Increase in Social Security offset by a larger increase in Medicare premiums

[Rainger99]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

[REDCART]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

I believe last year’s SMI premium increase was less than it should have been because of COVID relief. It went from $144 to $148.50. So I believe this year’s increase makes up for that shortfall.

[Stu from NYC]

Did not gain as much as I might have thought but still getting a few more bucks.

[OrangeBlossomBaby]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

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.

[Chi-Town]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

Kind of fuzzy math logic. Unless your SS check is really small.

[MrFlorida]

So much for helping out the middle class.

[Rainger99]

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.
I read it in the New York Times. It was an article called How to Beat Retirement’s Nemesis: Inflation.

[Two Bills]

So much for helping out the middle class.

It's the working class that need the helping hand, they are paying for the SS rises!

[dewilson58]

So much for helping out the middle class.

& some voted based on this statement :1rotfl:

[DaleDivine]

It's the working class that need the helping hand, they are paying for the SS rises!

:bigbow::bigbow:

[rmd2]

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!

[beaglebrain]

Depends what boat you are in...
The increase in SSA benefit was the same as the increase in Medicare premium for me - dollar for dollar. Same for my wife. So, I paid income tax on the SSA increase only to give the increase right back to the GOVERNMENT. I got no net increase in income. So the GOVERNMENT got more tax money with no net payout - just some accounting slight of hand. I expect the same for 2022.

[Luggage]

I feel sorry for those seniors they never worked and got paid big bucks like some of us did and they're only living on around a thousand or two thousand a month and trying to survive in our area. However Medicare is probably one of the best insurances you can have and you don't realize you've paid for the last 50 years. By the way for your information half of the increase on Medicare this year is due to One Drug they cost about per year for treating Alzheimer's. I bet when you get really old and start forgetting you'll be happy that they pay for this drug. You can Google The Following" what is the reason for Medicare going up this year" I am sure in two or three years Medicare will pay less for this drug as I'm sure they will be competition from the big drug companies once they see how much revenue this brings in

[Fisherman]

Thank you, Luggage. You have the correct information.
The increases in the 2022 Medicare Part B premium and deductible are due to:

“Rising prices and utilization across the health care system that drive higher premiums year-over-year alongside anticipated increases in the intensity of care provided.
Congressional action to significantly lower the increase in the 2021 Medicare Part B premium, which resulted in the $3.00 per beneficiary per month increase in the Medicare Part B premium (that would have ended in 2021) being continued through 2025.
Additional contingency reserves due to the uncertainty regarding the potential use of the Alzheimer’s drug, Aduhelm™, by people with Medicare. In July 2021, CMS began a National Coverage Determination analysis process to determine whether and how Medicare will cover Aduhelm™ and similar drugs used to treat Alzheimer’s disease. As that process is still underway, there is uncertainty regarding the coverage and use of such drugs by Medicare beneficiaries in 2022. While the outcome of the coverage determination is unknown, our projection in no way implies what the coverage determination will be, however, we must plan for the possibility of coverage for this high cost Alzheimer’s drug which could, if covered, result in significantly higher expenditures for the Medicare program.”

[Marine1974]

Don’t forget about Social security disability which allows you to be on Medicare before you turn 65 .

[WesMan]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

They thought we would not notice this!!! The old bait and switch routine!!!

[WesMan]

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!


Well, more of this nonsense to come!!

[WesMan]

Depends what boat you are in...
The increase in SSA benefit was the same as the increase in Medicare premium for me - dollar for dollar. Same for my wife. So, I paid income tax on the SSA increase only to give the increase right back to the GOVERNMENT. I got no net increase in income. So the GOVERNMENT got more tax money with no net payout - just some accounting slight of hand. I expect the same for 2022.
Correct!!!!! And we are expected to approve of this!!!!

[deslocum]

ThinkingI believe last year’s SMI premium increase was less than it should have been because of COVID relief. It went from $144 to $148.50. So I believe this year’s increase makes up for that shortfall.

