Congress Agrees on a Tax Bill. What Does Proposed Tax Bill Mean for Older Americans? Learn More.

Reply
Valued Social Butterfly

Re: Social Security Cost of Living

55 Views
Message 1 of 52

nyjaxer wrote:

I got a$5 @ month.... AARP magazine mailed to your home had article

MEDICARE 2018 in their December issue  PAGE 4//READ IT 

stating that a $27 raise monthly to folks  getting $1377...   I got $5

WHy because they raised  the medicare part B too

AARP article stated that there is a law that prevents Medicare premiums from cutting into SS benefits...     DOES THE GOVERNMENT KNOW THIS??????   AND CAN AARP TELL ME THE NAME AND NUMBER OF THE LAW????   JAX


Reply from Gail1 . . . . 

---------------------------------

Not only does the government know this, they set it up to PROTECT YOU so that  if you are one of the beneficiaries protected by the "Hold Harmless Clause", your SS benefit ( the amount you actually receive ) will not be lower than what you got the previous year.

 

 HERE'S THE LAW - U.S. Code › Title 42 › Chapter 7 › Subchapter XVIII › Part B › § 1395r

 

The standard Part B premium has been $134 per month since January 2017 and $129 for 2016 - because of the "Hold Harmless Clause" your premiums were lower if you were a beneficiary protected by this Clause in those years.

 

Medicare Part B premiums are just the first cost taken from any COLA if your premiums are automatically deducted from your SS benefit - mandated by the government - same law, I am pretty sure.

 

The Social Security system includes two key provisions to help smooth cash flows for certain bene

1.  The first stipulates that if inflation is negative, the Social Security Cost-Of-Living Adjustment (COLA) can never be negative; at worst, the Social Security COLA has a floor of 0.0%.

2.  The second provision, often dubbed the “Hold Harmless” rule, and applicable to as many as 70% – 75% of Medicare enrollees, states that Social Security benefits payments cannot decrease due to rising Medicare Part B premiums; at worst, the Medicare premium increase is capped at the dollar amount of the Social Security COLA increase.

 

You got your 2018 COLA - and you got a new Part B premium and you still made a few bucks. 

 

Medicare Part B is insurance - a joint effort, a shared risk effort - a take one for the team effort - you are either now at your complete share (currently $134 per month) or closer to the 2018 rate.

 

Be grateful you are not a beneficiary that has to pay an Income Related Medicare Monthly Adjustment ( IRMMA) rate for premiums in Part B and Part D.  

Someday you maybe included in this group depending upon your income.

Report Inappropriate Content
Conversationalist

Re: Social Security Cost of Living

67 Views
Message 2 of 52

I got a$5 @ month.... AARP magazine mailed to your home had article

MEDICARE 2018 in their December issue  PAGE 4//READ IT 

stating that a $27 raise monthly to folks  getting $1377...   I got $5

WHy because they raised  the medicare part B too

AARP article stated that there is a law that prevents Medicare premiums from cutting into SS benefits...     DOES THE GOVERNMENT KNOW THIS??????   AND CAN AARP TELL ME THE NAME AND NUMBER OF THE LAW????   JAX

Report Inappropriate Content
Bronze Conversationalist

Re: Social Security Cost of Living

101 Views
Message 3 of 52

chasegeo wrote:
mine went from $110 to $134!. last year it went from $104 to $110.

But you forgot to mention that your SS Amount is going up about $40 a month.  And after the $24 Medicare increase your net check is going to be up about $16 more a month over last year, right?  The average person is going to see $0-$3 a month increase at best.

Report Inappropriate Content
Info Seeker

Re: Social Security Cost of Living

226 Views
Message 4 of 52
mine went from $110 to $134!. last year it went from $104 to $110.
Report Inappropriate Content
Conversationalist

Re: Social Security Cost of Living

303 Views
Message 5 of 52

While I was care giver for my mother, she had about 15 differant perscriptions every day to take. It seemed like she just kept getting worse, the more drugs they gave her, side effects were killing her.......I don't take any drugs except an aspern ,once in a while and very little cold medicen , when needed, over the counter stuff, I got this suplement for Medicare, because there is no way I could pay for what Medicare does not pay for, out of my SS check......I couldn't afford the part D premium back then and I sure can't afford a jacked up premium now.........I bought this house about 17 years ago, so I would have a home to live in for the rest of my life, sense I bought it, I have spent every night right here........I will not go to the hostpital , over night........but everybody has to have some kind of health insurance these days............................well I have bothered you enough on this subject, sorry I rattled on to much, must be the holidays and I have,t had anybody to talk to for a couple weeks now..............this is my last post...thank you........

Report Inappropriate Content
Valued Social Butterfly

Re: Social Security Cost of Living

318 Views
Message 6 of 52

bruceb158421 wrote:

If you worked in your life time you payed Medicare premiums, from every pay check you ever got, long before you were ready to sign up for Medicare, that 75% you say is being payed by tax payers, I payed that in, a long time ago, at least for the last 51 years.........and am still paying premiums today.....


The Medicare payroll taxes which you paid while you were working ONLY paid for Medicare Part A - called HI or hospital / inpatient care - if you worked long enough and paid your payroll taxes, matched by your employer, then you get Medicare Part A premium free.

