Iggy aka IG
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Location: Good ol' USA
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Post by Iggy aka IG on Aug 3, 2019 14:37:54 GMT -5
Oh, and she mentioned signing up for the Medicare supplement, and how the government will take Medicare premiums directly out of the social security check. One of the Obama years, can't remember which one, SS payments didn't increase but the cost of Medicare did. Came down to my SS was $41 LESS each month because of Medicare. This was before I went back to work and was my only income. That hurt ........ Ouch, sorry sesfw.
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TheOtherMe
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Post by TheOtherMe on Aug 3, 2019 14:38:54 GMT -5
I had to go on Medicare as of June 1 but won't begin SS until as of Sept. 1 (first check at the end of October). They send you a quarterly bill although there may also be an option to pay monthly. I didn't explore that much. What was interesting was that I could use a CC to pay it and get points without a surcharge. That's very unusual for anything dealing with the government. Thank you both. I am learning so much in this thread! All I've heard about Medicare is what a nightmare it is to sign up with them. Specifically, two different client friends said they sat on hold for HOURS trying to get through to talk with someone in the department. Oh, and that the premiums keep increasing. One productive thing I heard last week is one should sign up for Part D. I Googled-it seems relatively inexpensive and logical to sign up for prescription purposes. There is a penalty for not signing up for Medicare and it's various parts when you can. It can then become very expensive to sign up. So far, there is open season every year on Part D, so if your prescriptions change, you can change your insurance. Since dad takes no prescriptions, we keep him on the least expensive Part D program. If he ever has prescriptions, we will go on the Part D website and figure out which is the cheapest available in this area. Dad is lucky. Since he doesn't travel, there is a local health insurance through one of the hospitals that covers the 20% that Medicare doesn't cover. He is required to have Part B and it costs $115 per month. As long as it's a covered service by Medicare, he has no co-pays. Hearing aids are not covered by Medicare so those did cost him $5000 out of pocket.
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Iggy aka IG
Senior Associate
Joined: Oct 25, 2012 12:23:23 GMT -5
Posts: 12,429
Location: Good ol' USA
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Post by Iggy aka IG on Aug 3, 2019 14:40:46 GMT -5
This can't happen unless you are separately paying for Medicare outside your SS check.. If there is no COLA, then SS recipients' Medicare premiums can't increase. I don't know when it went into effect, though. Maybe it came about because of what you are describing. In any case, it can't happen now. It's called the "hold harmless provision." Medicare can make up the gap in years when there is a COLA. Here's a link that explains. Your Part D premium could still go up. The provision only protects you from an increase in Part B premiums if there is no COLA adjustment that year. I believe if you have Part C/Medicare Advantage that could also go up. Ah, see? This is where my eyes start to glaze over. SS, COLA, hold harmless, Part D, C, B.... Where do you both suggest going with questions?
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TheOtherMe
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Post by TheOtherMe on Aug 3, 2019 14:50:10 GMT -5
As long as your Medicare Part B premium is coming out of your SS check, hold harmless will not affect you. It affects people like me who will never collect SS, even though I paid in over 40 quarters. My SS does not overcome the WEP offset for civil service employees. You are a smart lady, Iggy aka IG The Social Security website is full of information and they have pamphlets you can order. Here, there is also an agency called SHIIP that helps people when they go on Medicare. The appointment time for people when they are going on Medicare is 2 hours. They will counsel you through going on Medicare. I don't know if that organization exists in Colorado, but it does in Iowa. Their open season in-person appointments fill up within the first week of when they open their phone lines. If you don't get an in-person appointment, they do offer telephone counseling. There may be senior resources where you live that can assist you.
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Iggy aka IG
Senior Associate
Joined: Oct 25, 2012 12:23:23 GMT -5
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Location: Good ol' USA
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Post by Iggy aka IG on Aug 3, 2019 14:56:24 GMT -5
Thank you, TheOtherMe. I did a quick research and found a SHIP office in our county a few towns over and bookmarked their page for future reference. Wow, they offer a LOT of services for seniors!
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TheOtherMe
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Post by TheOtherMe on Aug 3, 2019 15:17:54 GMT -5
I volunteered as a receptionist at the one here for two open seasons.
