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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28903
Experience:  Taxes, Immigration, Labor Relations
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I am 65 and I have not worked in the USA. My social security

Customer Question

I am 65 and I have not worked in the USA. My social security entitlement is based on my husband's contributions. He is drawing his SS payments. I was planning to claim my benefits next year when I am 66. I now read that because the COLA for 2016 is likely to be zero, my Medicare Part B payments will increase 52%. I'm thinking that I should start claiming SS immediately in order to have 2 months paid this year and avoid the 52% increase.
If I do not do this, will my Part B costs remain permanently much higher than those who are not eligible for the increase? If so with it be by the amount equal to the 52% increase for next year?
Submitted: 1 year ago.
Category: Social Security
Customer: replied 1 year ago.
I'm considering the question "Because of the effects of the zero COLA for SS in 2015 on Medicare Part B payments next year, should I go ahead and claim my SS payments immediately to avoid the projected 52% increase?" To do this I need to understand if the increase would be a one year penalty for me, compared with those not eligible for the increase next year, or is a penalty, relative to them, for a longer period.
Expert:  lev-tax replied 1 year ago.

Regardless when you start benefits - the Medicare Part B payments will increase starting 2016.

Please be aware that 52% increase is still estimation - and the actual increase is not yet set.
But it will increase starting new year.
Premiums will increase for all participants and that is not a penalty - increase is because of the cost getting higher.