[Aloha1]

Thank you, Luggage. You have the correct information.
The increases in the 2022 Medicare Part B premium and deductible are due to:

“Rising prices and utilization across the health care system that drive higher premiums year-over-year alongside anticipated increases in the intensity of care provided.
Congressional action to significantly lower the increase in the 2021 Medicare Part B premium, which resulted in the $3.00 per beneficiary per month increase in the Medicare Part B premium (that would have ended in 2021) being continued through 2025.
Additional contingency reserves due to the uncertainty regarding the potential use of the Alzheimer’s drug, Aduhelm™, by people with Medicare. In July 2021, CMS began a National Coverage Determination analysis process to determine whether and how Medicare will cover Aduhelm™ and similar drugs used to treat Alzheimer’s disease. As that process is still underway, there is uncertainty regarding the coverage and use of such drugs by Medicare beneficiaries in 2022. While the outcome of the coverage determination is unknown, our projection in no way implies what the coverage determination will be, however, we must plan for the possibility of coverage for this high cost Alzheimer’s drug which could, if covered, result in significantly higher expenditures for the Medicare program.”

So, they are increasing the premium BEFORE any of these drugs are approved for use because they MIGHT cover their use?? Horse meet cart.

[merrymini]

Somebody has to pay for healthcare for all those illegals.

[OhioBuckeye]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.
So does that mean S.S. will go broke sooner & Medicare will continue. You do know S.S. is going to dry up before some get it & are paying into it. Then Medicare doesn’t get paid into & it’ll continue!

[toeser]

My Social Security monthly payment net of Medicare is going down by exactly $250 per month. The cost of my Medicare insurance plus drugs plus my supplement probably exceeds the cost of private insurance.

[cherylncliff]

So the Medicare is going up $12 and SS is going up on average about $ 100. A net gain.

[B-flat]

So the Medicare is going up $12 and SS is going up on average about $ 100. A net gain.

My Medicare rose by $22 with the increase in SS my net went up by $84.

[davem4616]

I don't pay much attention to all the news about social security...

I do agree with the man that said, "What this country needs is a good five cent cigar!"

[Stu from NYC]

I don't pay much attention to all the news about social security...

I do agree with the man that said, "What this country needs is a good five cent cigar!"

Would rather get a free lunch

[manaboutown]

Despite the raise IRMAA will hit me hard enough to reduce my 2022 monthly SS payment about $100 from the payment I am receiving this year which is also subject to IRMAA.

[rustyp]

For 2021:

$148.50 premium was for a senior with an Adjusted Income of $88000 or less or $176000 married.
Only 7% of seniors had incomes higher than the above cut off.

If you had a projected AGI of $88000 in Florida for 2021 and wanted a basic healthcare plan through affordable care market place the average premium would be $402 / month.

Where is the issue with Medicare Premiums ?

[Cliff Fr]

Count yourself luck. Our daughter who works full-time and makes too much money to qualify for the low income subsidies pays a lot more for her employee health insurance. The coverage is not nearly as good either. Big deductibles for everything!

[Rapscallion St Croix]

Net increase of 5% for me.

[Cheryl Barrios]

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!

I have not yet started receiving/getting/paying for Medicare but will in February. I receive $154 a month from SS. I have no idea what the original Medicare with supplements cost yet, but I won't be able to make even the basic payment for Part B with my SS check. I didn't know anyone was lower than I was in benefits.

[LianneMigiano]

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

[Stu from NYC]

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

48 years of paying into system and doubt that after 10 plus years I have recouped my payments. And if you add investment growth of what they took no way will I ever come out ahead.

[REDCART]

48 years of paying into system and doubt that after 10 plus years I have recouped my payments. And if you add investment growth of what they took no way will I ever come out ahead.

You may have overlooked the fact that SS is more than a retirement program. During your 48 years of working you had survivor and disability insurance.

[MDLNB]

So does that mean S.S. will go broke sooner & Medicare will continue. You do know S.S. is going to dry up before some get it & are paying into it. Then Medicare doesn’t get paid into & it’ll continue!


Naw, SS won't go broke. That's why we have Covid, so that the OLD can be thinned out and be less of a burden on those behind us. More money in the coffers to be borrowed from, and maybe a bit left over for those younger retiring behind us.

