Posted on 12/11/2022 6:17:46 AM PST by Oldeconomybuyer
* Social Security beneficiaries will soon see bigger checks to help them cope with record high inflation.
* As Social Security statements roll in, you should troubleshoot for errors that can cost you.
* Also keep in mind that higher income this year may affect your income taxes and Medicare premium surcharges in the future.
As inflation has kept prices high in 2022, Social Security beneficiaries may look forward to a record high cost-of-living adjustment in 2023.
“Your Social Security benefits will increase by 8.7% in 2023 because of a rise in cost of living,” the Social Security Administration states in the annual statements it is currently sending to beneficiaries.
The 8.7% increase will be the highest in 40 years. It is also a significant bump from the 5.9% cost-of-living increase beneficiaries saw in 2022.
The increase is “kind of a double-edged sword,” according to Jim Blair, a former Social Security administrator and co-founder and lead consultant at Premier Social Security Consulting, which educates consumer and financial advisors on the program’s benefits.
“It’s good for people on Social Security,” Blair said. “It’s not so good for the economy with inflation.”
Social Security benefit checks will reflect the increase starting in January.
The average retiree benefit will go up by $146 per month, to $1,827 in 2023 from $1,681 in 2022, according to the Social Security Administration The average disability benefit will increase by $119 per month, to $1,483 in 2023 from $1,364 in 2022.
What’s more, standard Medicare Part B premiums will go down by about 3% next year to $164.90, a $5.20 decrease from 2022. Medicare Part B covers outpatient medical care including doctors’ visits.
(Excerpt) Read more at cnbc.com ...
“Social Security is NOT taxed.”
I think it depends on the state - some do.
Many of the same people who were in Congress when clinton proposed this are still there....funny how people forget that.
Presidents can propose all sorts of things...but it takes Congress acting to make anything happen. You really don’t think Congress is going to pass up an opportunity to tax something that they then can spend the money collected on some other “thing”.
Presidents really have very limited ability to effect anything. They can propose all kinds of stuff but that’s it. If Congress isn’t on board then nothing gets done. Yet voters keep re-electing “their” Congress critters because of a “mine is OK” type of attitude. Term limits will never fly because guess who has to pass the law doing that...yep Congress. Anybody really think they are going to limit their power and perks willingly...???
A ONE PENNY increase in your MODIFIED AGI will result in an increase in medicare premiums that will erase any COLA increase in social security.
Nobody ever heard of graduated scales. One penny over the threshold for the next higher medicare rate and you will pay what the person at the top of that band pays.
More gooberment insanity. It is so easy to hate the gooberment, there are so many reasons.
“It’s good for people on Social Security,” Blair said. “It’s not so good for the economy with inflation.”
Mine is still called a ‘Plan F’ even on the card. It was grandfathered in from the same plan I had with the carrier when I was working. I’ve haven’t seen occasion to be charged a deductible as of yet - having been in emergency ICUs twice and an medically necessary operation recently. Those three visits totaled $225K. not a penny out of pocket. The Plan F costs me a lot, but it’s a welcome satisfaction I know what my costs will be. I wouldn’t dare get something like Medicare Advantage to save on monthly premiums.
Oh wow OK thanks, I didn’t know that
so $149 increase minus $119 increase is.....................
I have Aetna Medicare Advantage as well. I agree that it is good insurance.
We’re getting a cost of living increase, but Medicare monthly premiums are going up too, should just about negate any increase.
Classic Medicare™ + Medex supplemental + medicare part D
Quantitative Tightening
With benefits going up, number of beneficiaries going up, and incomes not keeping pace - the Social Security trust fund has no choice but to be a Net Seller of Treasuries. This is at the same time that the Federal Reserve is also a Net Seller of Treasuries.
In this “Net Seller” definition I’m including the bonds that fully mature as being “sold” because the US Treasury will give the bondholder $1000 as part of the transaction where the bond matures & its the same like it being sold.
It is if your non-SS benefit income is more than the politicians and bureaucrats think you are entitled to!
The increase will certainly not be enough to offset inflation, but I guess every little bit helps. All household expenses have increased by 25 to 50 percent since FJB was installed in the White House. Biden himself mocks us if anyone dares mention it as he tells us the economy is doing great. The ‘elite’ class is transferring the wealth in this country from the middle class straight into their own pockets. So, by that metric, Biden is right. THEY are doing great!
“It’s good for people on Social Security,” Blair said. “It’s not so good for the economy with inflation.”
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But they never mention that fact when they are talking about increasing the amount of SNAP benefits, or housing allowances, or “reparations”. It’s only when talking about increasing SS retirement benefits that it becomes an issue. And remember, for years SS recipients received zero or minimal increases in their monthly payments.
Seems like I read somewhere that legally they can't waive the deductible. I know that I pay a $20 co-pay for a visit to my Neurosurgeon as well as my GP which is $5 less than the co-pay I had under Blue Cross when I was working.
I've got a lumbar MRI and X-Rays tomorrow and the total cost will be $55 dollars.
November of last year I had a 3-level Cervical Spinal Fusion. Total bill, including the $20,000 Titanium plate in my neck, was a hair over $200,000.
For my part, I paid $1377.00 when I when into the hospital for the overnight procedure. And I only have Medicare Part B.
“Has anyone found a doctor who is willing to accept what Medicare Part B pays for an out patient visit, as there complete fee? My Medicare payment gets me in the front door, that’s it.”
uh, that’s why it’s wise to always subscribe to one of the standardized supplemental medicare plans to pay for Part B deductibles and residual percentages. Supplements are extremely inexpensive medical insurance and worth their weight in gold for anyone with extensive health issues ... and let’s face it: we are ALL going to have extensive health issues if we survive long enough ...
You are correct. The problem is the thresholds are based on income from 2 years ago. For example, the thresholds for 2023 are based on your 2021 MODIFIED AGI.
The thresholds are adjusted annually based on inflation.
The link below is the CMS.gov website.
Medicare Advantage plans are PRIVATE INSURANCE and are approved and regulated by the Centers for Medicare & Medicaid Services (CMS). The Federal government, through CMS, pays Medicare Advantage plans A FIXED OR CAPITATED RATE PER BENEFICIARY provide health benefits to an enrolled individual.
Advantage plans have an incentive not to pay more for you than the capitated rate.
Denying procedures,requiring prior authorization etc are all ways Advantage plans try to not pay for your medical care.
Stick to Medicare Classic™ plus a supplemental to cover the %20 not covered by part B along with Medicare PArt D for Prescriptions..
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