Big increase in Medicare coming....

[kadee79]

So here goes a big chunk of our SS increase....

The federal government announced a large hike in Medicare premiums Friday night, blaming the pandemic but also what it called uncertainty over how much it may have to be forced to pay for a pricey and controversial new Alzheimer's drug.

The 14.5% increase in Part B premiums will take monthly payments for those in the lowest income bracket from $148.50 a month this year to $170.10 in 2022. Medicare Part B covers physician services, outpatient hospital services, certain home health services, medical equipment, and certain other medical and health services not covered by Medicare Part A, including medications given in doctors' offices.

The Centers for Medicare and Medicaid Services played down the spike, pointing out that most beneficiaries also collect Social Security benefits and will see a cost-of-living adjustment of 5.9% in their 2022 monthly payments, the agency said in a statement. That's the largest bump in 30 years.

"This significant COLA increase will more than cover the increase in the Medicare Part B monthly premium," CMS said. "Most people with Medicare will see a significant net increase in Social Security benefits. For example, a retired worker who currently receives $1,565 per month from Social Security can expect to receive a net increase of $70.40 more per month after the Medicare Part B premium is deducted."

www.msn.com/en-us/news/us/us-announces-big-hike-in-medicare-premiums/ar-AAQEhHa?ocid=msedgdhp&pc=U531

[Value Buy]

We already had received what our new monthly payment was in October for the new year.
Now I am wondering if we get an "OOPS" HERE IS YOUR NEW RATE for the newyear will be......

[sesfw]

And the inflation rate will eat up the rest of the buying power of SS funds.  Possibly even more.

Obama's first two years in office saw no SS increase but did see a Medicare increase.  And he had a democrat congress backing him.  Biden's congress has given a SS increase.  Also a Medicare increase and an inflation increase.

Do the math.

[kadee79]

Nov 13, 2021 13:29:24 GMT -5 Value Buy said:

We already had received what our new monthly payment was in October for the new year.
Now I am wondering if we get an "OOPS" HERE IS YOUR NEW RATE for the newyear will be......

What you are talking about was an ESTIMATE...not set in stone...  From the article I linked....

The increase, however, is far more than the Medicare trustees estimated in their annual report, which was released in late August. They predicted the monthly premium for 2022 would be $158.50.

[tallguy]

Nov 13, 2021 17:03:13 GMT -5 sesfw said:

And the inflation rate will eat up the rest of the buying power of SS funds.  Possibly even more.

Obama's first two years in office saw no SS increase but did see a Medicare increase.  And he had a democrat congress backing him.  Biden's congress has given a SS increase.  Also a Medicare increase and an inflation increase.

Do the math.

I refuted this nonsense the last time you trotted it out.  The vast majority of recipients did not see an increase because of the hold-harmless provision.  If your income was high enough that you had to pay IRMAA surcharges, that may not have been true for you.  It WAS true for a large majority of SS recipients.

[sesfw]

Pull out your 2010 and 2011 statements and look at the Medicare deduction.

And at the statement saying there will be no increase in the SS

[tallguy]

The vast majority of people did not lose a thing because of the way the rules work.  I have explained that multiple times to you.  Your experience may be different if you were subject to IRMAA then.  It's not that complicated.

[pulmonarymd]

She is immune to facts

[sesfw]

The vast majority of people did not lose a thing because of the way the rules work

She is immune to facts

I know md is too young to have the 2009-2011 statements, and from what tg has said, so is he.
Do either of you know anyone that would have these statements that you could look at?  And also look at the numbers that are listed.

And yes, everyone I know in this age group had the same numbers that we have.  What was deposited in our checking accounts went DOWN for the 2 years in question.

Both of you have my pity.

[pulmonarymd]

Nov 15, 2021 20:49:05 GMT -5 sesfw said:

The vast majority of people did not lose a thing because of the way the rules work

She is immune to facts

I know md is too young to have the 2009-2011 statements, and from what tg has said, so is he.
Do either of you know anyone that would have these statements that you could look at?  And also look at the numbers that are listed.

And yes, everyone I know in this age group had the same numbers that we have.  What was deposited in our checking accounts went DOWN for the 2 years in question.

Both of you have my pity.

Post the statements or find something that refutes TG. I suspect we both can read well enough to understand them

[tallguy]

Nov 15, 2021 20:49:05 GMT -5 sesfw said:

The vast majority of people did not lose a thing because of the way the rules work

She is immune to facts

I know md is too young to have the 2009-2011 statements, and from what tg has said, so is he.
Do either of you know anyone that would have these statements that you could look at?  And also look at the numbers that are listed.

And yes, everyone I know in this age group had the same numbers that we have.  What was deposited in our checking accounts went DOWN for the 2 years in question.

Both of you have my pity.

I posted this chart the last time.  Apparently I have to do it again.  The chart shows what the base amounts were each year.  Pay particular attention to footnote w for Table 2.C1  which states:

w. Most Part B enrollees are protected by a "hold-harmless" provision prohibiting Part B premium increases that exceed the dollar amount of an individual's Social Security cost-of-living adjustment (COLA). Because the 2010 COLA equaled 0 percent, about 73 percent of Part B enrollees continued to pay the 2009 premium amount in 2010.

This is exactly what I have stated multiple times.  A large majority of Medicare enrollees paid the same monthly premium because of the hold-harmless provision.  Not everybody of course, because otherwise it would be 100% instead of 73%.  The hold-harmless provision does not protect higher-income enrollees who were subject to IRMAA surcharges.  Part D is voluntary, and the provision does not apply there.  As shown in the table, the Part D premium increased by only $1.58 per month in 2010 and $0.40 per month in 2011, before dropping by $1.26 per month in 2012.  I find it difficult to believe that is the amount over which you are so vehemently complaining.  

So AGAIN (for what may be the fourth time I've asked), were you subject to IRMAA surcharges in 2010?  It is a simple question.  If so, then you probably did receive a smaller benefit check than the year previous, but there is NO WAY that was true for most people.  Stop claiming it was.

And for the record, I feel quite safe in saying that neither of us need your pity.  What we would really appreciate, however, would be for you to demonstrate some degree of reading comprehension.