[Stu from NYC]

You may have overlooked the fact that SS is more than a retirement program. During your 48 years of working you had survivor and disability insurance.

I did not consider it but most of the time had disability insurance thru company I worked for and life insurance worth much more than what SS would have paid my family.

Would bet that most people who are financially savvy would opt out of SS at an early age if they could.

[manaboutown]

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

Although I did not read that article I'll wager it ignores the time value of money.

Understanding the Time Value of Money (https://www.investopedia.com/articles/03/082703.asp)

[Ramone]

My head is spinning. Good bye

[DAVES]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

It is not just retired people facing this. The CPI consumer price index has hit 6.2%. That is paid with after tax money.

[DAVES]

I did not consider it but most of the time had disability insurance thru company I worked for and life insurance worth much more than what SS would have paid my family.

Would bet that most people who are financially savvy would opt out of SS at an early age if they could.

People will argue about most anything. First of all you do not have the option to opt out of social security. Secondly if you are working for someone other than self employed, many don't realize your employer has to match what you pay to social security-essentially tax free income to you. I was self employed and unlike most who pay 7% to social security, I paid 13%.

Social Security is yet another progressive tax. When you earn more you pay more. The increase of benefit you receive is far less than the more you are forced to pay.

[DAVES]

Naw, SS won't go broke. That's why we have Covid, so that the OLD can be thinned out and be less of a burden on those behind us. More money in the coffers to be borrowed from, and maybe a bit left over for those younger retiring behind us.

If, serious, my reply is until it hits you or yours.
If, trying to be humorous as posted it does not work..

[DAVES]

Although I did not read that article I'll wager it ignores the time value of money.

Understanding the Time Value of Money (https://www.investopedia.com/articles/03/082703.asp)

Few people understand math. Our CPI consumer price index has hit 6.2%. You pay that with after tax dollars. I need to make over 9% just to be even.

If you invest 10,000 and make 10% the first year, you have 11,000 if you lose 10% the next year-YOU ARE NOT EVEN. 11000-10%=9900. All the stuff I/WE read never mentions this.

Reality is soooooo simple. No one would pay me to write simple reality.

Inflation, you need roughly 6 dollars to buy what one dollar bought in 1974 except for electronic stuff and that is due to dropping cost and more powerful computer chips.

[MDLNB]

If, serious, my reply is until it hits you or yours.
If, trying to be humorous as posted it does not work..


All in the eyes of the beholder. Since I do NOT pay for Medicare B, I no longer contribute to the Medicare fund. However, I am sure that my private insurance will double the savings from what I don't pay Medicare in an increase in premiums. My copays have already gone up. I doubt I will ever need to use the Medicare A that I paid for most of my life, you're welcome.

I do not fear Covid since almost all my children and grandchildren had it before the vaccinations and shrugged it off. The new version of it is almost harmless according to supposed "experts." Of course, the MSM and D.C. will hype it since it gives them more power. I've done my due by getting the vaccination but right now have no intention of getting subscription to quarterly boosters. I would rather get my antibodies naturally. Not trying to convince anyone, and do not care whether or not anyone else gets the vaccination or boosters.

Covid has taken it's toll on the weakest and SS will benefit from that, whether that sounds harsh or not. SS has been distorted out of the original design anyway, so if it disappears or not, it is nothing the rest of us can do about it. If they would have invested my money rather than borrowed from it, mine would be much higher in value.

[NAB20]

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....
I have read similar information before, but that type of analysis does not make much sense because they are not comparing the dollars you paid in with what those dollars would be if invested an compounded values. Would like to see someone do that. It would be more accurate.

[DAVES]

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.

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.

[rukiddingmertnow]

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!
If your in that premium bracket your making way more than most people. Just sayin....

[johnsi911]

My wife and I just received our Social Security Statements. Because of the increase in Medicare, both of us will see a decrease in take home to the tune of $30 and $40 per month.

[OrangeBlossomBaby]

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.

I have no intention of "paying back" at 65. I retired at age 59, because bursitis made it impossible for me to do my job, it was part time anyway, no pension, no 401k, and the health insurance they offered would have cost me more than I earned in my weekly paycheck. Thankfully, that qualified us for ACA subsidies so our premiums are significantly reduced.

