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Why did I get a 2.0% raise, my medicare deduction is 104.00…

Customer Question
Why did I get...

Why did I get a 2.0% raise, my medicare deduction is 104.00 right now, and my medicare deduction is going up to 126.00, taking away the raise?

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.

I worked all my life putting in the 40 years I need for SS, I am on disability . My monthly income in 2018 will be 947.00 minus the Medicare $126.00 leaving me $821.00

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

All the years I have worked, I raised 2 boys on MY own. Altho' I am married, it takes his retirement ($1400.oo) ss ($800.00) and my ss to make ends meet and this is not living extravagant.

Submitted: 7 months ago.Category: Social Security
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Answered in 2 minutes by:
12/20/2017
Social Security Expert: emc011075, Tax Adviser replied 7 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,871
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

Unfortunately here's what happened. Last year Medicare premiums were increased to $134 but for most people COLA (benefits cost of living adjustment) did not increase enough to compensate for the Medicare increase. Because of hold harmless rule protection social security could not reduce your benefits because of higher Medicare premiums so in 2017 you paid reduced Medicare premium. The COLA adjustment for 2018 is 2%, much higher than last year but if your Medicare premium is less than $134, the adjustment will be offset by increased Medicare premium. Again, the Medicare premium increase cannot be more than your COLA increase because of the Hold Harmless rule protection.

If next year COLA is high enough, your Medicare premiums will catch up and you may see a small increase next year. Hopefully the rumor about reducing Social security and/or increasing Medicare premiums to compensate for the deficit created by the new tax reform will not become reality.

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