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Social Security Cost of Living

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!

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Honored Social Butterfly


@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%.

 

It's Always Something . . . . Roseanna Roseannadanna
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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.

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I figure a 2% cola increase and then I figure my increased premiums in my prescription drug and supplement insurance coverage.   WELL GUESS WHATโ€”I NOW HAVE A NEGATIVE ๐Ÿ‘Ž NET LOSS IN SPENDABLE INCOME OF $7.00 A MONTH.  Just really a kick in the derriรจre! 

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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.

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@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  ! !  

 

It's Always Something . . . . Roseanna Roseannadanna
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@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 WHATโ€”I NOW HAVE A NEGATIVE ๐Ÿ‘Ž NET LOSS IN SPENDABLE INCOME OF $7.00 A MONTH.  Just really a kick in the derriรจre! 


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.

It's Always Something . . . . Roseanna Roseannadanna
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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! 

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From what I understand there is a maximum what a Medicare premium can be . If those that  aren`t paying the Max then any increases in SS will be absorbed by medicare until maxed is reached . For example-my wife pays $10.00 less in medicare premium than I do . I think that the 2017 premium max was $124/month. If you aren`t paying that much or  the 2018 increase then your SS cost of living increase won`t be as much or none at all. Perhaps an expert on this subject can shed more light on this subject.

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@easyed598 wrote:

From what I understand there is a maximum what a Medicare premium can be . If those that  aren`t paying the Max then any increases in SS will be absorbed by medicare until maxed is reached . For example-my wife pays $10.00 less in medicare premium than I do . I think that the 2017 premium max was $124/month. If you aren`t paying that much or  the 2018 increase then your SS cost of living increase won`t be as much or none at all. Perhaps an expert on this subject can shed more light on this subject.


For everybody other than those high income seniors where IRMMA is appled, the max Part B premium for 2017 and 2018 was/is $ 134 per month. 

 

If you are already on the Part B program and your premiums are deducted from your SS benefit and you are not a high income designated beneficiary, then in NO year will your Part B premium, whatever it may be calculated to be, reduce your SS benefit to a figure less than the previous year.

That's the hold-harmless clause in the SS law.

 

You are right that with each COLA, there will be a catch up period to get beneficiaries to the maxium (normal) Part B premium.

 

People who went on Medicare in 2017 or those who actually directly pay their Part B premiums because they are on Medicare but not SS started paying $ 134 per month in 2017 but because those already in Medicare Part B (with premiums deducted from their SS check) only got a .3% (.003) COLA in 2017 - their Part B premium for 2017 was limited to the amount of this increase - with many people paying less than the 2017 standard premium of $ 134 per month.

 

Yes, depending upon any COLA, it may take a year or two or more for everybody to catch up to the total standard premium amount, because of the hold harmless clause and because the Part B program cost keep rising.  But in 2018, there was NO increase in the actual Part B premium amount - any increase is purely from the catch up based on the amount of the COLA and the hold-harmless clause.

 

Now in 2019, if the standard premium still computes to $ 134 per month, and we get another 2% COLA based on the CPI computation, then those already paying $ 134 per month for Part B will realize a COLA increase - but for those paying less than $ 134 per month, they will still have some catching up to do to that amount, like your wife..

It's Always Something . . . . Roseanna Roseannadanna
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Is that True? Because I sure have not seen a raise in a long time.

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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.

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