topic Re: Yikes ! Medicare Part B in Community Chat

Yikes ! Medicare Part B

SharkE — Fri, 09 Dec 2016 18:24:19 GMT

went up to 134 a month. Still cheaper then regular insurance especially my private pay of 650. Suppose to had been 120, now, in a short while they increased it again.

If I live long enough it will probably be the same rate of private pay. It will take all of folks SS just to cover their premium. So sad. We don't know what is coming down the road too. All of us on it are suppose to be safe, but, I'm afraid for the young and those that can't get grandfathered in, in time.

Re: Yikes ! Medicare Part B

Carolm — Fri, 09 Dec 2016 18:30:38 GMT

Hi Sharke - May I ask where you got this information from? I had read that because the cost of living increase will be so small, there will be very little increase in the Part B premium. Hope what I read is correct!

Re: Yikes ! Medicare Part B

SharkE — Fri, 09 Dec 2016 18:33:24 GMT

Yes, you may. My husband got notice from the Gov. that since he is not on SS his new premiums will be 134 a month. He mails in 3 months at a time, 4 times a yr.

I am on SS and my next direct deposit to the bank will be short 134. I just got on Medicare the first of Dec. so I get the honor of getting the higher rate. LOL

Re: Yikes ! Medicare Part B

Carolm — Fri, 09 Dec 2016 18:36:49 GMT

Can't argue with a letter from the government! Sorry you're being hit with a big increase. I expect this is what we have to look forward to in the future. I hope you and your husband have a happy holiday season.

Re: Yikes ! Medicare Part B

SharkE — Fri, 09 Dec 2016 18:43:50 GMT

In reading the other thread I'm not alone. We're in better financial position then others we have good saving habits, we're childless, he still works at 67 in a good profession. Hope, to work till he's 70.

I feel sorry for the poor widows and people who that extra money a month could mean the difference between going without something you really need in order to pay utilities and keep up with insurance premiums.

Re: Yikes ! Medicare Part B

hoosieroriginal — Fri, 09 Dec 2016 20:19:39 GMT

I'm not sure why the government requires you to join Medicare at age 65. I know if I could keep my current insurance, I would - it's much cheaper. You would think if they could put people off on taking Medicare, they could save some money over the years! My current insurance is $116/mo. With Medicare and supplemental, I will be paying around $234 a month.

Re: Yikes ! Medicare Part B

SilleeMee — Fri, 09 Dec 2016 20:32:18 GMT

@hoosieroriginal wrote:
I'm not sure why the government requires you to join Medicare at age 65. I know if I could keep my current insurance, I would - it's much cheaper. You would think if they could put people off on taking Medicare, they could save some money over the years! My current insurance is $116/mo. With Medicare and supplemental, I will be paying around $234 a month.

@hoosieroriginal,

Where did you find insurance for $116 a month?

Re: Yikes ! Medicare Part B

Witchy Woman — Fri, 09 Dec 2016 20:35:57 GMT

Just got my quarterly bill yesterday for $402, so I knew it had increased.

I kept my Federal health insurance when I retired and pay $250 a month for that. My husband is not eligible for Medicare, plus, this plan serves as a supplemental plan for me.

I'm thankful to be able to pay it all. We are healthy now and hope we stay that way, but it's worth having insurance for the future.

Re: Yikes ! Medicare Part B

madzonie — Fri, 09 Dec 2016 20:37:05 GMT

@hoosieroriginal wrote:
I'm not sure why the government requires you to join Medicare at age 65. I know if I could keep my current insurance, I would - it's much cheaper. You would think if they could put people off on taking Medicare, they could save some money over the years! My current insurance is $116/mo. With Medicare and supplemental, I will be paying around $234 a month.

You might not have to sign up at 65. Check this link for some info:

http://www.elderlawanswers.com/turning-65-what-you-need-to-know-about-signing-up-for-medicare--8968

Re: Yikes ! Medicare Part B

SharkE — Fri, 09 Dec 2016 20:38:12 GMT

I always wondered that too. Now, that I'm 65 I'm tickled to death to get on Medicare Part B for 134 a month instead of the raised amount from Humana of 650 and that was just for major medical. All Dr. visits I paid for and had a deductible of 3500 before they would pick up anything. Now, I can go to Dr. if I have to. thank God I'm healthy as horse !

we also have Supplement insur that runs another 250 a month for both of us and by the way if you don't know it the Gov. makes you have a Prescription Part D plan too, if not, they penalize you. Our plans are 27 for him and 18 for mine.

still for both of us all this cost little over 500 which is still cheaper then what we were just paying for me alone on private pay.

Re: Yikes ! Medicare Part B

NicksmomESQ — Fri, 09 Dec 2016 20:49:17 GMT

@hoosieroriginal Who said you have to take Medicare at 65? My dh is 67 & still works full time.We are covered under his employer's health insurance.As long as you work for a company with atleast 20 employees you can stay with their health plan.You will not suffer any penalties when you retire & switch to Medicare if you do it within 8 months.Even the premium will remain as it would have been if you took medicare at 65!!

