Medicare Premiums

[Anonymous]

We are in the process of starting full retirement. Silly me to think Medicare Part B is free.

Today I received a letter telling us that our monthly premium for medicare will be over $629 a month for both myself and my spouse (an annual expense of over $15,000). This is extremely hard to swallow because for the past 15 years of my husband's employment, we paid no premiums, and our coverage pretty much ensured no out of pocket expenses at all with no deductible.

We generally use out of network providers who do not take Medicare, so it is really infuriating that we have to pay this money for insurance we will rarely use. The regular premium for most people is $185, but we get slapped with an adjustment based on our income. I feel like we are paying everyone else's insurance premiums while we won't even be tapping into medicare providers.

We have supplemental insurance provided by my husband's previous employer which will cost us nothing and provides the same coverage as before. So we will be paying nothing for the insurance we use most. It is crazy.

I know, first world problems.

[Anonymous]

Anonymous wrote:We are in the process of starting full retirement. Silly me to think Medicare Part B is free.

Today I received a letter telling us that our monthly premium for medicare will be over $629 a month for both myself and my spouse (an annual expense of over $15,000). This is extremely hard to swallow because for the past 15 years of my husband's employment, we paid no premiums, and our coverage pretty much ensured no out of pocket expenses at all with no deductible.

We generally use out of network providers who do not take Medicare, so it is really infuriating that we have to pay this money for insurance we will rarely use. The regular premium for most people is $185, but we get slapped with an adjustment based on our income. I feel like we are paying everyone else's insurance premiums while we won't even be tapping into medicare providers.

We have supplemental insurance provided by my husband's previous employer which will cost us nothing and provides the same coverage as before. So we will be paying nothing for the insurance we use most. It is crazy.

I know, first world problems.

Be glad you’ve had good insurance so long and access to supplemental. We are only mid 40’s and pay $1500/month for crappy insurance with high deductibles.

[Anonymous]

Only about 7 percent of Medicare beneficiaries pay those higher premiums. So you are (at least) in the richest 7 percent. Enjoy your financially secure retirement!

https://www.medicareresources.org/medicare-eligibility-and-enrollment/what-is-the-income-related-monthly-adjusted-amount-irmaa/#:~:text=Most%20Medicare%20beneficiaries%20do%20not,Part%20D%20prescription%20drug%20coverage.

[Anonymous]

OP, you are a tone deft. Don't you realize how lucky you have been? And you are upset because you have to pay like everyone else? Hard to feel sorry for you.

[Anonymous]

Is your income much lower now or once full retirement starts than what was used to calculate the surcharge? It has a 2-year (I think) look back, but there's a way to appeal it if circumstances have changed. Look up IRMAA and/or ask on Bogleheads.

[Anonymous]

I'm paying the $185 plus $130 for my supplemental policy provided by my previous employer, while living in retirement on $35K. My coverage is great, I pay nothing for office visits, labs, procedures, surgeries, and almost zero for my prescriptions. I am extremely grateful for all of it, and to be frugal and careful enough to live a great life in retirement.

Who exactly did you think was going to feel sorry for you, the other majorly rich people? I guess so.

[Anonymous]

Anonymous wrote:OP, you are a tone deft. Don't you realize how lucky you have been? And you are upset because you have to pay like everyone else? Hard to feel sorry for you.

I don’t think OP is looking for sympathy. Seemed like more of a vent while admitting it’s a first world problem.

[Anonymous]

If your income generates an IRMAA like that, congrats--you are very rich. If you have had a decrease in income, you can file the SSA-44 and get your IRMAA lowered.

[Anonymous]

Only 1% of non-pediatric doctors don’t accept Medicare, so congrats on finding the ones who don’t.

[Anonymous]

You're rich and the is no excuse for not knowing about these rules like IRMAA. It's all out there on the interwebs nowadays lol

[Anonymous]

Most providers do. Really. They fuss but will cheer up because you have a secondary payer. The coordination of benefits requires you to go to Medicare first. They pay something or deny. Then it goes to secondary that pays something. Secondary may pay the Medicare deductible.
So give both cards, tell them Medicare is primary when you are retired.
BTW we each pay $370 a month and another $650 for secondary. We figure all my Social Security will go to insurance premiums.

[Anonymous]

The vast majority of providers take Medicare. You have to work to put together a collection of providers who don’t.
Also, Part B is voluntary. You can always choose not to sign up. Only Part A is automatic and sort of mandatory, and also has no premium.

[Anonymous]

Anonymous wrote:OP, you are a tone deft. Don't you realize how lucky you have been? And you are upset because you have to pay like everyone else? Hard to feel sorry for you.

You really think that is the correct expression, don’t you?

Lol!

[Anonymous]

Anonymous wrote:We are in the process of starting full retirement. Silly me to think Medicare Part B is free.

Today I received a letter telling us that our monthly premium for medicare will be over $629 a month for both myself and my spouse (an annual expense of over $15,000). This is extremely hard to swallow because for the past 15 years of my husband's employment, we paid no premiums, and our coverage pretty much ensured no out of pocket expenses at all with no deductible.

We generally use out of network providers who do not take Medicare, so it is really infuriating that we have to pay this money for insurance we will rarely use. The regular premium for most people is $185, but we get slapped with an adjustment based on our income. I feel like we are paying everyone else's insurance premiums while we won't even be tapping into medicare providers.

We have supplemental insurance provided by my husband's previous employer which will cost us nothing and provides the same coverage as before. So we will be paying nothing for the insurance we use most. It is crazy.

I know, first world problems.

Actually, it’s not a first world problem outside of the U.S.

[Anonymous]

Anonymous wrote:The vast majority of providers take Medicare. You have to work to put together a collection of providers who don’t.
Also, Part B is voluntary. You can always choose not to sign up. Only Part A is automatic and sort of mandatory, and also has no premium.

The employer might require the husband to sign up for Part B to take the retiree health insurance.