Medicare Part B Premiums will Eat Our COLA SS Increase

[MelissaKay]

I just read that retirees who are paying a smaller Part B premium will not see their COLA increase on their Social Security check that was announced for 2018.

Apparently, if your premium is automatically deducted from your check, the 2.2% COLA increase will pay the difference between the discounted premium and standard premium amount of $134.

Anyone else a little upset that the first decent COLA increase will get eaten up by our Part B premium?

https://www.medicarefaq.com/faqs/medicare-part-b-premiums-for-2018/

 

[audreyh1]

That's right. You paid lower Medicare premiums for a year or two because you were held harmless, while new enrollees and higher income recipients paid the higher rate. Now you'll be catching up with them.

 

[braumeister]

Yes, no reason to be upset, it's just settling back to where it should be. BTW, it's 2% not 2.2%.

 

[W2R]

Personally I have been paying $187.50/month for Medicare Part B this year, because my 2015 income was just over the line. This was because I goofed when juggling things around to buy my Dream Home in cash on a moment's notice back in 2015. Oops! Once again, a solid demonstration of the fact that I am nowhere near perfect and when I get excited about something, I am likely to mess up.

So, this year, not only will be Part B apparently go down from $187.50 to $134, but ALSO I will be getting a 2% raise in SS.

I know that not everyone is in this situation, but me? I am not one bit upset about the COLA increase and the change in my Medicare Part B payments.

 

[Chuckanut]

As a new Medicare person who did not collect SS benefits, I have been paying the higher premiums while you haven't. You got a break I didn't. My recommendation is to say nothing lest the powers-that-be realize how unfair it is and eliminate the hold-harmless provision.

Like my old grand pappy used to say "When you've got a good thing going, Shut Up!"

 

[audreyh1]

Did you notice the big change in the upper income thresholds for 2018?

For married folks with incomes below $214K and single filers under $107K, there is not change.

 

[marko]

Anyone else a little upset that the first decent COLA increase will get eaten up by our Part B premium?

AFAIK, that's how it's supposed to work.

Regardless, can't get too excited about a 2.2% increase in pay.

 

[mickeyd]

It is what it is.

 

[travelover]

When you were working, your employer's medical insurance premium increases have been eating any raises you might have gotten. So, nothing really new.