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

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  #16  
Old 11-29-2021, 08:10 AM
WesMan WesMan is offline
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Originally Posted by Rainger99 View Post
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!!!
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Old 11-29-2021, 08:14 AM
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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!

Well, more of this nonsense to come!!
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Old 11-29-2021, 08:16 AM
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Originally Posted by beaglebrain View Post
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!!!!
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Old 11-29-2021, 08:23 AM
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Default And that makes it ok? What was I thinking.

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Originally Posted by REDCART View Post
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.
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Old 11-29-2021, 08:32 AM
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Originally Posted by Fisherman View Post
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.
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Old 11-29-2021, 08:42 AM
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Somebody has to pay for healthcare for all those illegals.
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Old 11-29-2021, 08:45 AM
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Quote:
Originally Posted by Rainger99 View Post
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!
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Old 11-29-2021, 08:51 AM
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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.
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Old 11-29-2021, 09:18 AM
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So the Medicare is going up $12 and SS is going up on average about $ 100. A net gain.
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Old 11-29-2021, 09:23 AM
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Quote:
Originally Posted by cherylncliff View Post
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.
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Old 11-29-2021, 09:35 AM
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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!"
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Old 11-29-2021, 09:41 AM
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Quote:
Originally Posted by davem4616 View Post
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
  #28  
Old 11-29-2021, 10:01 AM
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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.
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Old 11-29-2021, 10:05 AM
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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 ?
  #30  
Old 11-29-2021, 10:21 AM
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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!
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