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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13568
Experience:  22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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I know that Social Security was not supposed to increase.

Customer Question

I know that Social Security was not supposed to increase. But I just received my bank statement and my electronic deposit went DOWN $146. Why didn't I receive a warning or explanation in the mail? Why did this happen?
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.

Do you have Medicare?

If so, when did you start?

Customer: replied 1 year ago.
2012, I think.
Expert:  Stephanie O Joy, Esq replied 1 year ago.

What was your income (ball park is fine), in 2014?

Customer: replied 1 year ago.
I made a mistake. I started collecting in 2009.155,476.
Expert:  Stephanie O Joy, Esq replied 1 year ago.

No worries on the date, since it was not this year.

OK, did you make substantially more income in 2014 than 2013, and if so, why/how?

Customer: replied 1 year ago.
I took money from my savings and investments to pay for new clothes and Medifast--Doctor ordered to lose 100 pounds. I dropped 4 sizes which cost me lots of money, not only for smaller clothes but for Medifast food. I also needed a new car with monthly payments of $696.45 which I again paid with investment money.
Expert:  Stephanie O Joy, Esq replied 1 year ago.

OK, it sounds like you took a substantial amount from something like a 401k that previously was not taxed income when earned, but became taxed once you withdrew, is that correct?

Customer: replied 1 year ago.
Expert:  Stephanie O Joy, Esq replied 1 year ago.

What was your ball park income in 2013?

Customer: replied 1 year ago.
I feel like you are asking me to dig for gold! I finally found it. Sorry it took so long.74,344
Expert:  Stephanie O Joy, Esq replied 1 year ago.

Ah, thanks for your patience! Just got a call from the school to pick up my sick daughter, yikes. But I am back now. OK, here is what it is, as I can see it:

Your 2016 Medicare premium has gone up, just for 2016, due to that higher income of 2014. There is a 2 year lag due to IRS reportings. In 2013, your income was less than $85k (single person) and so you had the standard Medicare charge (104.90). However, now that it is higher, you get bumped up and don't get as heavily a discounted insurance premium rate for Part B (and D if you opted for D). You should get a letter explaining this and explaining how and when one may successfully ask for a redetermination, usually on the basis of a Medicare defined "life changing event." But the somewhat brighter side is that regardless, this increase is only for 1 year. For 2017 they will use your 2015 income which will presumably be lower again.

Congratulations on the weight loss! I hope you are feeling great in that regard.

Expert:  Stephanie O Joy, Esq replied 1 year ago.

You can read more on IRMAA here.

I hope this helps! My goal is toprovide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, Iam happy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

Your online SS legal resource!

Expert:  Stephanie O Joy, Esq replied 1 year ago.

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