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They increase the social security amount why are they

Customer Question
They increase the social...

They increase the social security amount why are they increasing me $. So the $134 for the medical part, so the increase was only a dollar

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

The total amount is 1,299- 134= 1.165. What is the maximum amount eligible for not paying the $134.00

Accountant's Assistant: Is there anything else important you think the Retirement Accountant should know?

No I think thats it

Submitted: 4 months ago.Category: Social Security
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Answered in 4 minutes by:
12/19/2017
Social Security Expert: lev-tax, Tax Advisor replied 4 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 32,730
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 4 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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