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Women's rates are also usu. a little higher....because women have a longer lifespan and turn in more claims.
I have United Healthcare. They told me the rate is based on the age you are when you first sign up. The logic being...the younger you are, the more years the co. has to pocket the premims w/minimal claims. When you sign up older, the co. doesn't get those prior year premiums to pocket, even tho you're still healthy at time of signing up.
Ahh, then that is probably the reason. DW was on my employer’s policy for a few years after she turned 65, so she didn’t sign up for Medicare B and supplements until I retired, while I went on both at 65. I am just surprised at the percentage difference.
I am surprised that the projected COLA is so low, as that is less than 1% over the average, and it sure doesn’t seem that prices have stabilized or reduced to closer to what was normal for years. I can definitely see where those with small SS would find this very frustrating. Eggs are insane, and gas continues to be high, not like either is a main drain for us.
I believe SmartMoney is not referring to SS but about getting his income below IRMMA levels so his Medicare B & D premiums are not increased due to that. If your income is greater than about $194k, (MFJ) then your premiums are increased about $80/mo in steps based on income when you apply, based on your income two years earlier. If your income is over something like $750k/yr, your premiums are $472/mo more. Personally, I’d SURE much rather have that kind of income and would gladly pay the IRMMA penalty!! That will never happen, LOL.
Last edited by Perryinva; 09-13-2023 at 12:04 AM..
many get whacked with the surcharges because they have a once in a lifetime big gain on an asset sale and not because it is their typical income level..
we hit the highest level years ago when our senior partner sold out some lease rights we owned . it was a one shot deal
I believe SmartMoney is not referring to SS but about getting his income below IRMMA levels so his Medicare B & D premiums are not increased due to that. If your income is greater than about $194k, (MFJ) then your premiums are increased about $80/mo in steps based on income when you apply, based on your income two years earlier. If your income is over something like $750k/yr, your premiums are $472/mo more. Personally, I’d SURE much rather have that kind of income and would gladly pay the IRMMA penalty!! That will never happen, LOL.
You can end up paying that high IRMAA just by selling your house, business or other one off events - doesn't necessarily mean that you have that level of income or the ability to pay.
What it means is you need to learn about Social Security & Medicare. You have been paying FICA tax all your working years. Time to find out what the benefits are for you. Get a MyAccount.
I know where I stand. I know what PART B and my IRMAA are going to cost, based on my AGI two years back - my costs are through the roof with my 2022 and 2021 income. I've cut my income in half; I'm in mortgage banking, not hard to do and trying to defer all I can, maxing out on 401 and other opportunities - LOL half my house was donated to Salvation Army (exaggeration, but itemized and documented).
The only thing that breaks my plan is unemployment.........and in these times, it's a real possibility. But 30+ years in, I think I can find another job to tide me over.
I believe SmartMoney is not referring to SS but about getting his income below IRMMA levels so his Medicare B & D premiums are not increased due to that. If your income is greater than about $194k, (MFJ) then your premiums are increased about $80/mo in steps based on income when you apply, based on your income two years earlier. If your income is over something like $750k/yr, your premiums are $472/mo more. Personally, I’d SURE much rather have that kind of income and would gladly pay the IRMMA penalty!! That will never happen, LOL.
Bingo, but the income was short-lived and will tide me through a storm. But there would not be much left of my SSI after hefty deductions. The 2021 and 2022 incomes were atypical, welcome, but doubled/tripled income for a couple years. I was able to take care of things that should have been done ages ago, given me some peace of mind (major dental overhaul, all but $2500 out of pocket). Don't get me wrong, I am happy to have earned it, but I need to retire after my income has stabilized; heck, maybe 2024 will push me to start on Part B in 2026.
Maybe it’s just me but everything feels like it’s up more than 3%.
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