The counselors are very dedicated and very knowledgeable.
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countrygirl2
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Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Aug 3, 2019 16:33:48 GMT -5
I don't do the 3 month scrips because mine change and you are stuck with trying to change them. You may be paying for scrips you no longer need. I got a local family owned pharmacy DD and I get pill packs, cost each of us $10 a month, well worth it. they check monthly for changes so at the most we pay for 1 month we may not use, they are very responsive. So it may not be cheaper if you discontinue drugs. Maybe something like premarin or insulin or something would be cheaper.
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countrygirl2
Senior Associate
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Post by countrygirl2 on Aug 3, 2019 16:52:35 GMT -5
If you do not take medicare on time each year is a penalty added to the premiums of something like 10% per year and its cumulative.
At age 65 you need to go in and take part A, it is free or before you turn 65, I did and hard headed hubs wouldn't so we had all kinds of problems. He said I have insurance so don't need to, I had it too but you need to! Make arrangements if you are still working to let them know you have insurance, they will need proof of it. We went through this mess as hubs worked till age 69. I wrote on here they were trying to penalize us and everything when we did apply saying we didn't take it on time and it was even worse as he was making a lot of money. They tried to penalize us for not taking it when we still had insurance and penalize us for each year he did not take it. We went back about 4 times and finally found a lady that knew the law, the others had no clue. I was pulling my hair out. It took almost a year to fix it.
Now I got a rude awakening last year. I was going to change my supplement to a less expensive one. Surprise!!!! The first year anyone has to cover you. Well, the following years any insurance you want has to go through underwriting, NOBODY TELLS YOU THAT, I thought you could change annually. If you have pre existing conditions well good luck with that, so choose wisely for the insurance you get. We go to an insurance broker here and with all my issues she said no one will touch you.
Also because hubs is overweight he had to pay an obesity penalty!! Also if you smoke you will pay a smokers penalty. His insurance was still cheaper under plan G. the only difference between G and F is F pays the annual $185 deductible. But I could not change.
You can find charts online that compare all the plans, but if you have a broker, they are very helpful. They do not charge us here, the ins companies pay them. They have all the software to do it with. I did the first time, the second I went to them.
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countrygirl2
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Post by countrygirl2 on Aug 3, 2019 16:55:47 GMT -5
You are allowed to take medicare later if you have A LIFE CHANGING EVENT, HIS RETIREMENT WAS A LIFE CHANGING EVENT. Just get your ducks in a row and understand way before time so you can do it right. We pay double what we did when he worked, but its good insurance.
For poor people they can get medicare and Medicaid, it costs them nothing, that is what our DD has. She draws off her dad though.
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Post by The Walk of the Penguin Mich on Aug 4, 2019 2:01:00 GMT -5
Our part B is automatically paid out of SS check. The standard Medicare Part B monthly premium for 2019 will be $135.50, a modest increase of just $1.50 per month over 2018's standard premium. In addition, the annual Medicare Part B deductible will increase, but by just $2, to $185.Oct 13, 2018 I pay that $135.50 plus $179 supplement plus $57 drug coverage. That's $371 and for quite a few months was paying $300 in scrips. This month I dropped 2 and my praluent went from $180 to $113, so went down to $188 total. But if I'm sick there will be deductibles for the drugs. My supplement is excellent and picks up all deductibles, but plan F is going away and I worry my insurance will drop me after 2 expensive years in a row, sigh. Hubs pays $135.50 plus $139, but he has plan G, I have F. plus $15 for his drugs. So $848 total, I thought it was $1000 just for premiums. think it was but hubs took less coverage. Just will owe some deductibles so no big deal. I have so many issues my insurance will keep climbing I'm sure. So my total is $559 and his is $289 for a total of $848. It dropped $112 on drugs for now, so it was $960. It's only going up. Imagine is we had to pay a big mortgage payment too, my anxiety would destroys me. No way would I go into retirement owing anything. And yes, I remember when Phil said his wife said no mortgage on their house. Smart lady. . Right now, I am paying $350/mo for my part B premium and over $400 for insurance through TD’s employer. And I am paying $100/session each week for PT because of some Argument between Medicare and insurance as to who my primary insurer is. So these days, my healthcare is costing me over $1000/mo and I am healthy.
