We can take a quick look at the numbers in some additional detail. The poster did not say what their Medicare and Supplemental Policy costs were but we can make a few assumptions. They will realize a combined increase in their SS benefit of approximately $190 per month. They could be paying income tax on some of that - don’t know. Their combined Medicare premium increase will probably be $20 per month, as you indicated, assuming they aren’t subjected to IIRMAA costs. If we assume a combined Supplemental Policy premium cost of $500 per month (may or may not be high, depends on age, smoking status, sex, and which plan ) and an increase of 10% in 2022 then that would result in a combined increase of $50 per month. So, with these assumptions, $70 per month of their $190 per month SS COLA will be consumed by increases in Health Care Policy premium costs. In reality, I don’t think all of their SS COLA will be consumed by the Health Care Policy premium increases but it appears to be a concern to them. Depending on your health, switching to a Medicare Advantage Plan may or may not be a good idea.
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Originally Posted by golfing eagles
Agree. Hence the "in theory". I believe the Medicare increase is only $10/month, but the exposure on a supplemental policy can be unlimited. But for anyone that is facing budget concerns, there is always the option of a Medicare advantage plan which costs nothing over the part B premium
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