Hubby's already been getting SS, plus his pension, and that's what we live on. We have some savings, but can't really add to it until my SS kicks in. So we're definitely needing to do that sooner rather than later.

[OrangeBlossomBaby]

I have read similar information before, but that type of analysis does not make much sense because they are not comparing the dollars you paid in with what those dollars would be if invested an compounded values. Would like to see someone do that. It would be more accurate.

Some of us worked in jobs that didn't offer pensions. Some of us had jobs like that for a few years, but the rest of our working life was spent in places that weren't.

I think some folks here talk about investments and values as if they believed everyone in the country is in the position where they could just put a percentage of their income in a mutual fund on their own. There are millions of Americans working 1-3 part time jobs to make sure their families have what they need. Most of those part time jobs don't offer pensions or 401ks. And most investment firms aren't interested in taking deposits of $10 per week.

[Catalina36]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

Be aware when supplementing your income. IRA / 401K withdrawals, profits from selling stock, part time job, capital gains, dividends and Interest. When your income increases your Medicare monthly payment will increase. Social Security income will be less. Look at the income schedule for Medicare payments. That went up too.

[thevillages2013]

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!
You sure you didn’t leave out a zero on your SS benefits? If that’s accurate I sure hope you get pension or have a nest egg

[golfing eagles]

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.

No need to guess---FL blue, single coverage, nothing rated up---1332.30/mo=15,987.60/yr----and that's with a 7,000 deductible----OUCH

[Travelhunter123]

A recent article in the Daily Sun stated that most people recoup all of the money that was deducted from their paychecks within 3 to 5 years (the ones at the top of the pay scale being the ones taking 5 years to recoup)! I, for one, am grateful for my Social Security benefits....

The daily sun always wears rose colored glasses in their analysis

[mydavid]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care. This is nothing new, anytime SS increases Medicare does the same. Lucky my Medicare advantage plan gives it back to me.

[airdote22]

Social Security was from the start and has always been a Ponzi Scheme.

[Carla B]

Despite the raise IRMAA will hit me hard enough to reduce my 2022 monthly SS payment about $100 from the payment I am receiving this year which is also subject to IRMAA.

Maybe you should have gotten married.

[OrangeBlossomBaby]

No need to guess---FL blue, single coverage, nothing rated up---1332.30/mo=15,987.60/yr----and that's with a 7,000 deductible----OUCH

That's just one of the plans - probably a bronze plan that's really lousy (or directly through Florida Blue without using the marketplace). For BlueCare 1443, it's $18something or $19something (I just say $1867 because that's what it was when I signed up for it 2 years ago).

The good news is that MOST people who aren't offered insurance through their employer, qualify for some kind of subsidies through the healthcare marketplace.

So MOST people won't pay that much, as long as they apply for the subsidies. Some people pay nothing at all. Some pay a couple hundred dollars. Some still pay a hefty chunk, but less than what they'd have to pay without the marketplace.

And yes some won't qualify for subsidies - but MOST of those people can afford private health insurance and don't need subsidies. There is a very small set of families who are stuck making too much for ACA subsidies, and not enough for full premium costs.

Thankfully for THEM - there are also clinics and urgent care centers, where they can select a doctor who will monitor the health of their family, give vaccines, handle non-emergency health needs (like an x-ray and setting for a broken bone) and charge a nominal amount often based on a sliding scale.

[WesMan]

Somebody has to pay for healthcare for all those illegals.

Correct!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!

[B-flat]

Naw, SS won't go broke. That's why we have Covid, so that the OLD can be thinned out and be less of a burden on those behind us. More money in the coffers to be borrowed from, and maybe a bit left over for those younger retiring behind us.

There’s a lot more truth to your statement than anyone cares to believe. There’s a great reset coming not sure how many of us will be alive to witness it. Hopefully I’m not one of them. We don’t have any children or grand children but I pray for those who do.

To quote Steve Jobs…….”and more thing.” Denial is not a river in Egypt!!

[J1ceasar]

AND MEDICARE is NOT allowed to negotiate drug prices , unlike TRICARE etc ...

