Community Chat

[chiclets]

Concerning Medicare read carefully what services will be covered for 2022.

Services do not always stay the same from year to year.

[gertrudecloset]

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@RetRN wrote:

We're not getting a raise, we are getting a pay cut. Wish people would think things through to find the truth. I'm sure it makes many people feel better thinking that things are better rather than face the reality. 

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@RetRN  IF payroll taxes (SS) withholdings will rise and you still work, I can see what you're saying.  If not, then YOU may be getting a cut based on your household's income that might put you in a different tax bracket.  Otherwise, your statement means very little without some clarity.  That being said, you don't owe anyone an explanation about your finances.

I personally, wouldn't explain my personal business to anyone.

[gertrudecloset]

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@CalminHeart wrote:

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@stellabystarlight wrote:

Yes, we got a great raise in SS - 5.9%, but just be aware Medicare is expected to rise about 6.7% which, based on $148.50 is about $10.

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I received notice from Medicare that it's going up 1.9%, not 5.9%.

This is more in line with what I've been reading.  No doubt it's gonna go up, but it won't wipe out the increase this time around.

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[Zaimee]

@gertrudecloset  Medicare Part B is currently $148.50 for most people. The recommended increase is 6.7%

6.7 %  of $148.50 is  $9.95.

$148.50 + $9.95 = $158.45

Rounded to $158.50. This is the estimated 2022 cost for Medicare Part B for most people.

So, Medicare B increase is estimated to be 6.7% for 2022. 

And, the SS increase is 5.9% for 2022.

The Medicare deductible is probably going to increase from $202 to an estimated $217

 There may be increases to an individual's supplemental plan, an advantage plan, or a Part D plan.Each person needs to check their individual plan.

[Pink123]

It's not only healthcare, food, gas prices that are going up.

My HOA will go up 7 percent next year as well and it's a big one.  That alone will take the whole 5.9 increase for me. 

We would need a 10 percent increase to break even.  Scary.

[gertrudecloset]

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@Zaimee wrote:

@gertrudecloset  Medicare Part B is currently $148.50 for most people. The recommended increase is 6.7%

6.7 %  of $148.50 is  $9.95.

$148.50 + $9.95 = $158.45

Rounded to $158.50. This is the estimated 2022 cost for Medicare Part B for most people.

So, Medicare B increase is estimated to be 6.7% for 2022. 

And, the SS increase is 5.9% for 2022.

The Medicare deductible is probably going to increase from $202 to an estimated $217

 There may be increases to an individual's supplemental plan, an advantage plan, or a Part D plan.Each person needs to check their individual plan.

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Yeah I know @Zaimee .  The increase will not wipe out most people's SS COLA benefit.  

[gertrudecloset]

Medicare Part B Premiums 2022

**Projections

The standard Part B premium amount in 2022 will be $158.50. Most people will pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you'll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

According to filing status and total income the Part B Premiums for 2022 are as follows:

$221.90

$317.00

$412.00

$507.20

$538.90

[Zaimee]

@gertrudecloset 

It is important to give more explanation to your chart. This concerns people who

have incomes of $91,000 and above for individuals and $182,000 for joint filers.

And, the amounts are taken from incomes filings from 2 years ago.

The more income, the higher the adjustment to Part B and also affects Part D. 

So some people do not pay $158.50 Part B. They have to pay the higher amounts in that chart.

Sadly, some people do not know about this and take money from a source to help a relative and then, that large  amount gets added to income .The IRS sends a letter that they now have to pay higher Part B and D. Happened to my friend. Many regrets.

[gertrudecloset]

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@Zaimee wrote:

@gertrudecloset 

It is important to give more explanation to your chart. This concerns people who

have incomes of $91,000 and above for individuals and $182,000 for joint filers.

And, the amounts are taken from incomes filings from 2 years ago.

The more income, the higher the adjustment to Part B and also affects Part D. 

So some people do not pay $158.50 Part B. They have to pay the higher amounts in that chart.

Sadly, some people do not know about this and take money from a source to help a relative and then, that large  amount gets added to income .The IRS sends a letter that they now have to pay higher Part B and D. Happened to my friend. Many regrets.

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Then you go ahead and give all the explanations you want.  I did preface my post by saying based on your income.  I won't be doing anything else.  Feel free to do so if you wish @Zaimee .  If people can't figure that out, but can figure out their ez pays, hey they need to do some more studying about their finances.  

The floor is all yours!!!!

[Zaimee]

@gertrudecloset 

The  best part of these forums is that people share information.

Some poster know little, some posters a lot. 
Some information is not always accurate.

When I had to transition to Medicare and Social Security I learned a lot here , especially from @Carmie. I also read and talked to many people so that I could be informed about choices. 

I am not an authority on this matter. This process is complicated and confusing. Just my attempt to clear up some misconceptions. 

After 43 years of teaching, you can take the girl out of teaching.....but you can't take the teaching out of the girl.

Have a good night, @gertrudecloset