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 ...
It’s not an increase. It’s a payment with devalued dollars that barely equals the previous year’s payment.
And prices are rising all around us. The left is seeing its dream come true - everyone equally miserable and dependent on government. [except for the ruling elite which isn’t being hurt at all].
I haven’t seen anything in this thread about the risk associated with pre-existing conditions you will be subject to if/when you go from the advantage plan BACK to traditional Medicare coverage.
Not worth the risk.
CHOOSE WISELY.
Bookmark.
Part A of Medicare goes up $146 dollars but don’t fear; Part B is going down five bucks. Your government looking out for you!
It does not matter what pre-existing conditions you have when enrolling in Medcare.
Obamacare would make that illegal.
And who is going to tell the chattering masses that due to the condition of the non-existent ss “trust fund”, were all things really “equal” that workers FICA taxes ought to be going up to help pay for this cost of living increase for SS beneficiaries.
But why bother, just say nothing and let the debt keep mounting to where someday soon general tax revenues have to be diverted to pay for more and more of the SS payouts.
You have to have a good supplemental insurance.
8.7% increase in SS, Medicare takes a lot of it, groceries and fuel eats up the rest plus about 5% more.
I understand that pre-existing coverage no questions asked is for initial sign-up
As I said CHOOSE WISELY
United is my cushion, I like it.
One of the reasons that I prefer Medicare Classic is referrals are not required to see a specialist. Medicare Advantage plans almost always require a referral from your PCP.
I would expect that PCPs have specific guidelines when a referral would be authorized.
For example: I monitor my heart rate and blood pressure frequently. If I note that my heart rate is elevated over a period of time, I may want to have a cardiologist evaluate my heart condition and perhaps do a stress test.
With Medicare Classic, I can call any cardiologist that takes Medicare and schedule a visit.
With Medicare Advantage, I would have to go to my PCP and get a referral.
The PCP could have strict criteria for a referral. Such as a standing heart rate higher than 120, or no referral.
The above is an example and may or may not be accurate.
I got my notice from Social Security yesterday. My increase will amount to $179 a month with the check I will get in January. That is, of course if I live through December 31st. If I die before the end of this year, there will be no January check.
No, it's after taxes.
It sure is. The Feds take out a percentage of taxes on my SS check every month. When it comes time to file my taxes, I have to do the Federal worksheet, to see how much of my Social Security check is taxable. The Feds also take taxes from my pension check each month. I pay no State taxes on my SS or my pension.
The SS statement I got for my new January check amount shows Medicare still at $164.90. If there is an increase, shouldn't it begin with that January check?
The SS statement I got yesterday for my January check shows Medicare still at $164.90.
I get a 173.00 increase which will help me. No I will not be paying any taxes on my SS.
Thanks for the correction. I had some bad information…
NO Medicare premium decreased.
How much are you paying for your supplement plus part d premium ummmm
Most Medicare advantage have zero premium and little to no co-pays for office visits and medications.
Medicare advantage pays at Medicare rates for everything Medicare pays for.
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