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My Social Security increase

pedro47

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With the increase in Social Security, and Medicare I will now net about $100/month less. Oh yes, the premium for my Medicare Supplement plan is going up as well. Welcome to 2021.
I'm sorry to hear this.
 

pittle

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Wow! That made me check ours. The Medicare went up $3.60 each on ours. Our medical insurance was only about $6 higher. So we will have about $16 each more to spend each month. At least we are not negative.
 

Talent312

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We made out pretty well with our Medigap policies...
United HealthCare/AARP said no change. Blue Cross will go up about $35.
But our SS - COLA's (1.3%) will cover it.

BTW, Medicare Part B woulda gone up more than $4.00, but Congress imposed a cap.
.
 
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DaveNV

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How do you calculate this? I have SSA, Medicare Part A, and Medicare Part B. I see the 1.3% increase in Social Security and Medicare Part B for 2021. When I do the math, I'm still on the positive side. Am I missing something?

Dave
 

Luanne

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How do you calculate this? I have SSA, Medicare Part A, and Medicare Part B. I see the 1.3% increase in Social Security and Medicare Part B for 2021. When I do the math, I'm still on the positive side. Am I missing something?

Dave
I got a letter from Social Security that showed me the increase for Social Security, and also the increase for Medicare. I got in online, but if you're not signed up for paperless you will probably receive a letter in the mail at some point. It looks like the Medicare premium increased due to our income. It went from roughly $235 to a little over $300.
 

clifffaith

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I haven't seen a letter yet for Cliff. I got one, but because I am just starting a Medicare supplement plan in December, whatever my SS income and outlay for Medicare amounts to I am ahead of the game next year for no longer having an $850/month private insurance bill.
 

mbh

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Your Medicare premium is based on your income from 2 years ago. If your 2019 return had a higher level of income, you will pay higher premiums through 2021.
 

Breezy52

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I just looked at my SS page and no information about COLA or Medicare increase available yet. Medicare supplement increase for myself and husband $70+ per month.
 

DaveNV

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I just looked at my SS page and no information about COLA or Medicare increase available yet. Medicare supplement increase for myself and husband $70+ per month.
SSA has a COLA increase of 1.3%. The Medicare premium is also going up 1.3%.

Dave
 
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Luanne

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I just looked at my SS page and no information about COLA or Medicare increase available yet. Medicare supplement increase for myself and husband $70+ per month.
My information wasn't on the main page. It was in a separate message. Check the website again and see if you have anything in messages. You may need to be set up for paperless to get this.
 

Luanne

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SSA has a COLA increase of 1.3%. The Medicare Part B premium is also going up 1.3%.

Dave
Where did you see that the Medicare Part B is going up 1.3%. I'm not seeing that in the information from Social Security. My math skills are bad these days. I'm trying to figure out what percentage an increase from $202.40 to $297 would be. And since it says the increase is based on my income, wouldn't that make a difference in the percentage increase as well?
 

Breezy52

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Good idea Luanne, I just checked both mine & husband's, neither of us have the new notification yet. And we are both paperless. We both have the last years so I would think it would show up soon.
 

DaveNV

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Where did you see that the Medicare Part B is going up 1.3%. I'm not seeing that in the information from Social Security. My math skills are bad these days. I'm trying to figure out what percentage an increase from $202.40 to $297 would be. And since it says the increase is based on my income, wouldn't that make a difference in the percentage increase as well?
I corrected my comment. It was Medicare going up by 1.3%. But I think Part B is too. This page may give more specifics: https://www.cms.gov/newsroom/fact-sheets/2021-medicare-parts-b-premiums-and-deductibles

Dave
 

BingoBangoBongo

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Where did you see that the Medicare Part B is going up 1.3%. I'm not seeing that in the information from Social Security. My math skills are bad these days. I'm trying to figure out what percentage an increase from $202.40 to $297 would be. And since it says the increase is based on my income, wouldn't that make a difference in the percentage increase as well?

It’s roughly a 50% premium increase in your premium. If you look at the info in this link and the link DaveNV posted you can see what drives the change and what the changes are. Your income could go up $1 and you could get pushed into the higher premium bands. There is no direct % relationship in the increase/decrease in your income to the % increase in your premium.
 