Thank you, Luggage. You have the correct information.
The increases in the 2022 Medicare Part B premium and deductible are due to:

“Rising prices and utilization across the health care system that drive higher premiums year-over-year alongside anticipated increases in the intensity of care provided.
Congressional action to significantly lower the increase in the 2021 Medicare Part B premium, which resulted in the $3.00 per beneficiary per month increase in the Medicare Part B premium (that would have ended in 2021) being continued through 2025.
Additional contingency reserves due to the uncertainty regarding the potential use of the Alzheimer’s drug, Aduhelm™, by people with Medicare. In July 2021, CMS began a National Coverage Determination analysis process to determine whether and how Medicare will cover Aduhelm™ and similar drugs used to treat Alzheimer’s disease. As that process is still underway, there is uncertainty regarding the coverage and use of such drugs by Medicare beneficiaries in 2022. While the outcome of the coverage determination is unknown, our projection in no way implies what the coverage determination will be, however, we must plan for the possibility of coverage for this high cost Alzheimer’s drug which could, if covered, result in significantly higher expenditures for the Medicare program.”

[rustyp]

Despite the raise IRMAA will hit me hard enough to reduce my 2022 monthly SS payment about $100 from the payment I am receiving this year which is also subject to IRMAA.


Please help me. If you are affected by IRMMA you have an adjusted (after deductions) income of either $88000 as an individual or $170000 married filing jointly. Again as I previously posted only 7% of all seniors collecting SS fall into that category. I know a whole lot of seniors that would like to have your financial problem.

[manaboutown]

Please help me. If you are affected by IRMMA you have an adjusted (after deductions) income of either $88000 as an individual or $170000 married filing jointly. Again as I previously posted only 7% of all seniors collecting SS fall into that category. I know a whole lot of seniors that would like to have your financial problem.

My point is it is an unjust penalty for years of hard work, deferred gratification, prudent savings and investment success. It is like having to pay $15 for a $5 Big Mac.

[golfing eagles]

My point is it is an unjust penalty for years of hard work, prudent savings and investment success. It is like having to pay $15 for a $5 Big Mac.

Especially if it takes the high school kid with no experience 1 hour of his time to make it:1rotfl::1rotfl::1rotfl:

[Boomer]

January 1, 2006, is when Medicare Plan D went into effect.

Before that, there was no drug coverage under Medicare.

Although I was not yet to Medicare age, I knew how health insurance worked — or didn’t — because for years I had been part of a contract negotiations team. Health insurance coverage was always a big part of those negotiations.

I was at that negotiations table for most of the 1990s, and well into this century, whenever contract time rolled around. I witnessed a lot of changes during those years.

(When the drug card came in, I thought it could turn out to be a Trojan Horse. But everybody wanted one — and damn, I was right.

Those drug cards contributed to skyrocketing drug costs because the card made it so nobody paid much attention to cost as long as the coverage was there.

Before the drug cards, we paid upfront for our prescriptions, kept the receipts, and sent them in for reimbursement. I cannot imagine doing that now. The chunk of money it would cost before reimbursement would trash a lot of budgets. But ooooooh — those drug cards sure were welcomed in to be “celebrated” — just like that Trojan Horse.)

When Plan D was implemented for Medicare in 2006, although I was not there yet, I remember when it happened and I remember what I thought at the time.

Thought 1: I thought — and think — Plan D is a good thing because before that, there was no drug coverage for those on Medicare and there were people going without needed prescriptions or splitting what they could afford into smaller dosages — not as prescribed — to make the pills “last longer.”

Thought 2: At the time it happened, I remember saying, “Ya know, although it’s a good thing to have drug coverage for those on Medicare — that sure seemed to get through into law — FAST. Somebody is in bed with the drug companies. And now drug companies hold all the cards and costs are insane. And please spare me the pipeline mantra. Sure, it’s there and it is important, but that’s not where all of it goes. Profit is OK, of course, but c’mon. Geez.

Cassandra Boomer

[manaboutown]

"The horrifying source of the increase relates to Aduhelm, the new Alzheimer’s drug estimated to cost $56,000 a year. While the process is still under way to determine whether and how Medicare will cover Aduhelm, CMS decided to increase “contingency reserves” to cover possible significantly higher expenditures in the future.