If you work for a company with less than 20 employees then you need medicare because in that case it would be considered primary over your employee coverage.

Re: Yikes ! Medicare Part B

madzonie — Fri, 09 Dec 2016 21:16:04 GMT

Our current Part B premiums are $108. If I understand the info at the Medicare website, ours won't jump up to the $134 because that much of an increase is larger than the COLA we will get from SS. We have our Part B premiums deducted from our SS checks.

Re: Yikes ! Medicare Part B

Allegheny — Fri, 09 Dec 2016 21:22:59 GMT

@Witchy Woman, just curious, why aren't your monthly Medicare Part B premiums being deducted out of your annuity?

Re: Yikes ! Medicare Part B

Witchy Woman — Fri, 09 Dec 2016 21:28:22 GMT

@Allegheny

Because I am a retired Federal employee covered under the older Civil Service Retirement System which is not based on Social Security. I made contributions to that plan throughout my 38 years of Federal service, but was not enrolled in SS.

The newer system, the Federal Employee Retirement System has SS as a component, but not the old system.

Therefore, I must pay the premiums quarterly. However, a kind poster here said I could contact SSA and have the deduction set up, but I haven't done it. Was going to, then decided I didn't want anything more coming directly out of my Federal retirement.

Paying it quarterly isn't a problem, so I continue doing it.

Re: Yikes ! Medicare Part B

heart of savino — Fri, 09 Dec 2016 21:40:45 GMT

lets see.i will get about a 5 dollar raise from SS.now my part B from medicare

goes up another 5 dollars so i come out even there my supplement goes up 10 dolllars and my part D goes up 10 dollars.now i know why my friends say they can

never retire.i hope everyone has savings assests or a nice pension. plus SS...

Re: Yikes ! Medicare Part B

SilleeMee — Fri, 09 Dec 2016 21:44:57 GMT

@Witchy Woman wrote:
@Allegheny

Because I am a retired Federal employee covered under the older Civil Service Retirement System which is not based on Social Security. I made contributions to that plan throughout my 38 years of Federal service, but was not enrolled in SS.

The newer system, the Federal Employee Retirement System has SS as a component, but not the old system.

Therefore, I must pay the premiums quarterly. However, a kind poster here said I could contact SSA and have the deduction set up, but I haven't done it. Was going to, then decided I didn't want anything more coming directly out of my Federal retirement.

Paying it quarterly isn't a problem, so I continue doing it.

I would fall in this category of having to pay Medicare premiums out of pocket because I receive a government-type retirement income and I don't get or expect to receive SS. I'm not quite 65 yet so who knows what will develop in the next few years.

Re: Yikes ! Medicare Part B

Witchy Woman — Fri, 09 Dec 2016 22:13:07 GMT

@SilleeMee

It's really not a problem at all. Once I registered for Medicare, the rest just happened.

They send that notice out like clockwork

Of course, it's a lump of money all at once rather than a monthly amount, but that doesn't bother me. I know it is coming and I budget for it.

I'm hoping I stay healthy and never have to take advantage of the benefits. DH will be 65 in 3 years, but doubt he will ever retire. I cover him under my Federal plan which is a standard option. The high option plans are just too expensive and not necessary if you are healthy.

Re: Yikes ! Medicare Part B

Allegheny — Fri, 09 Dec 2016 22:47:45 GMT

@Witchy Woman Ok, now I understand. I am CSRS also and just applied for Medicare Part B. I want it to come out of my annuity. Based on the information I received they are "supposed" to take it out, but I guess I really won't know until January.

I also carried my FEHB into retirement.

I have changed my insurance plan under FEHB in preparation for Medicare, as it will be the secondary payer, operating similar to a supplemental plan.

Re: Yikes ! Medicare Part B

151949 — Fri, 09 Dec 2016 22:38:09 GMT

For the most part medicare part B premiums are INCOME BASED - you pay more because your income is higher - however - yes, those who just started are paying more than us who have been on it a few years. The majority of us who have been paying $104 will only go up to $109 because they can't raise our premium more than our COLA raise.

Re: Yikes ! Medicare Part B

151949 — Fri, 09 Dec 2016 22:40:10 GMT

@madzonie wrote:
@hoosieroriginal wrote:
I'm not sure why the government requires you to join Medicare at age 65. I know if I could keep my current insurance, I would - it's much cheaper. You would think if they could put people off on taking Medicare, they could save some money over the years! My current insurance is $116/mo. With Medicare and supplemental, I will be paying around $234 a month.
You might not have to sign up at 65. Check this link for some info:
http://www.elderlawanswers.com/turning-65-what-you-need-to-know-about-signing-up-for-medicare--8968

I believe you only HAVE TO sign up for part A and that is free.