Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
"Your New Benefit Amount" SSA says
Old 12-14-2016, 03:32 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 6,282
"Your New Benefit Amount" SSA says

No doubt I am not the only one here that just received the annual SSA notice indicating that I was getting a 0.3% increase in 2017. But alas, my Medicare deduction was increased by the exact amount of my raise.

Seems like my "new benefit" is the same as my old benefit. Just as I expected.
__________________

__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-14-2016, 04:18 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,266
Not really sure what to do with my $4.00 a month windfall... Oh, wait. The price of Signature Kitchens whole wheat bread at Safeway just went up by $0.50 (was $1.99, now 2.49, a 25 percent increase).
__________________

Another Reader is offline   Reply With Quote
Old 12-14-2016, 08:27 PM   #3
Thinks s/he gets paid by the post
Rustward's Avatar
 
Join Date: Apr 2006
Posts: 1,673
This is an oversimplification (there are exceptions) but in general if you have your medicare premiums withheld from your Social Security benefit, any increase in medicare part B premium is limited to the amount of the Social Security COLA.

For more details you can google 'social security hold harmless provision'
Rustward is offline   Reply With Quote
Old 12-14-2016, 10:39 PM   #4
Thinks s/he gets paid by the post
GravitySucks's Avatar
 
Join Date: Feb 2014
Location: Syracuse
Posts: 2,347
OP Meet the new boss
same as the old Boss.
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
GravitySucks is online now   Reply With Quote
Old 12-14-2016, 10:48 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,207
Quote:
Originally Posted by Rustward View Post
This is an oversimplification (there are exceptions) but in general if you have your medicare premiums withheld from your Social Security benefit, any increase in medicare part B premium is limited to the amount of the Social Security COLA.

For more details you can google 'social security hold harmless provision'
Unless you are on the IRMAA (high income adjustment of the premium) where it goes up the full amount, and both the base premium and the income related adjustment go up.
meierlde is offline   Reply With Quote
Old 12-15-2016, 06:39 AM   #6
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 4,385
They sent one to DH. Except that DH died on November 15, which they should have in their database since every funeral director supplies this info to the SS Death Register. I've filed for Survivor benefits. Maybe I'll get both? ;-)
athena53 is offline   Reply With Quote
Old 12-15-2016, 10:09 AM   #7
Recycles dryer sheets
 
Join Date: May 2013
Location: Toronto
Posts: 218
Quote:
Originally Posted by Another Reader View Post
Not really sure what to do with my $4.00 a month windfall... Oh, wait. The price of Signature Kitchens whole wheat bread at Safeway just went up by $0.50 (was $1.99, now 2.49, a 25 percent increase).
So you can buy 8 loaves a month! Luxury!
Spudd is offline   Reply With Quote
Old 12-15-2016, 10:56 AM   #8
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 17,631
Last year I had to pay the full Medicare increase as I wasn't taking SS yet so now I pay about $25 more than DH, who was already receiving SS and thus protected from MC increases that would decrease his SS. Now that I am taking SS, I might get that full $4 month while he will have to give his up toward the MC increase--at least that's how I understood it. I'll split it with him.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 12-15-2016, 10:57 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,266
No. I could have bought two loaves, but now I can only buy one. I have to come up with another dollar to buy that second loaf now. Or maybe I should trade down to generic Wonderbread, which went up to $1.99.
Another Reader is offline   Reply With Quote
Old 12-15-2016, 10:58 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Jan 2013
Posts: 2,266
Quote:
Originally Posted by Bestwifeever View Post
Last year I had to pay the full Medicare increase as I wasn't taking SS yet so now I pay about $25 more than DH, who was already receiving SS and thus protected from MC increases that would decrease his SS. Now that I am taking SS, I might get that full $4 month while he will have to give his up toward the MC increase--at least that's how I understood it. I'll split it with him.
Toast and sandwiches in your house!
Another Reader is offline   Reply With Quote
Old 12-15-2016, 01:11 PM   #11
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 17,631
Quote:
Originally Posted by Another Reader View Post
Toast and sandwiches in your house!
It will be a pretty exciting day in the BWE house!
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 12-15-2016, 01:48 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 1,249
I understand the "hold harmless" thing. What I'd like to understand is if, in following years, the COLA increases faster than the Medicare part B premium, then do they continue to increase your premium until you make up for their lost increases? Or does it reset every year?
CRLLS is offline   Reply With Quote
Old 12-15-2016, 02:28 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 15,311
Quote:
Originally Posted by athena53 View Post
They sent one to DH. Except that DH died on November 15, which they should have in their database since every funeral director supplies this info to the SS Death Register. I've filed for Survivor benefits. Maybe I'll get both? ;-)

I am sorry for your loss.... but I doubt that the SS admin can move that fast to not send out a benefit letter... (or whatever they did send)....
Texas Proud is offline   Reply With Quote
Old 12-15-2016, 02:29 PM   #14
Full time employment: Posting here.
 