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countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Aug 4, 2019 7:13:44 GMT -5
Yep, you are paying that because its based on income, they tried to do that to us after hubs retired. I believe since you have proof of insurance in place you can drop part B and pick it up later. I argued for months when they tried to fine us and charge the higher rate. If you can find a knowledgeable person at SS which we FINALLY did they can help. Divorce, retirement, and I think marriage qualifies as a life changing event. It was going to cost us a fortune for a year then we were going to be punished with a surcharge for not taking it at the right age when we had OTHER insurance. I was so mad but of course could not show it.
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CCL
Junior Associate
Joined: Jan 4, 2011 19:34:47 GMT -5
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Post by CCL on Aug 4, 2019 9:59:57 GMT -5
If you do not take medicare on time each year is a penalty added to the premiums of something like 10% per year and its cumulative. At age 65 you need to go in and take part A, it is free or before you turn 65, I did and hard headed hubs wouldn't so we had all kinds of problems. He said I have insurance so don't need to, I had it too but you need to! Make arrangements if you are still working to let them know you have insurance, they will need proof of it. We went through this mess as hubs worked till age 69. I wrote on here they were trying to penalize us and everything when we did apply saying we didn't take it on time and it was even worse as he was making a lot of money. They tried to penalize us for not taking it when we still had insurance and penalize us for each year he did not take it. We went back about 4 times and finally found a lady that knew the law, the others had no clue. I was pulling my hair out. It took almost a year to fix it. Now I got a rude awakening last year. I was going to change my supplement to a less expensive one. Surprise!!!! The first year anyone has to cover you. Well, the following years any insurance you want has to go through underwriting, NOBODY TELLS YOU THAT, I thought you could change annually. If you have pre existing conditions well good luck with that, so choose wisely for the insurance you get. We go to an insurance broker here and with all my issues she said no one will touch you. Also because hubs is overweight he had to pay an obesity penalty!! Also if you smoke you will pay a smokers penalty. His insurance was still cheaper under plan G. the only difference between G and F is F pays the annual $185 deductible. But I could not change. You can find charts online that compare all the plans, but if you have a broker, they are very helpful. They do not charge us here, the ins companies pay them. They have all the software to do it with. I did the first time, the second I went to them. Lots of helpful info here. Thanks!
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nidena
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Joined: Dec 28, 2010 20:32:26 GMT -5
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Post by nidena on Aug 4, 2019 20:43:40 GMT -5
I don't pay extra on my mortgage--the rate is only 3.5%--but I may continue to make the payment, once the house is sold, into a liquid account so that I'll have a nice chunk of change for my next home. Once the house is sold, I will also be rid of the CC balance so that will add to that nice chunk of change. I haven't not had a revolving CC balance of some sort since 2012. Whoa!! That's...whoa! I just looked at my 12 years worth of tracking and...yep...2012. That's 2000 that I'll be able to do something else with.
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countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Aug 4, 2019 20:49:51 GMT -5
SS only goes up if the CPI goes up. And you rarely end up with many dollars as they are always raising the price of the deducts. I read we are to get a raise, that means consumer price went up. It was sad, people were made to think Obama chose not to give them a raise, he had no control over it. Supposedly that year inflation was considered under control. Is it ever?
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Tiny
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Joined: Dec 29, 2010 21:22:34 GMT -5
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Post by Tiny on Aug 4, 2019 21:33:21 GMT -5
I don't hate paying the mortgages... I'm gonna have a big monthly commitment to the house (property taxes, insurance) with or with out a mortgage.
I'm noticing that more and more of the people in my life who moaned about having to pay their mortgage - have paid off their mortgage and now moan and groan about having to pay the property taxes, insurance, and any other cost involved with their house.
That's the problem - you ALWAYS have an expense for shelter.
