Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   Medical and Health Discussion (https://www.talkofthevillages.com/forums/medical-health-discussion-94/)
-   -   Annual income vs Medicare costs (https://www.talkofthevillages.com/forums/medical-health-discussion-94/annual-income-vs-medicare-costs-338288/)

Aces4 01-19-2023 02:10 PM
Quote:
Originally Posted by Boomer (Post 2177487)
I appreciate your comment. When I go on about taxes -- because I like to -- I always include a disclaimer that says it is possible that I have no idea what I am talking about and professional advice is in order.

You said it so nicely. Classy. So often in threads like this, there are posters who chime in with rude one-liners designed only to try to make those who ask questions feel dumb for asking the gen pop on TOTV about financial matters.

I think threads like this can be really helpful because the informative discussions, that often follow, can give the OP a starting point, along with a working vocabulary, to put together a list of questions for a professional.

It's so much better to pick up what you can and think things through instead of going in cold to meet with an accountant/planner. Being prepared saves meeting time, makes communication better, and is the key to a clear understanding of professional advice.

Some of us TOTVers do what we can to try to help when questions are asked.

Boomer
I would venture that MOST posters on TOTV are helpful when questions or comments are posed.

DAVES 01-19-2023 02:25 PM
Quote:
Originally Posted by kbace6 (Post 2176981)
We are in the planning stages for some retirement income and watched a financial video on YT that alluded to an increase in the cost of medicare depending on your income.

The question I have for you more seasoned folks is, have any of you been on the edge of income where you paid a particular price for medicare one year and then more the next year due to a spike in your income, and then the cost of medicare went back down again the next year because the spike in your income may have been just a one-time thing?

I'm not talking about the government changing the costs, but rather where your individual situation was the catalyst.

Thank you in advance for your informed answers.
Nothing new, we have a progressive tax system many are not aware of what that means. In terms of Medicare, those who earn more not only pay more income tax but some do not realize that social security is also a prorated tax.
Those who earn more pay more but the benefit growth is less on every dollar you pay in. Many do not realize that they pay roughly 7% of your gross into social security. You employer has to match what you pay in. I was self employed and paid 13%. It seems the TAXMAN watches me. There is an income
level where you stop paying social security on anything above that. I hit that number several times in 45 years of WORK. Each time I hit it the number was raised. Welcome to reality.

In terms of Medicare, I'm sure you can get the numbers. People who pay the most taxes get to pay almost double for the same Medicare program.

Always been so. People want but think anyone but them should pay for it. True for all INCLUDING ME.

DAVES 01-19-2023 02:41 PM
Quote:
Originally Posted by TKGargiulo (Post 2177301)
Everyone's personal financial situation is different.

As someone who does retirement income planning and tax preparation my advice would be to work with a qualified professional to come up with your plan.

Tom
Certainly valid advice. Far as a plan. I am convinced every time I construct a plan BIG BROTHER changes the rules of the game. Most recent, they have AGAIN changed the rules for RMD, required retirement fund withdrawals. The S&P average LOST 18.11% last year 2022. The CPI consumer price index hit 9.1% now about 8.5%. A PLAN?

I tossed many plans when we packed to move. I had one where I figured what I would need to retire. I did it in 1973-4. oops I did not figure taxes or inflation.
All you need to know is when you will die, what will kill you, rate of inflation, taxes and return on investments.

Mom used to say man plans and god laughs.

Salty Dog 01-19-2023 06:19 PM
I wish I had made enough to have maxed out on my Medicare monthly payment...

keepsake 01-19-2023 07:33 PM
Are we talking about medicare or medicaid ?
I thought ...
We all paid into medicare. Medicaid is welfare and income based. I won't participate in anyway with medicaid.

maistocars 01-19-2023 09:20 PM
Quote:
Originally Posted by chrissy2231 (Post 2177083)
FL BL or UHC Med Advantage are the best plans!
Based on? I have found that with the many restrictions on Advantage Plans (e.g., referrals, prior authorizations) and co-pays and the much higher premiums, the only folks the Advantage Plans are best for are the companies selling them. But I'm glad you found a plan that you like. Supplemental Plan G for me.

Caymus 01-20-2023 03:59 AM
Quote:
Originally Posted by maistocars (Post 2177592)
Based on? I have found that with the many restrictions on Advantage Plans (e.g., referrals, prior authorizations) and co-pays and the much higher premiums, the only folks the Advantage Plans are best for are the companies selling them. But I'm glad you found a plan that you like. Supplemental Plan G for me.
I have found that the more a product is advertised, the less useful it is. More so when celebrities are involved.

crash 01-20-2023 09:03 AM
Quote:
Originally Posted by kbace6 (Post 2176981)
We are in the planning stages for some retirement income and watched a financial video on YT that alluded to an increase in the cost of medicare depending on your income.

The question I have for you more seasoned folks is, have any of you been on the edge of income where you paid a particular price for medicare one year and then more the next year due to a spike in your income, and then the cost of medicare went back down again the next year because the spike in your income may have been just a one-time thing?

I'm not talking about the government changing the costs, but rather where your individual situation was the catalyst.

Thank you in advance for your informed answers.
That is exactly how it works. The first income point is $179,000 where if you make more than that your Medicare doubles. If the next year you make less than that it will go back down.

keepsake 01-20-2023 09:15 AM
Can you spell Moregan and Moregun.

Wondering 01-20-2023 09:34 AM
Quote:
Originally Posted by kbace6 (Post 2176981)
We are in the planning stages for some retirement income and watched a financial video on YT that alluded to an increase in the cost of medicare depending on your income.

The question I have for you more seasoned folks is, have any of you been on the edge of income where you paid a particular price for medicare one year and then more the next year due to a spike in your income, and then the cost of medicare went back down again the next year because the spike in your income may have been just a one-time thing?

I'm not talking about the government changing the costs, but rather where your individual situation was the catalyst.

Thank you in advance for your informed answers.
'if your income is $97,000 or less you pay $164.90. $97,000 - $123,000 you pay $230.80. As you earn more you may move into a new threshold and increase in you monthly payment.

RUCdaze 01-20-2023 11:22 AM
I sold a home in New Jersey and had a large taxable income spike. The following year my Medicare cost went sky-high. The one-year spike in my income was a one-time thing. I wonder if the IRS will be so conscientious about lowering my payments in the future.

Aces4 01-20-2023 12:52 PM
[QUOTE=Wondering;2177725]'if your income is $97,000 or less you pay $164.90. $97,000 - $123,000 you pay $230.80. As you earn more you may move into a new threshold and increase in you monthly payment.[/QUOTE

Xxxx

retiredguy123 01-20-2023 01:05 PM
Quote:
Originally Posted by Caymus (Post 2177609)
I have found that the more a product is advertised, the less useful it is. More so when celebrities are involved.
I agree, but one exception would be beer.

Jack58033 01-20-2023 01:36 PM
Boomer, That is probably true of everything you read on this site.

Nordhagen 01-20-2023 04:49 PM
Medicare Premiums
 
Quote:
Originally Posted by kbace6 (Post 2176981)
We are in the planning stages for some retirement income and watched a financial video on YT that alluded to an increase in the cost of medicare depending on your income.

The question I have for you more seasoned folks is, have any of you been on the edge of income where you paid a particular price for medicare one year and then more the next year due to a spike in your income, and then the cost of medicare went back down again the next year because the spike in your income may have been just a one-time thing?

I'm not talking about the government changing the costs, but rather where your individual situation was the catalyst.

Thank you in advance for your informed answers.
Penalizing success! Want to make sure you are “paying your fair share”.
You’re paying much more for the same care. At least it should be better, no?


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