 

Some citizens can buy into Part A at a cost of $ 422 PER MONTH if they don't have access as a worker or spouse of a worker.

 

Medicare Part B or Doctor/ outpatient coverage ( SMI ) is the part of Medicare where you pay monthly premiums now.  That's the coverage where the monthly premium paid by beneficiaries represents 25% of the total cost of the MEDICARE PART B premium and the taxpayers are picking up the rest (75%)

Be thankful, the premium split use to be 50/50 when it was 1st started.

 

Then there is Part D or the prescription drug coverage and it works similar to Part B.  

 

Insurance is ALL about sharing the risk and the cost - there really is NO " I " in insurance - there is only "WE".

 

The last figures which I remember is that Medicare pay about $7000 per beneficiary in cost per year and there are about 60 million beneficiaries and still growing to the tune of 10,000 PER DAY and into the future (baby boomers)  That does not mean that everybody in Medicare uses that much.  Like you said, you use zero, I also use very little but somebody else might use several hundred thousand.  All those joint replacements, sex change operations, heart stents, stroke rehab, cataract removal and lense replacements, heart attacks, cancer treatments, AMD treatment . . . . And on and on and on- 

ALL have to get paid for by "WE"

 

How in the world did you think this worked?

If we had just set up an account for everybody, where their paid in amount would go, with everything you have paid in into all the various parts, you might have enough to mend a broken arm, if it wasn't a compound fracture, at today's cost.

 

Have you ever read the annual book sent to you by Medicare called

"Medicare and You"?

 

I like to know about things especially where my money goes and how it is spent - Don't You?

 

 

 

Report Inappropriate Content
Valued Social Butterfly

Re: Social Security Cost of Living

322 Views
Message 7 of 52

easyed598 wrote:

My wife just got her new raise in SS. She is now paying $128/month  in medicare  premium and in effect got no raise in take home money as she is still not paying the max.


In essence, she is still getting a deal.

($ 134 - $ 128 = ) A plus for her of $ 6.00 a month or $ 72  year  ! !  

 

Report Inappropriate Content
Valued Social Butterfly

Re: Social Security Cost of Living

327 Views
Message 8 of 52

bruceb158421 wrote:

I am doing my part, for keeping Medicare costs down , I have never used mine for anything while still paying $7,000 in Medicare premiums and $11,500 in suplement premiums for a total of $18,500 in the last 5 years....do you know how much $18,500 could help me right now, to live on.....?


I am sure that everybody here congratulates you for being healthy.  A Hope for further good health.

 

However, it seems that you are planning for the worse because you are paying for a Medigap plan (Medicare Supplemental ).  You do know that Medicare Supplemental insurance is ONLY gap insurance because it only covers the 20% of the Medicare approved amount which Medicare does not pay, some cover the A &B deductibles and some coverage for rehab depending upon the plan.

 

Medicare does NOT require you to have supplemental coverage, it is a personal decision that you made so that isn't even part of the Medicare discussion here.

 

Many beneficiaries don't have a supplemental plan, many are dual eligible (Medicare/Medciad) and don't need it, many choose to have a Medicare Advantage plan where they have a small monthly premium to the insurer as a way to get their  Medicare benefits, pay their Part B premiums as required just like you  and they know their yearly out of pocket even in the worse case scenario - Original Medicare has no limit on annual or lifetime out of pocket.

 

I believe you said that you don't have a Medicare Prescription Drug plan - I Find that odd.  What happens if you need some type of medication, perhaps expenses medication.  Since you haven't picked a prescription drug plan under Medicare, if you ever decide to get one, you will be assessed a late penalty sign up - an amount on top of your premium for the drug plan that goes on forever.

 

Everybody should remember that insurance - public, private or some combination - is a SHARED COST - you aren't just paying for yourself but others too and they are doing the same for you.

 

Report Inappropriate Content
Valued Social Butterfly

Re: Social Security Cost of Living

335 Views
Message 9 of 52

bettyjh803151 wrote:

in the new bulletin we received today you said that there was a law that prevents medicare premiums from cutting into Social Security Benefits.  What is that law and how do we go from here?  They raised my premiums from $109 to $124


Actually, bettyjh803151, this part of the Social Security law is to your benefit because the actual Part B premium has been $ 134 per month since January 2017 and 2016 was, I am pretty sure $ 129 per month so the "hold harmless" part of the SS law has been helping you for going on 3-years counting 2018 since you are not up to the standard rate of $134 per month for Part B premiums.

 

In another thread on this board, I Describe how the hold harmless clause in The Social Security law works,gave some examples and a formula for people to use to see where they stand.  It has been this way for a long time and unless a change is made in the law, it will continue.

 

You can find it under the thread entitled "Social Security and Medicare for 2018" on the Medicare and Insurane board.Here is a link to the thread for ease in accessing it - I tagged it with "SS Hold Harmless Claus"

http://community.aarp.org/t5/Medicare-Insurance/Social-Security-and-Medicare-for-2018/td-p/1945001 

Report Inappropriate Content
Conversationalist

Re: Social Security Cost of Living

359 Views
Message 10 of 52

If you worked in your life time you payed Medicare premiums, from every pay check you ever got, long before you were ready to sign up for Medicare, that 75% you say is being payed by tax payers, I payed that in, a long time ago, at least for the last 51 years.........and am still paying premiums today.....

Report Inappropriate Content