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I am in the process of refinancing my mortgage. I am 76 and…

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I am in the process...
I am in the process of refinancing my mortgage. I am 76 and receive a SS check each month. How much, percentage is kept back from the check for Medicare and perhaps other things.
Amount per month or yearly amount will help.
Submitted: 3 years ago.Category: Social Security
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Answered in 1 hour by:
6/17/2015
Social Security Expert: Jonathan Tierney, Certified Public Accountant replied 3 years ago
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant
Category: Social Security
Satisfied Customers: 323
Experience: Tax Accountant at Praxair, Inc.
Verified
Hi, my name is ***** ***** my goal here is to give you an answer that is complete and accurate that you can understand.
There is no set specific amount for Medicare premiums for all beneficiaries. The premiums are actually set based on previous years' income reported on his or her income tax return. Therefore, the percentage of Medicare premiums to Social Security benefits is different for different people, based on their income, and which parts of Medicare they are enrolled in.
You follow this link http://www.ssa.gov/ to the Social Security Administration's website to create an online account with the SSA and this website will have all the information about how your benefits are calculated as well as how the Medicare premiums are calculated.
Let me know if I can be of any further help.
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Jonathan Tierney, Certified Public Accountant
Category: Social Security
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