seniors. I here all of this talk about people not being able to live on a miimun wage of less than $15.00 per hour. The average senior on social security receives about $7.00 per hour based on a 40 hour week by comparison. I haven't heard of anyone standing up for people whose primary source of income is social security. We worked hard paid into the social security fund, and the government stole the money to fund other programs. Our cost of living goes up every year, and yet no cola increase. Help!