As an aside, the reason that Aduhelm falls under Part B instead of Part D is that it is administered in physicians’ offices rather than purchased at a pharmacy. One implication of being under Part B is that traditional enrollees have to pick up 20% of the cost of most Part B medications, which would translate into about $11,200 in out-of-pocket costs for those prescribed Aduhelm.

So where does this enormous increase in premiums leave Social Security beneficiaries after they pay the higher premium? An individual currently receiving $1,600 a month (the approximate average retiree benefit) will see benefits go up by $94 from the COLA, but pay $22 more in Medicare premiums, resulting in a net increase of $72 or 4.5% of the original benefit amount. Thus, while the Part B increase does not eliminate the COLA, it seriously erodes its inflation protection."

From: Opinion: Government announces surprising hike in Medicare Part B premiums - MarketWatch (https://www.marketwatch.com/story/government-announces-surprising-hike-in-medicare-part-b-premiums-11638281161?siteid=yhoof2)

[golfing eagles]

January 1, 2006, is when Medicare Plan D went into effect.

Before that, there was no drug coverage under Medicare.

Although I was not yet to Medicare age, I knew how health insurance worked — or didn’t — because for years I had been part of a contract negotiations team. Health insurance coverage was always a big part of those negotiations.

I was at that negotiations table for most of the 1990s, and well into this century, whenever contract time rolled around. I witnessed a lot of changes during those years.

(When the drug card came in, I thought it could turn out to be a Trojan Horse. But everybody wanted one — and damn, I was right.

Those drug cards contributed to skyrocketing drug costs because the card made it so nobody paid much attention to cost as long as the coverage was there.

Before the drug cards, we paid upfront for our prescriptions, kept the receipts, and sent them in for reimbursement. I cannot imagine doing that now. The chunk of money it would cost before reimbursement would trash a lot of budgets. But ooooooh — those drug cards sure were welcomed in to be “celebrated” — just like that Trojan Horse.)

When Plan D was implemented for Medicare in 2006, although I was not there yet, I remember when it happened and I remember what I thought at the time.

Thought 1: I thought — and think — Plan D is a good thing because before that, there was no drug coverage for those on Medicare and there were people going without needed prescriptions or splitting what they could afford into smaller dosages — not as prescribed — to make the pills “last longer.”

Thought 2: At the time it happened, I remember saying, “Ya know, although it’s a good thing to have drug coverage for those on Medicare — that sure seemed to get through into law — FAST. Somebody is in bed with the drug companies. And now drug companies hold all the cards and costs are insane. And please spare me the pipeline mantra. Sure, it’s there and it is important, but that’s not where all of it goes. Profit is OK, of course, but c’mon. Geez.

Cassandra Boomer

EXCEPT-------It takes over $800 million from first idea to manufacture to bring a new drug to market, and the largest cost is FEDERAL RED TAPE and the resulting hoops to jump through. Safer, probably, but way more expensive. The part I object to is the drug companies spreading that $ 800M only over the domestic market, and then selling the same pills abroad at a substantially lower price. We are subsidizing the rest of the world, when in all fairness, the rest of the world should be paying us for our research and innovation

[Rainger99]

Excellent article on Medicare hikes.

Opinion: Government announces surprising hike in Medicare Part B premiums - MarketWatch (https://www.marketwatch.com/story/government-announces-surprising-hike-in-medicare-part-b-premiums-11638281161?siteid=yhoof2)

[Escape Artist]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.

I heard about this the other day. It's outrageous! With the government, one hand gives, the other takes away. But I'm miffed because they purposely misled us because at first there was no mention of an increase in Medicare costs, only about the big SS benefits increase. However, how you're affected for both increases depends on what your SS benefit is, as not everyone gets the same, and also what your supplemental Part B insurance coverage is, as that isn't the same for everyone either.

[rmd2]

Originally Posted by rmd2 View Post
I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!

