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I am a recently retired 71 year old enrolled in medicare…

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I am a recently...

I am a recently retired 71 year old enrolled in medicare parts A&B and have $134.00 deducted each month from SS. In a recent AARP bulletin it states that that amount applies to someone not receiving SS and that someone enrolled in medicare parts A&B while receiving SS benefits should pay $109.00. Which is correct?

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?

Which is the correct amount deducted from my SS. $134.00 or$109.00?

Submitted: 7 months ago.Category: Social Security
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Answered in 26 minutes by:
12/13/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
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The issue here is related to so-called "hold harmless" legal provision which protects the majority of retirees from increased Medicare Part B premiums if it would reduce their Social Security benefits.

That means - IF your social security benefits are NOT increased - Medicare premiums should NOT be increased either.

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Social Security Expert: lev-tax, Tax Advisor replied 7 months ago

For instance - because there was no COLA adjustment for Social Security in 2016, Part B monthly premiums didn't go up that year and remained flat at $104.90 for most retirees.

in 2017 - the SSA gave recipients a tiny 0.3 percent COLA increase - and 2017 Part B month premiums rose to $109, for seniors covered by the hold harmless provision. But for others including those just started social security benefits - the full freight was $134.

For 2018 - the COLA is 2% increase - and those who paid $109 this year will pay $134 .

A small group receiving low social security benefits will still pay lower amount due to the hold harmless law.

But 70% of retirees will pay $134 a month for Medicare Part B premiums.

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