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Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
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Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I collect payments from Social Security. I am 87 years old.

Customer Question

I collect payments from Social Security. I am 87 years old. I still have a job and earn wages. Will the new law change my benefits less? Will medicare payments change?
Submitted: 1 year ago.
Category: Finance
Expert:  Stephen G. replied 1 year ago.

The new law should not affect your existing benefits.

If you are referring to your Medicare premiums, they may or may not increase depending both upon increases in health care inflation and increased hospital costs and your earnings if they were to increase substantially from what you are earning currently.

As I'm sure you know, Medicare Part A, which everyone who participates in Medicare is enrolled in, covers 80% of your hospital costs. The balance (20%) is covered by your Supplemental Medicare Insurance and those premiums are based upon the individual plans' determinations of premium increases.

Expert:  Stephen G. replied 1 year ago.

Just checking in...................

I see that you have had a chance to review my response, but I don't see any follow-up questions?

If you do not have any additional questions, I would appreciate it if you would take a minute to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.