[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]

Originally Posted by 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.

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]

Originally Posted by 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.

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]

Originally Posted by 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.

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

[MrFlorida]

So much for helping out the middle class.

[Rainger99]

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.

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

[Two Bills]

Originally Posted by MrFlorida

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]

Originally Posted by MrFlorida

So much for helping out the middle class.

& some voted based on this statement

[DaleDivine]

Originally Posted by Two Bills

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

[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 .