The PI on my mortgages isn't all that dramatic of a amount. Paying off a mortgage isn't going to change my monthly cash flow all that much. To be honest, even if I didn't have the mortgage on my primary house - I'd still probably be "paying" it to a house sinking fund. The PI part would be for maintenance (since I'm gonna be older and the relatives who do all the DIY work for me will be ancient) and I will need to hire someone to do the work - which is way more expensive then just paying for parts/materials. So, 5 to 10 years from now, I'll still have the same monthly "house expense" I have now, with or without the mortgage.
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Deleted
Joined: Apr 26, 2024 6:24:38 GMT -5
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Post by Deleted on Aug 4, 2019 21:57:21 GMT -5
I don't hate paying the mortgages... I'm gonna have a big monthly commitment to the house (property taxes, insurance) with or with out a mortgage. I'm noticing that more and more of the people in my life who moaned about having to pay their mortgage - have paid off their mortgage and now moan and groan about having to pay the property taxes, insurance, and any other cost involved with their house. That's the problem - you ALWAYS have an expense for shelter. The PI on my mortgages isn't all that dramatic of a amount. Paying off a mortgage isn't going to change my monthly cash flow all that much. To be honest, even if I didn't have the mortgage on my primary house - I'd still probably be "paying" it to a house sinking fund. The PI part would be for maintenance (since I'm gonna be older and the relatives who do all the DIY work for me will be ancient) and I will need to hire someone to do the work - which is way more expensive then just paying for parts/materials. So, 5 to 10 years from now, I'll still have the same monthly "house expense" I have now, with or without the mortgage. My taxes and insurance is only $300/month. PI adds $1300/month to that.
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Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
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Post by Tiny on Aug 5, 2019 10:05:47 GMT -5
I don't hate paying the mortgages... I'm gonna have a big monthly commitment to the house (property taxes, insurance) with or with out a mortgage. I'm noticing that more and more of the people in my life who moaned about having to pay their mortgage - have paid off their mortgage and now moan and groan about having to pay the property taxes, insurance, and any other cost involved with their house. That's the problem - you ALWAYS have an expense for shelter. The PI on my mortgages isn't all that dramatic of a amount. Paying off a mortgage isn't going to change my monthly cash flow all that much. To be honest, even if I didn't have the mortgage on my primary house - I'd still probably be "paying" it to a house sinking fund. The PI part would be for maintenance (since I'm gonna be older and the relatives who do all the DIY work for me will be ancient) and I will need to hire someone to do the work - which is way more expensive then just paying for parts/materials. So, 5 to 10 years from now, I'll still have the same monthly "house expense" I have now, with or without the mortgage. My taxes and insurance is only $300/month. PI adds $1300/month to that. I think that highlights something that's unsaid in the mortgage debate about pay off early or hold till the end: you need to consider your "house" expense with/without a mortgage.
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LlamaLlamaDuck
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Post by LlamaLlamaDuck on Aug 5, 2019 21:56:24 GMT -5
Another rounder-upper here. I took out the mortgage in 2003 and will probably have it paid off by 2026 instead of 2033. Or not. We may sell before then.
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Deleted
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Post by Deleted on Aug 6, 2019 7:10:29 GMT -5
As long as your Medicare Part B premium is coming out of your SS check, hold harmless will not affect you. It affects people like me who will never collect SS, even though I paid in over 40 quarters. My SS does not overcome the WEP offset for civil service employees. <snip> Here, there is also an agency called SHIIP that helps people when they go on Medicare. The appointment time for people when they are going on Medicare is 2 hours. They will counsel you through going on Medicare. I don't know if that organization exists in Colorado, but it does in Iowa. I second the SHIIP resources- the guy I'm dating works on their hotline and they're extensively trained and have a giant database of info at their disposal along with translators on call for any language. One correction on "hold harmless", which means that your Medicare premium increases will be restricted to your COLA increase so your net SS check won't go down. I wish. I'm stuck with IRMAA surcharges and my SS Part B plus Prescription coverage premiums went up by $270/month from 2018 to 2019. So, my net SS payment sure as heck DID decrease even though I'm getting SS and the payments are deducted from my check. But- to get back to the OT- my mortgage principal and interest is only $700/month, so very manageable. I don't think I could rent anything decent for that little money although I'm well aware that ownership comes with a lot of maintenance.
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