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When might I expect the Medicare deduction part of my

When might I expect...

When might I expect the Medicare deduction part of my benefit check to be available?

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

My retirement check (from my employer) is partially calculated on reimbursement of different expenses. One of these expenses is the part B from my social security check,

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

No. I just need to provide my employer with the figures to be used for reimbursement, one of which is that figure, the amount that will be deducted for Medicare.

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Answered in 6 minutes by:
11/20/2017
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,674
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name's Lane. Here are the possible medicare part B amounts (depending on your income level)

...

Please note that SSA doesn't get your tax return figures until after October (extention for tax returns) so the income number they use is essentially two years old.

...

Medicare Part B premiums based on income (as reported on your tax return 2 years ago)

Individual Tax Return .....................................Joint Tax Return

$85,000 or less .................................................$170,000 or less ............$134.00

$85,001 up to $107,000.......................................$170,001 up to $214,000$ ...... 187.50

$107,001 up to $160,000......................................$214,001 up to $320,000$ ........267.90

$160,001 up to $214,000......................................$320,001 up to $428,000$ ........348.30

Over $214,000. ....................................................Over $428,000$ .......................428.60

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Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

...

But again, if you need more on this, please let me know.

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, on three continents, since 1986

Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,674
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
Lane and 87 other Social Security Specialists are ready to help you
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Customer reply replied 8 months ago
When I call Social Security they give me a generic amount for a Cola but the message says that they haven't figured out the Medicare portion yet. The figures you provided are from this last year. From the recorded message, it seems as if there will be a change for this year. My question is when might I expect that new (or verified 'old') number?

This is is not so simple becasue of hold harmless provision and where you fall into that.

...

    About 42 percent of recipients will see their premium jump to $134 from $109.The standard Part B premium will remain unchanged at $134.About 70 percent of Medicare recipients pay less than that due to the "hold harmless" provision.
...For the 70 percent of Medicare Part B enrollees who currently pay a lower monthly premium due to a "hold harmless" legal provision, their monthly cost will rise by as much as $25 to $134, from the 2017 average of $109, according to information released Friday by the Centers for Medicare and Medicaid...The extra amount from the COLA will go toward paying the full $134 Part B premium....For about 28 percent of Part B enrollees, premiums will still be lower than that standard amount because the increase in their Social Security benefit will not be enough to cover the full Part B premium....
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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,674
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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