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My monthly SS income went down for next year because of the…

Customer Question
My monthly SS income...

My monthly SS income went down for next year because of the Medicare parts B and D. I also have the Empire Plan and don't think I need B and D. I did not have them last year.

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.

Also my income is down from last year.

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

Not that i can think of

Submitted: 4 months ago.Category: Social Security
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Answered in 3 hours by:
11/27/2017
Social Security Expert: James Daloisio, Tax Attorney replied 4 months ago
James Daloisio
James Daloisio, Tax Attorney
Category: Social Security
Satisfied Customers: 332
Experience: 24 years of continuing education and experience.
Verified

Hi, my name is ***** ***** welcome to Just Answer.

It looks like your question is whether it's necessary for you to continue with your MediCare parts B and D coverage. You don't mention whether you are still employed, and whether your Empire Plan is an employer plan for yourself, your spouse, or privately purchased. So here are the general guidelines:

You should check with your Empire plan administrator to determine whether your Empire coverage will fill in the gaps in your Part D coverage; some plans work with MediCare, some don't. It usually comes down to how much you have to spend each month for prescription drugs.

The other consideration is whether you really feel comfortable without your Part B coverage. Unlike an ongoing need for prescription drugs, the need for medical insurance coverage can lie dormant for an extended period and then suddenly become an enormous financial burden. With Part B, you'll have to check with your Empire plan administrator to find out whether Empire would be your primary or secondary insurer. This is actually an important distinction. You're seeking a situation where your two insurers will cover most, if not all, of your medical procedures. What you're really paying for is the peace of mind that goes with being fully insured. For 2018, the Part B premium is $134.00 per month unless you're a high income earner. That's a pretty good price for the kind of peace of mind that you're buying.

On the other side of the coin is whether that $134.00 can be put to some better use. Only you know enough about your financial condition to make that decision. And as long as you signed up for Parts B and D when you were first eligible, you avoided the penalty for late enrollment. (Note that under certain circumstances, such as being employed with employer sponsored medical coverage, there are special enrollment periods for MediCare that waive the late enrollment penalties.)

That's the general info regarding your comments. If you would like something more specific please just follow up here and I'll provide all the information that I can.

And thank you for using Just Answer.

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James Daloisio
James Daloisio
James Daloisio, Tax Attorney
Category: Social Security
Satisfied Customers: 332
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Experience: 24 years of continuing education and experience.

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