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How is the amount deducted for medicare medical insurance…

Customer Question
How is the amount...

How is the amount deducted for medicare medical insurance -25.00 change from 2016 to 2017

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.

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Submitted: 8 months ago.Category: Social Security
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Customer reply replied 8 months ago
change is 2017 to 2018
Answered in 4 hours by:
12/14/2017
Social Security Expert: James Daloisio, Tax Attorney replied 8 months ago
James Daloisio
James Daloisio, Tax Attorney
Category: Social Security
Satisfied Customers: 855
Experience: 24 years of continuing education and experience.
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Hi, my name is ***** ***** welcome to Just Answer.

The MediCare Part B premium was increased in 2017 to $134.00. However, if you received Social Security benefits in 2016, there is a provision that says your benefit cannot be reduced from what it was the previous year just because of an increase in MediCare premiums. So they did not deduct the additional premium.

In 2018, Social Security has declared a 2% cost of living increase. But you probably won't see most of it because it will be applied toward the increased MediCare premium. Here's an example:

In 2016 you received $1,250 per month and your Part B premium was $109.00.

In 2017 the Part B premium increased to $134.00, but because your benefit cannot be reduced from the 2016 amount of $1,250.00, they continued deducting only $109.00.

In 2018 you receive a 2% increase to your benefit, so your benefit is increased to $1,275.00; however, they are only required to give you the same as the previous year ($1,250.00), so they take that $25 increase and apply it toward the higher Part B premium of $134.00.

I hope that clears it up. If not please feel free to ask follow up questions here, and please don't forget to rate my answer. Thank you for using Just Answer.

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