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-   -   Increase in Social Security offset by a larger increase in Medicare premiums (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/increase-social-security-offset-larger-increase-medicare-premiums-326817/)

Rainger99 11-28-2021 07:39 PM

Increase in Social Security offset by a larger increase in Medicare premiums
 
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 11-28-2021 09:13 PM

Quote:

Originally Posted by Rainger99 (Post 2034807)
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 11-28-2021 09:57 PM

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

OrangeBlossomBaby 11-28-2021 10:56 PM

Quote:

Originally Posted by Rainger99 (Post 2034807)
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 11-28-2021 10:58 PM

Quote:

Originally Posted by Rainger99 (Post 2034807)
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 11-28-2021 11:01 PM

So much for helping out the middle class.

Rainger99 11-29-2021 04:40 AM

Quote:

Originally Posted by OrangeBlossomBaby (Post 2034846)
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 11-29-2021 04:49 AM

Quote:

Originally Posted by MrFlorida (Post 2034848)
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 11-29-2021 06:26 AM

Quote:

Originally Posted by MrFlorida (Post 2034848)
So much for helping out the middle class.

& some voted based on this statement :1rotfl:

DaleDivine 11-29-2021 06:27 AM

Quote:

Originally Posted by Two Bills (Post 2034862)
It's the working class that need the helping hand, they are paying for the SS rises!

:bigbow::bigbow:

rmd2 11-29-2021 06:35 AM

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 11-29-2021 07:03 AM

SSA benefit increase - Really?
 
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 11-29-2021 07:04 AM

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 11-29-2021 07:56 AM

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 11-29-2021 08:09 AM

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

WesMan 11-29-2021 08:10 AM

And they thought it was OK!!!
 
Quote:

Originally Posted by Rainger99 (Post 2034807)
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 11-29-2021 08:14 AM

Sorry to see this!!!!
 
Quote:

Originally Posted by rmd2 (Post 2034883)
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 11-29-2021 08:16 AM

Quote:

Originally Posted by beaglebrain (Post 2034897)
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 11-29-2021 08:23 AM

And that makes it ok? What was I thinking.
 
Thinking
Quote:

Originally Posted by REDCART (Post 2034831)
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.


Aloha1 11-29-2021 08:32 AM

Quote:

Originally Posted by Fisherman (Post 2034932)
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 11-29-2021 08:42 AM

Somebody has to pay for healthcare for all those illegals.

OhioBuckeye 11-29-2021 08:45 AM

Ohiobuckeye
 
Quote:

Originally Posted by Rainger99 (Post 2034807)
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 11-29-2021 08:51 AM

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 11-29-2021 09:18 AM

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

B-flat 11-29-2021 09:23 AM

Quote:

Originally Posted by cherylncliff (Post 2034972)
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 11-29-2021 09:35 AM

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 11-29-2021 09:41 AM

Quote:

Originally Posted by davem4616 (Post 2034980)
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 11-29-2021 10:01 AM

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 11-29-2021 10:05 AM

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 11-29-2021 10:21 AM

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 11-29-2021 10:33 AM

Net increase of 5% for me.

Cheryl Barrios 11-29-2021 10:49 AM

Quote:

Originally Posted by rmd2 (Post 2034883)
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 11-29-2021 11:05 AM

Recoup all contributions
 
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 11-29-2021 11:38 AM

Quote:

Originally Posted by LianneMigiano (Post 2035024)
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 11-29-2021 12:00 PM

Quote:

Originally Posted by Stu from NYC (Post 2035038)
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 11-29-2021 12:54 PM

Quote:

Originally Posted by OhioBuckeye (Post 2034961)
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 11-29-2021 01:11 PM

Quote:

Originally Posted by REDCART (Post 2035046)
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 11-29-2021 01:12 PM

Quote:

Originally Posted by LianneMigiano (Post 2035024)
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

Ramone 11-29-2021 01:22 PM

My head is spinning. Good bye

DAVES 11-29-2021 01:29 PM

Quote:

Originally Posted by Rainger99 (Post 2034807)
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.


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