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AARP newsletter for Dec. 2017 states that if you are on

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AARP newsletter for Dec...

AARP newsletter for Dec. 2017 states that if you are on Medicare (which I am) and collecting SS (which I am) my premium would likely be $109 per month for 2018 because of a law that prevents Medicare premiums from cutting into SS benefits. My yearly benefit statement says they will deduct $134 per month. Please explain.

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 the Retirement Accountant should be aware of?

Not at this time because I just need a answer. My increased $25 which just so happened to be the same as my 2% increase. Basically NO RAISE!!

Submitted: 7 months ago.Category: Social Security
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Answered in 34 minutes by:
12/18/2017
Social Security Expert: lev-tax, Tax Advisor replied 7 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,273
Experience: Taxes, Immigration, Labor Relations
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We are talking about 2018 Medicare Part B Income-Related Monthly Adjustments Amounts (IRMAA)

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.

Sorry if you expected differently.

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