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L Coppo. I have a question on the amount, $134, deducted…

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My name is***** Accountant's...

My name is*****

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I have a question on the amount, $134, deducted formedicare medical insurance. According to AArp report I read it states "if you are on medicare and not getting social security then the premium is $134 however if you are getting social security then the premium is $109 why am I at $134 when I fall into the $109 category

Submitted: 6 months ago.Category: Social Security
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Answered in 9 minutes by:
12/8/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 6 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,448
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'm so sorry but, the standard Part B premium for 2017 is $134 per month. However, most people already on Medicare will pay less than this amount – around $109 – because of the hold harmless rule. The rule states that the Part B premium may not increase more than the Social Security cost-of-living increase in any given year.

...

SO if your regular benefit was high enough that the Hold harmless rule wasn't needed (to keep your net benefit from dropping. that could be what's going on here.

...

Also,

You will not be held harmless and will pay the standard Part B premium if any one of the following applies to you:

  • You enroll in Part B for the first time in 2017.
  • You don’t get Social Security benefits.
  • You’re billed directly for your Part B premiums.
  • You have Medicare and Medicaid, and Medicaid pays your premiums. Your state will pay the standard premium amount of $134.
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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 6 months ago

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.

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Customer reply replied 6 months ago
I still don"t understand the answer of harmless so i think I want to cancel the transaction as I feel I did not get the anwser or change.
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 6 months ago

Hold harmless is a provision of the Social Security law that says that increases in the Medicare part B premium, such as the one we had this year, cannot make your net benefit go down (in a year like this where the cost of a of a loaf of bread went up 2% but healthcare costs rose 30%)

...

If your benefit is large enough that the increase in premium did not cause that to happen, then you pay the regular standard premium.

...

I gave you an thorough and accurate answer. I would respectfully ***** ***** you rate me so that I am not working for free here.

...

(And I'd be GLAD to hang with you here if you still don't understand)

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