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I just received my new benefit form from SS indicating the…

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I just received my...

I just received my new benefit form from SS indicating the 2% increase. My concern is the deduction for Medicare medical insurance. It was raised from $109.00 to $134.00 per month. Just prior to receiving my new benefit form, I received my copy of the AARP newspaper. It announced the changes for medicare and the one section having to do with Part B premiums states "If you are on Medicare and collecting Social Security (which pays your Part B premiums), you'll likely pay $109.00

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?

Just received my new benefit form from SS indicating my 2% raise. It also said that my premiums for Part B were going up from $109.00 to $134.00. Prior to receiving my new benefit form, I received my AARP newsletter. In it was announced changes for Medicare for 2018. One of the sections having to do with Part B of Medicare states "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 into Social Security benefits. My premiums went up to $134.00. Which one is correct?

Submitted: 5 months ago.Category: Social Security
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Answered in 5 hours by:
12/21/2017
Social Security Expert: emc011075, Tax Adviser replied 5 months ago
emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 3,697
Experience: Tax adviser IRS licensed Enrolled Agent and tax instructor
Verified

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

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.

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emc011075
emc011075
emc011075, Tax Adviser
Category: Social Security
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