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Medicare Part B increase
Old 12-18-2009, 04:52 PM   #1
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Medicare Part B increase

I'm new to Medicare as of November and was interested to read this part of an email that I received from MOAA. I guess I'm lucky to already be enrolled.
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Under current law, people turning age 65 in 2010 and those with incomes above $85,000 ($170,000 for a married couple) will face steep Part B premium increases (scroll to the middle of the page) as of Jan. 1. Other Medicare-eligibles are protected by a law that bars Part B premium hikes in years when there's no Social Security COLA. But there's no such protection for the 25% of beneficiaries who will first become eligible for Medicare next year or who have higher incomes. And those groups will get hit with extra premiums to help make up for the fact that the other 75% won’t be paying more.
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Old 12-18-2009, 06:42 PM   #2
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Originally Posted by mickeyd View Post
I'm new to Medicare as of November and was interested to read this part of an email that I received from MOAA. I guess I'm lucky to already be enrolled.
What I key on in the above is that according to them anyway, the 2010 class of new enrollees will increase the Medicare rolls 25%! Either there is a hell of a deathrate among Medicare recipients, or we are in deep ---- demographically, or they don't have their facts straight.

Ha
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Old 12-18-2009, 06:49 PM   #3
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Ha, as I read it the statement includes both new folks and those already enrolled with high incomes. I agree that a 25% increase in new enrollees would be hard to believe.
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Old 12-18-2009, 07:00 PM   #4
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I see. You are right, Wahoo. That is reassuring!

Ha
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Old 12-18-2009, 07:10 PM   #5
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My wife starts in January her premium is 110.5 due to the increase this year for new medicare people, others who have been in medicare pay the old rate of 96.5. Millions and millions will enter the system in the next 3 years.
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Old 12-18-2009, 07:54 PM   #6
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I just hope that by living simply, being debt-free and saving a lot in taxable and Roth vehicles, we can keep flying under the radar for a couple more decades with lower retirement incomes so the trend toward increased means testing won't hit people with assets but not much taxable income.
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Old 12-19-2009, 02:08 PM   #7
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My wife starts in January her premium is 110.5 due to the increase this year for new medicare people, others who have been in medicare pay the old rate of 96.5. Millions and millions will enter the system in the next 3 years.
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That's about a 15% increase, if my math is working today. Seems like a hefty increase over what I am being charged.
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Old 12-19-2009, 03:00 PM   #8
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That's about a 15% increase, if my math is working today. Seems like a hefty increase over what I am being charged.
And a super discount to what a healthy 39 year old can obtain in the private market . . . wow! No wonder the plan is going broke.
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Old 12-19-2009, 03:08 PM   #9
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And a super discount to what a healthy 39 year old can obtain in the private market . . . wow! No wonder the plan is going broke.
You forget- Medicare recipients have been paying into the system their entire working lives.

I believe that the standard premium would be $110 or so today, were it not for the law that says net SS checks after Medicare cannot decrease year over year (at the base Medicare rate for non fat-cats.)

That rate is supposed to cover 1/4 of the true costs- so todays true cost is about $440-$450/month per participant. Higher income taxpayers approach and I believe will soon reach this exact rate.

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Old 12-19-2009, 03:25 PM   #10
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I believe that the standard premium would be $110 or so today, were it not for the law that says net SS checks after Medicare cannot decrease year over year (at the base Medicare rate for non fat-cats.)

H
I recently received my Medicare part B bill that had an enclosure that begins as follows:

"Starting January 1, 2010, the Medicare Part B (Medical Insurance) standard premium amount will be $110.50 a month."

The enclosure also listed the rates for various combinations of not enough work credits and/or late enrollment. The highest premium was $507.10. (I'm too lazy to type in the entire list).

For some reason or the other, my medigap premium dropped by about $10/month, so this will partially offset the increase in my Medicare Part B.
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Old 12-19-2009, 03:31 PM   #11
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For some reason or the other, my medigap premium dropped by about $10/month, so this will partially offset the increase in my Medicare Part B.
Check your office visit deductable. My disabled son, who is on Medicare (and a plan C medigap policy) had his monthly preimum reduced, but his office visits went from $15 to $30 co-payl

They are changing the progam to charge those that actually use services, IMHO.
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Old 12-19-2009, 06:36 PM   #12
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In addition to the standard medicare wife will pay 80 month for Aetna medicare advantage plan, with 25 copay for normal office visits. Also incudes drugs, but she is not ill yet so a bargain. If using a medigap/supplement it would be about 200 a month but with no copay. I went with the advantage plan since she is healty so far.
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