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I read that social security will charge us $109 a month for…

I read that social...

I read that social security will charge us $109 a month for medicare premium. How come my benefit amount is $134??

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 properly. Please tell me more, so we can help you best.

We are a 87 & 88 year old couple living on S.S. and a small pension .

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

Not that I know of.

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Answered in 4 minutes by:
3/14/2018
keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7,469
Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Unfortunately, $134. (each) is the correct amount for 2018. (That's the same amount that I am paying for 2018.)

The $109. was for last year when Congress passed an end of year rule that our benefits wouldn't decrease due to the increased Medicare Premiums, so the increase was deferred until 2018. That's a simplification of the process that gets us to the $134., but never-the-less, that's the essence of where the $134. Part B premium comes from.

Let me know if I can answer any follow-up questions.

Please remember to rate my response as that is the only way the SITE will credit me with assisting your today.

Thanks very much,

Steve G.

keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7,469
Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
Verified
keeperumiami and 87 other Social Security Specialists are ready to help you
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Customer reply replied 4 months ago
I did not get my "new benefit amount" in the mail neither. Who do I contact about this?

Unfortunately, the 2% cost of living increase in benefits was offset by the same increase in Medicare Premiums. For most monthly benefits in the range of $1,250., the 2% cost of living increase was entirely taken up by the increase in Medicare Premiums.

Steve G.

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keeperumiami
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