Join Date: Jan 2014
Posts: 945
Quote:
Originally Posted by CRLLS View Post
I understand the "hold harmless" thing. What I'd like to understand is if, in following years, the COLA increases faster than the Medicare part B premium, then do they continue to increase your premium until you make up for their lost increases? Or does it reset every year?
If I am understanding your question correctly, there is no carry over to future years. In 2010, the premium was $96.40 for those having it deducted from SS while the standard premium was $110.50. For 2011, those having the premium deducted from SS continued to pay $96.40 while the standard premium for 2011 rose to $115.40. For 2012, there was a 3.6% SS COLA which allowed Part B premiums to be recalculated and everyone not subject to IRMAA paid $99.90.

Quote:
Originally Posted by Bestwifeever View Post
Now that I am taking SS, I might get that full $4 month while he will have to give his up toward the MC increase--at least that's how I understood it.
If the Part B premium is withheld from SS and you are not subject to IRMAA, the premium increase will offset the SS COLA.

Quote:
For 2017, the COLA will be 0.3 percent. Instead of seeing their Social Security benefits rise by this amount, most people who are held harmless will instead see that increase applied to higher Part B premiums.

The average amount of that increase will raise Part B premiums by an average of about 4 percent, from $104.90 to about $109.00 a month. Exact increases will be tied to a person’s actual Social Security benefits, so Part B premiums will be larger than $109 for high-income beneficiaries and lower for those with below-average benefits.

For people who had to pay $121.80 a month this year but are now held harmless for 2017, their premiums will also rise by an average of about 4 percent. Again, specific changes will be tied to their actual Social Security payments.

For people who are not held harmless in 2017, the standard monthly Part B premium will rise from $121.80 to $134.00.

Reference: Get What's Yours
Quote:
I turned 65 in September and applied for SS and Medicare. I started receiving SS last month and I do have the Medicare payment deducted from the SS payment.

I just got a letter from SS today saying my rate is increasing from $121.80 to $127.00. Interestingly, what that means for me is, my SS check will be exactly the same for 2017 as it is now.

Reference: City-Data Forum - View Single Post - Medicare Changes
MBSC is offline   Reply With Quote
Old 12-16-2016, 12:07 PM   #15
Full time employment: Posting here.
 
Join Date: Nov 2009
Posts: 561
Quote:
Originally Posted by mickeyd View Post
No doubt I am not the only one here that just received the annual SSA notice indicating that I was getting a 0.3% increase in 2017. But alas, my Medicare deduction was increased by the exact amount of my raise.

Seems like my "new benefit" is the same as my old benefit. Just as I expected.
Yep - same here.

The government giveth and the government taketh away...
fritz is offline   Reply With Quote
Old 12-16-2016, 12:12 PM   #16
Recycles dryer sheets
 
Join Date: May 2013
Location: Toronto
Posts: 218
Quote:
Originally Posted by Another Reader View Post
No. I could have bought two loaves, but now I can only buy one. I have to come up with another dollar to buy that second loaf now. Or maybe I should trade down to generic Wonderbread, which went up to $1.99.
Not that it's important, because it was just a joke, but I meant that if you were already buying 8 loaves, your $4 extra would pay for the difference in the price vs before.

I'd rather cut down on my bread intake than eat Wonder Bread!
Spudd is offline   Reply With Quote
Old 12-16-2016, 12:21 PM   #17
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 4,385
Quote:
Originally Posted by mickeyd View Post
No doubt I am not the only one here that just received the annual SSA notice indicating that I was getting a 0.3% increase in 2017. But alas, my Medicare deduction was increased by the exact amount of my raise.

Seems like my "new benefit" is the same as my old benefit. Just as I expected.
I look at it another way. Part of your Medicare B premium increase was forgiven because hitting you with the full increase would have meant a decrease in your net monthly payment. So, you're getting coverage that's worth more this year but not getting charged with the full extra cost.

I'm not due to start Medicare for another year but if my investment income keeps chugging along the way it has, and given my change to Single Filing Status for 2017 and subsequent, I'm going to be paying IRMAA, so I won't be so fortunate.
__________________

athena53 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pension Benefit Guaranty Corporation Max Benefit ? Delawaredave5 FIRE and Money 23 12-17-2015 09:12 AM
SSA Benefit Calc OBXretire FIRE and Money 1 11-01-2014 04:33 PM
Do You Include the amount of your Nest Egg in your estimated four % rate of return? nico08 FIRE and Money 22 07-07-2013 05:20 PM
Is ss Survivor Benefit a Lifetime Benefit? Idnar7 FIRE and Money 2 01-24-2013 07:24 AM
FIRECalc says 95% ... Forum says??? USK Coastie FIRE and Money 16 02-11-2007 04:52 PM

» Quick Links

 
All times are GMT -6. The time now is 05:58 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×