Luanne

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It’s roughly a 50% premium increase in your premium. If you look at the info in this link and the link DaveNV posted you can see what drives the change and what the changes are. Your income could go up $1 and you could get pushed into the higher premium bands. There is no direct % relationship in the increase/decrease in your income to the % increase in your premium.
It was the income that did it. We are something like $400 over the bottom of the range that pushes us into the next higher premium. Dh thinks we should appeal. I don't think anyone will care.
 
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Can you appeal? Yes. Will you win? Probably not, unless you can prove it was a one-time increase in income. Social Security calls it an IRMAA, or Income-Related Monthly Adjustment Amount. I posted in my Medicare Advantage post about Medicare raising the Part-B premium to $148. Because Medicare got slammed hard with Coronavirus ICU hospitalizations, they were going to raise the premiums past $160/month, but Congress' "cap" just allowed those few dollars.

Still, we are still in the MAPD/Annual Enrollment Period until December 7th. If you need to, you can switch to a lower-cost MAPD plan. If you're healthy, your area MAY have a Part-B "rebate" plan where the HMO will pay part (usually $75-$100/month) of your Part-B premiums! I say "healthy", because to give everyone money back, the copays are higher than on an HMO. Or maybe a PPO, where you choose your doctors, copays are slightly higher than HMOs, but they save a lot of money (only pay the Part-B, no Part-D or MAPD premiums).

TS
 

WinniWoman

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Part B is going up from like $144 per month to $148.
 

controller1

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It was the income that did it. We are something like $400 over the bottom of the range that pushes us into the next higher premium. Dh thinks we should appeal. I don't think anyone will care.
Is that income on a monthly basis or annual basis??
 
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I forgot to add (yes it is on my Medicare link), if you signed up for a MAPD this year, you can change it if you find a cheaper plan, the only MAPD plan that matters is the one that is on your account at 11:59:59pm in your time zone on December 7th. If your IRMAA and/or current plan makes things a little too expensive, change it! An agent can help you find a less-expensive plan.

TS
 

Luanne

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Can you appeal? Yes. Will you win? Probably not, unless you can prove it was a one-time increase in income. Social Security calls it an IRMAA, or Income-Related Monthly Adjustment Amount. I posted in my Medicare Advantage post about Medicare raising the Part-B premium to $148. Because Medicare got slammed hard with Coronavirus ICU hospitalizations, they were going to raise the premiums past $160/month, but Congress' "cap" just allowed those few dollars.

Still, we are still in the MAPD/Annual Enrollment Period until December 7th. If you need to, you can switch to a lower-cost MAPD plan. If you're healthy, your area MAY have a Part-B "rebate" plan where the HMO will pay part (usually $75-$100/month) of your Part-B premiums! I say "healthy", because to give everyone money back, the copays are higher than on an HMO. Or maybe a PPO, where you choose your doctors, copays are slightly higher than HMOs, but they save a lot of money (only pay the Part-B, no Part-D or MAPD premiums).

TS
It most likely is a one time increase.

I'm assuming MAPD is a Medicare Advantage plan? If so we have no interest in that. Both dh and I were able to find less expensive supplement plans through an agent, but both of us would have been denied due to medical conditions. As our agent said, we're covered, we have coverage through a good company and we can't be thrown off the plan we're on. Our agent is not a fan of the Medicare Advantage Plan and said his company doesn't even offer them.
 

beejaybeeohio

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IDK about the cost increase for Medicare yet. Took me awhile to qualify for Social Security since I spent the majority of my career in the public school retirement system, but finally got in my 40 quarters a couple years ago so my Medicare premiums are now covered with a little extra in my pocket each month in addition.

This is the good news email I received earlier this month:
One-Time Health Care Premium Rebate Approved​
Plan year 2020 health care utilization has been less than projected — largely due to COVID-19 — with additional savings expected through the end of the plan year. The State Teachers Retirement Board approved a premium rebate of $250 for each enrollee covered by an STRS Ohio medical plan in October 2020, to be paid in the December pension payment.​
 

Rolltydr

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With the increase in Social Security, and Medicare I will now net about $100/month less. Oh yes, the premium for my Medicare Supplement plan is going up as well. Welcome to 2021.
It was the income that did it. We are something like $400 over the bottom of the range that pushes us into the next higher premium. Dh thinks we should appeal. I don't think anyone will care.
We’re in exactly the same situation. We are $365 over and our premium will be an additional $59.40. It’s not a huge deal for us as we can get reimbursed $800 of Medicare premium by our secondary insurer. That will cover the additional amount for next year.
 
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