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Part B insurance pymt...direct vs Soc Sec adj ?
06-14-2018, 07:29 PM
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#1
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Recycles dryer sheets
Join Date: Oct 2015
Posts: 198
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Part B insurance pymt...direct vs Soc Sec adj ?
I have been paying my Part B insurance premium quarterly by check directly to Medicare/Soc Security. I have since elected to start taking Social Security effective this month (June). I will receive my first payment mid-July. They sent me the calculation for my benefit. It is the amount due me, LESS my Part B insurance.
Since my insurance is actually paid thru the end of August, at what point will they adjust for the "overwithheld" Part B deductions for these 3 months?
Guess I could call one of their offices or stop in and ask. Just thought someone here might have experience with this. Thanks.
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06-14-2018, 10:37 PM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,467
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Quote:
Originally Posted by Momcpa
I have been paying my Part B insurance premium quarterly by check directly to Medicare/Soc Security. I have since elected to start taking Social Security effective this month (June). I will receive my first payment mid-July. They sent me the calculation for my benefit. It is the amount due me, LESS my Part B insurance.
Since my insurance is actually paid thru the end of August, at what point will they adjust for the "overwithheld" Part B deductions for these 3 months?
Guess I could call one of their offices or stop in and ask. Just thought someone here might have experience with this. Thanks.
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For me, it all got straightened out in the third month of SS payments, which began when I turned 66. I paid Part B by check every month. I paid it as usual the first month because I did not know what to do - - so they then refunded me by sending a refund later on.
I just found the amounts and dates:
First month's deposit on 7/11/2014, the exact Social Security amount minus Medicare, and then less fifty cents for some reason. After seeing this, I didn't send in any more checks for Medicare because I could see that they were taking it out of SS as planned.
Second month's deposit on 8/13/2014, the exact Social Security amount minus Medicare.
Third month I got two deposits. One was the same amount as the second month, and this was deposited on 9/10/2014. The second was on 9/11/2014, and this one was for the exact amount of one month of Medicare (the first month, which I had paid twice since I paid by check).
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06-14-2018, 10:47 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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Oh - gosh! Hadn't even thought about that transition! But anyone taking Medicare before SS will have to deal with it.
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Retired since summer 1999.
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06-15-2018, 04:09 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Jun 2013
Posts: 2,518
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I had a similar experience to W2R....had been paying quarterly...turned 66 and started SS under spousal which accounted for Medicare B....received an extra deposit to reimburse for prepaid Medicare B soon after.
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06-15-2018, 09:42 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,134
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IIRC, a few months after I started SS, I got an extra deposit made to my checking account that refunded me the money I had overpaid with my last check for Medicare.
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The worst decisions are usually made in times of anger and impatience.
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09-10-2018, 08:54 PM
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#6
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Recycles dryer sheets
Join Date: Oct 2015
Posts: 198
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Answering my own question that I posted a few months ago.........I have received two months of Soc Security direct deposit. This will be my third month. Today I received an actual paper check to reimburse me for 2 months of over-payment of my part B insurance. So when I receive my Soc Sec direct deposit this month, less the Pt B premium, I will be "even" for the premium payments for the insurance.
Just thought I'd add this update to the initial post for anyone wondering how this all works out.
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09-10-2018, 09:02 PM
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#7
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,467
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Quote:
Originally Posted by Momcpa
Answering my own question that I posted a few months ago.........I have received two months of Soc Security direct deposit. This will be my third month. Today I received an actual paper check to reimburse me for 2 months of over-payment of my part B insurance. So when I receive my Soc Sec direct deposit this month, less the Pt B premium, I will be "even" for the premium payments for the insurance.
Just thought I'd add this update to the initial post for anyone wondering how this all works out.
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So glad to hear what happened, and that it all worked out for you.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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09-13-2018, 10:53 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,599
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Quote:
Originally Posted by audreyh1
Oh - gosh! Hadn't even thought about that transition! But anyone taking Medicare before SS will have to deal with it.
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True, but they make it easy. If you apply for Medicare before SS you set up the payment option at that time. When you apply for Social Security they take care of refunding any excess premiums. No one to call, no follow up needed - unless you want to.
- Rita
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Only got A dimple, would have preferred 2!
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09-13-2018, 02:09 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by Gotadimple
True, but they make it easy. If you apply for Medicare before SS you set up the payment option at that time. When you apply for Social Security they take care of refunding any excess premiums. No one to call, no follow up needed - unless you want to.
- Rita
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Exactly what happened for me - a refund showed up in my bank account to square the transition.
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09-14-2018, 10:15 AM
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#10
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Recycles dryer sheets
Join Date: Aug 2006
Posts: 478
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I actually received the premium rebate before the first SS payment. But they withheld federal tax from the rebate because I opted to have withholding from the regular payments. Took a while to figure that out....
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I still don't get it...
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09-14-2018, 11:47 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 37,931
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Quote:
Originally Posted by Gotadimple
True, but they make it easy. If you apply for Medicare before SS you set up the payment option at that time. When you apply for Social Security they take care of refunding any excess premiums. No one to call, no follow up needed - unless you want to.
- Rita
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Good to know. Works for me!!
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Retired since summer 1999.
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