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Will you explain the following statement from the AARP

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Will you explain the...

Will you explain the following statement from the AARP Newsletter regarding who will is subject to the 34.00 monthly increase in the Part B premium: "If you are on Medicare and collecting Social Security (which pays your Part B premiums), you"ll likely pay 109,00 a month for 2018 because of a law that prevents Medicare premiums from cutting Social Security benefits." I have been assigned the 34.00 increase which gives me 4.oo per month increase in SS benefits. Is this 4.00 increase from CO the reason I am required o

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?

Does the 4.oo increase in SS monthly benefits cause me to pay an additional 25.00 per month in Part B premiums? And WHY SUCH A HUGE INCREASE ANYWAY? $300 annually is a lot of money for people on a fixed income. thank you.###-##-####

Submitted: 2 months ago.Category: Social Security
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Answered in 7 minutes by:
12/20/2017
Social Security Expert: lev-tax, Tax Advisor replied 2 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 31,281
Experience: Taxes, Immigration, Labor Relations
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Medicare Part B premiums are $134 for most retirees (or higher if you have larger income)

.

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 2 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.

Let me know if you need any clarification this matter.

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