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I am in receipt of Form SSA-4926-SM (2018) and I believe the…

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I am in receipt...

I am in receipt of Form SSA-4926-SM (2018) and I believe the amount of $134.00 shown for my Medicare medical insurance is incorrect. The amount being withheld monthly for the current year (2017) is $104.90. The amount $134.00 is an increase of over 27%. The new amount for 2018 should be $109.00 not $134.00 as shown. I went to the Social Security office in Olive Branch, and did not receive an answer to my question.

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. Is there anything else important you think the Retirement Accountant should know?

I am in receipt of Form SSA-4926-SM (2018) and I believe the amount of $134.00 shown for my Medicare medical insurance is incorrect. The amount being withheld monthly for the current year (2017) is $104.90. The amount $134.00 is an increase of over 27%. The new amount for 2018 should be $109.00 not $134.00 as shown. I went to the Olive Branch Social Security office and did not receive an answer to my concern.

Submitted: 8 months ago.Category: Social Security
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Answered in 30 minutes by:
12/7/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
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.

...

- 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 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 8 months ago

I'm so sorry, but medicare premiums DID go up by for 2018

...

The standard Part B premium amount in 2017 is $134 (or higher depending on your income). However, most people who get Social Security benefits pay less than this amount. This is because the Part B premium increased more than the cost-of-living increase for 2017 Social Security benefits. If you pay your Part B premium through your monthly Social Security benefit, you’ll pay less ($109 on average). Social Security will tell you the exact amount you'll pay for Part B in 2017. You'll pay the standard premium amount (or higher) if:

  • You enroll in Part B for the first time in 2017.
  • You don't get Social Security benefits.
  • You're directly billed for your Part B premiums (meaning they aren't taken out of your Social Security benefits).
  • You have Medicare and Medicaid, and Medicaid pays your premiums. (Your state will pay the standard premium amount of $134.)
  • Your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount. If so, you’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.
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