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Old 02-08-2020, 07:48 PM
 
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I started Medicare last year and was surprised by the 7% increase in premiums for 2020. Is this something I should expect each year?



Last edited by sonoma; 02-08-2020 at 09:34 PM..
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Old 02-09-2020, 03:58 AM
 
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Good question...mine went up as did my supplemental! Double whammy. I have only been on Medicare and supplemental since March of last year so a little worried about how many times they increase. Good question!
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Old 02-09-2020, 07:30 AM
 
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I read that the increase was more than usual, so hopefully it doesn’t do that every year.
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Old 02-09-2020, 08:53 AM
 
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When I started it was about $133/mo. It's gone up some every year. It will probably continue to do so.
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Old 02-09-2020, 09:35 AM
 
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Mine has gone up every year, and also the cost of my supplement has increased. The increase for Social Security has only gone up 1.6%.

I hope the government will not take away what I've been paying for my whole working life.

https://www.usatoday.com/story/news/...os/4544840002/


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Old 02-09-2020, 09:51 AM
 
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I also have to pay an extra tax as part of my Medicare bill because two years ago, I grossed over $85,000. I started receiving Medicare in the middle of this year. My secondary insurance from the state is free and was my primary till I turned 65. Unfortunately, Medicare is mandatory, so every month there is this extra $214 bill for Medicare and drug coverage. I am told that the extra I am paying will be refunded to me by the state in April, but I have not received any information about that yet. I am also hoping that my 2017 tax return when I was fully retired and only receiving my pension will be below that $85,000 threshold. If my accountant's records show that I will be making an appointment at my Social Security office to get that income amount looked at again for Medicare billing records.

I am choosing to not get Social Security yet. Once I do, my Medicare will be deducted from my Social Security benefits and depositing back in my pension because I am eligible for the free state health benefits. That will be easier for me than laying out the money each month. My friends all took Social Security when they retired, so I had no idea about this extra VAT tax.
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Old 02-11-2020, 04:12 PM
 
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My husband and I are both also paying that 'high earner' penalty for Part B. And Part B went up $10 I think. I also haven't begun to take my Social Security. I need to get into the Social Security office and see if the penalty is levied on both my husband and I individually or on each of us. It's confusing.
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Old 02-12-2020, 07:24 AM
 
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Sonoma, you asked a very interesting question that inspired me to do some research.

When Americans first began to enroll in 1966, the monthly Medicare Part B premium was $3.00.
https://pocketsense.com/medicare-par...y-7886883.html

I can't say this as fact, but I'm assuming that $3.00 monthly premiums were quite affordable for most senior citizens in 1966. Using an inflation calculator, the cumulative rate of inflation since 1966 has been about 689%, so the logical cost of a Part B monthly premium today should be $23.67. Yes, there's quite a difference between $23.67 and $144.60.

Medicare is a wonderful program, and on the whole, it has been a great success. I would not want to see it eliminated. At the same time, there is the risk that it could become unaffordable to seniors in the future if some major changes aren't made.
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