You sure you didn’t leave out a zero on your SS benefits? If that’s accurate I sure hope you get pension or have a nest egg

I do have a pension but those numbers are correct for SS because at that time I was a low earner for my 40 quarters of work. On top of that Congress cut our SS by 60% so I will NEVER recoup what I put into SS. If I could have taken the SS payments I made and invested them in the S&P index I would have been WAY ahead.

[MDLNB]

EXCEPT-------It takes over $800 million from first idea to manufacture to bring a new drug to market, and the largest cost is FEDERAL RED TAPE and the resulting hoops to jump through. Safer, probably, but way more expensive. The part I object to is the drug companies spreading that $ 800M only over the domestic market, and then selling the same pills abroad at a substantially lower price. We are subsidizing the rest of the world, when in all fairness, the rest of the world should be paying us for our research and innovation


YES!! :thumbup:

[Worldseries27]

i believe last year’s smi premium increase was less than it should have been because of covid relief. It went from $144 to $148.50. So i believe this year’s increase makes up for that shortfall.

government $ promises etc.
A wise man once said.
" figures dont lie
but
liars know how to figure.
If at our ages we don't know it's been a con game all along,
we never will.
The president said " afghanistan cost us 300 million per day"
and that money went to who? For over 20 years.

[jdulej]

EXCEPT-------It takes over $800 million from first idea to manufacture to bring a new drug to market, and the largest cost is FEDERAL RED TAPE and the resulting hoops to jump through. Safer, probably, but way more expensive. The part I object to is the drug companies spreading that $ 800M only over the domestic market, and then selling the same pills abroad at a substantially lower price. We are subsidizing the rest of the world, when in all fairness, the rest of the world should be paying us for our research and innovation

For most drugs a big percentage of the 800 mil (or whatever it is for a particular drug) is funded by the government (us!) so don't cry for the poor pharmaceutical companies just yet. Often the biggest expense they foot is for marketing costs.
Here is a link since some insist on one - Taxpayers — not Big Pharma — have funded the research behind every new drug since 2010 | Other98 (https://other98.com/taxpayers-fund-pharma-research-development/)

[Laker]

YES!! :thumbup:
Yes, unfortunately we pay for the R&D, and pay the high price for the drugs. Then ,for example, our “friend” Canada, told us a number of years ago, that if we didn’t charge them the same price that “poor” countries were paying, like Mexico, that they would make the drugs themselves. It didn’t make sense to me that they could circumvent Intellectual Property agreements, but apparently they could, and that’s why you can get drugs from Canada cheaper than here.

Much of the rest of the world is riding on our benevolent backs. For poor countries I have no problem with that. It’s the countries that should share in the benevolence that is troubling.

[joshgun]

Only if you have been on social security disability for 24 months.

[gdennis317]

So much for helping out the middle class.

Unfortunately, if you are living off of Social Security only you MAY barely be at the very low end of Middle Class.

“The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $61,372 in 2017, according to the U.S. Census Bureau. 21 Using Pew's yardstick, middle income is made up of people who make between $42,000 and $126,000.”

[Boomer]

The Windfall Elimination Provision affects Social Security for a lot of people.

[Jgg7933]

Click the link for a better understanding of the increase.

Opinion: Government announces surprising hike in Medicare Part B premiums - MarketWatch (https://www.marketwatch.com/story/government-announces-surprising-hike-in-medicare-part-b-premiums-11638281161?siteid=yhoof2)

[Jgg7933]

Click the link for a better understanding of the increase.

Opinion: Government announces surprising hike in Medicare Part B premiums - MarketWatch (https://www.marketwatch.com/story/government-announces-surprising-hike-in-medicare-part-b-premiums-11638281161?siteid=yhoof2)

[Debbiec0906]

Well sounds like you know how to work the system if you’re paying so little for health care to begin with. That is a big increase for those that rely in SS given the disastrous rise in cost for everything thanks to those in power.

[nn0wheremann]

I just read that Social Security benefits are going up 5.9 percent next year which is the highest in 40 years. However, the premiums for Medicare Part B (which covers doctors’ visits) for 2022 is going up 14.5 percent. The standard monthly premium will go from $148.50 to $170.10. The average monthly Social Security benefit is about $1,487 and 44% of Medicare recipients reported spending between $160 and $495 a month on health care.
If you receive more than $366 in monthly Social Security benefit, the COL will cover the $21.60 increase in SMI (Part B) premium. Live it up!

