Quote:
Originally Posted by OrangeBlossomBaby
I don't know where you read this, but I'll use your own post for data and just assume it's true, hypothetically, to show you the flaw in the title of your thread.
You say the average social security benefit is $1487/month.
Then you say 44% of Medicare recipients reported spending between $160 and $495/month on health care.
So the lowest that 44% of Medicare recipients are spending is $160/month. What is the lowest that this specific 44% of Medicare recipients are getting in Social Security benefits?
The highest that 44% are paying is $495/month. What is the highest monthly SS benefit for this particular 44% group?
What about the other 56% of Social Security recipients? That would be "the majority." How much are THEY spending on Medicare? Or are they not spending anything at all? How does this 44% minority compare in SS benefits to the 56% majority?
Furthermore, there are thousands of people receiving social security benefits, who do not qualify for Medicare. I'll be one of them in 18 months, because that's when I turn 62. You have to be 65 for Medicare, but you only have to be 62 for SS checks. I get my health insurance on the Marketplace and with my reward credits from Better You Strides, my premium is under $100/month. This past year I paid nothing, except for three months when I paid $87 for each month. Last year I paid nothing at all because of those credits.
Social security benefits are up +/- $70/month. Medicare increases will be less than $70/month. So you'll still get a bigger check than you did previously.
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Re: 62 for social security and 65 for medicare.
You no longer have the option to at 65 chose to pay back what you have collected and then take the higher 65 amount. You can, if you can afford to do so retire at 62 but not collect social security at 65. I regularly tease, all you need to know is when you will die, what will kill you, the rate of inflation and return on your savings and you can decide what makes the most sense to do. Only problem we know none of them.
Re: Medicare
It is spooky what private healthcare costs. If, you do not have coverage from employment a guess is for three years 25,000 a year or 75,000 that has to come from savings. OUCH.