[rmd2]

The Windfall Elimination Provision affects Social Security for a lot of people.

Yes and the 66% cut to Social Security hurt every single person working in the Federal Government EXCEPT for Congress and Senate. When they made that law they exempted themselves from the cut so they get their full federal pensions and full social security payments. My social security payment after they take out my Blue Cross Blue Shield payment is now $111 a month.

[bumpa]

48 years of paying into system and doubt that after 10 plus years I have recouped my payments. And if you add investment growth of what they took no way will I ever come out ahead.

The SSA system was designed with a 75 year life span in mind as that was the projected age of dead in the 1930's. It has changed of course and the increase in life span does contribute to issue of funding SSA. In any case the system is designed to return your contributions as well as your employers in about 10 years (65 year of retirement vs 75 years of life span). This varies a bit person to person but generally speaking your contributions have been returned to you after 10 years and beyond that you're getting other people's money i.e. the poor guy who retired at 65 and died at 66.

Regarding the issue of personal investment choices and benefits vs mandated SSA contributions. SSA was developed in the 1930's during a great depression. The idea of the average person having the opportunity to invest was ludicrous at the time. Combine that with the recent experience in 1929 and it's understandable that a mandatory savings programs was the best choice.

[jimbomaybe]

Unfortunately, if you are living off of Social Security only you MAY barely be at the very low end of Middle Class.

“The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $61,372 in 2017, according to the U.S. Census Bureau. 21 Using Pew's yardstick, middle income is made up of people who make between $42,000 and $126,000.” Many years ago , before I had even started my working life I could see that living off SS would not be what I wanted, my understanding is it was never intended to be the sole support , people being people discount this fact as they ignore how people who do live a rather fugal lifestyle, its not a failure of plan,, its a failure to plan

[frose]

all you can say is THANKS _ _ _

[ohiosbestus]

They meaning Congress and Senate should pass a bill to limit insurance increases to the same percentage as social security increases. The medical community is literally robbing us.

[OrangeBlossomBaby]

They meaning Congress and Senate should pass a bill to limit insurance increases to the same percentage as social security increases. The medical community is literally robbing us.

It doesn't work that way.

The SS increase was intended to help offset the Medicare increase. The two work together. Inflation happens, you are expected to keep up with it. Bread was only 5 cents a loaf in 1934. And income was only $10 per week. Prices go up. People need to pay higher bills, and therefore need more pay. The costs of living go up, and so do the costs of doing business. Medicare and Social Security are social programs designed to keep older people from becoming destitute or dying as a direct result of not being able to afford the kind of medical care that most people over 65 tend to need.

If you're not happy with your $70 inceased check and $18 increased Medicare cost, you're welcome to donate the excess to somewhere else, and opt out of everything except Medicare A, which has no premium to you at all.

[manaboutown]

It doesn't work that way.

The SS increase was intended to help offset the Medicare increase. The two work together. Inflation happens, you are expected to keep up with it. Bread was only 5 cents a loaf in 1934. And income was only $10 per week. Prices go up. People need to pay higher bills, and therefore need more pay. The costs of living go up, and so do the costs of doing business. Medicare and Social Security are social programs designed to keep older people from becoming destitute or dying as a direct result of not being able to afford the kind of medical care that most people over 65 tend to need.

If you're not happy with your $70 inceased check and $18 increased Medicare cost, you're welcome to donate the excess to somewhere else, and opt out of everything except Medicare A, which has no premium to you at all.

I am not happy with my $100 decreased check. Who would be?

[Dana1963]

I just got my new Social Security statement for 2022. My monthly Social Security decreased $10 from $121 to $111 and my monthly Medicare payment increased from $208 to $238 for a total loss this coming year of $40 a month. And EVERYTHING has gone up in price!
Don’t feel bad Fortune 500 Companies Corporate Profit is up an average 30% during the past 22months of the Pandemic very positive on the economy.
Inflation is manipulated.

[stadry]

ALL - smoke & mirrors just 1 pocket to another - inflation trumps it all anyway