Medicare Premiums

[Anonymous]

If you neither want to nor plan to use Medicare providers, don't sign up for Medicare B. You're going to pay more regardless, either in direct billing from non-Medicare providers if the supplemental retirement insurance doesn't pay, or in Part B premiums. And, this is a good reason be be financially literate - Medicare is a pretty basic topic for anyone nearing eligibility age, including your husband - sounds like both of you are woefully unprepared for managing your finances in retirement, if not now.

[Anonymous]

Anonymous wrote:If you neither want to nor plan to use Medicare providers, don't sign up for Medicare B. You're going to pay more regardless, either in direct billing from non-Medicare providers if the supplemental retirement insurance doesn't pay, or in Part B premiums. And, this is a good reason be be financially literate - Medicare is a pretty basic topic for anyone nearing eligibility age, including your husband - sounds like both of you are woefully unprepared for managing your finances in retirement, if not now.

Yes, I feel like I spent nearly the entire year after my 64th birthday attending seminars on Medicare, reading books and articles, talking to experts, etc. I was able to make informed choices, without any surprises, and it’s worked out well.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

[Anonymous]

Anonymous wrote:If you neither want to nor plan to use Medicare providers, don't sign up for Medicare B. You're going to pay more regardless, either in direct billing from non-Medicare providers if the supplemental retirement insurance doesn't pay, or in Part B premiums. And, this is a good reason be be financially literate - Medicare is a pretty basic topic for anyone nearing eligibility age, including your husband - sounds like both of you are woefully unprepared for managing your finances in retirement, if not now.

Another know it all LOL! First of all you need better reading comprehension. If I want to use my free supplemental insurance, I HAVE to sign up for Medicare B. I won't be having much in terms of out of pocket because my deductible is only $150 and my yearly cap for out of pocket is $1000 per person. I always knew we would sign up for Medicare because that is the only way we would get our wonderful supplemental insurance. I just didn't expect such high premiums. Thanks for your concern, but we are perfectly fine financially...very high net worth. I AM cheap though, if you haven't noticed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

Keeps me youthful!! You do you. And we have plenty of money as well...DH will probably serve on a few boards and do some side work. He doesn't like sitting around like you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you neither want to nor plan to use Medicare providers, don't sign up for Medicare B. You're going to pay more regardless, either in direct billing from non-Medicare providers if the supplemental retirement insurance doesn't pay, or in Part B premiums. And, this is a good reason be be financially literate - Medicare is a pretty basic topic for anyone nearing eligibility age, including your husband - sounds like both of you are woefully unprepared for managing your finances in retirement, if not now.

Another know it all LOL! First of all you need better reading comprehension. If I want to use my free supplemental insurance, I HAVE to sign up for Medicare B. I won't be having much in terms of out of pocket because my deductible is only $150 and my yearly cap for out of pocket is $1000 per person. I always knew we would sign up for Medicare because that is the only way we would get our wonderful supplemental insurance. I just didn't expect such high premiums. Thanks for your concern, but we are perfectly fine financially...very high net worth. I AM cheap though, if you haven't noticed.

Not to mention a sparkling conversationalist!

[Anonymous]

Anonymous wrote:Wait until you find out about the tax hit generated by your RMDs.

I'm so glad to run into this thread. I had no idea Medicare is a must. I have no account that require RMDs and I will escape taxes on SS for sure as it will be so low, but very high return compared to what I paid in.
I have 18 years to make sure I get the Medicare thing right also.
I won't be living here in US full time, so no need to pay more than the minimum.
Imagine getting a pension, taking SS, RMDs from 401k and then paying higher premiums on Medicare all at the same time. Can't even take money out of investment accounts.
I told my young kids to stray away form any account with RMDs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

Keeps me youthful!! You do you. And we have plenty of money as well...DH will probably serve on a few boards and do some side work. He doesn't like sitting around like you.

His wife sure does though! She loves bragging anonymously on the internet when she herself did nothing to earn what she has.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

Keeps me youthful!! You do you. And we have plenty of money as well...DH will probably serve on a few boards and do some side work. He doesn't like sitting around like you.

[Anonymous]

Most people have outrageous premiums and healthcare costs.

So my question is: what did you do with all the funds you were saving by having free health care? I assume you were saving/investing those funds. Now is the time to use them - on your Medicare premiums.

[Anonymous]

Anonymous wrote: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.

I think the IRMAA is ridiculous considering that higher income earners contribute a very disproportionate share of total revenue during their working years. They already paid more into Medicare when they were working then they are charged more for it once they retire. It is a punitive and poorly designed tax for high income earners, that creates a situation where the marginal tax rate can exceed 100% if you are slightly above an income threshold.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I think the IRMAA is ridiculous considering that higher income earners contribute a very disproportionate share of total revenue during their working years. They already paid more into Medicare when they were working then they are charged more for it once they retire. It is a punitive and poorly designed tax for high income earners, that creates a situation where the marginal tax rate can exceed 100% if you are slightly above an income threshold.

Yes, it is just another tax on the wealthy and very unfair. We already paid our fair share. Infuriating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

Keeps me youthful!! You do you. And we have plenty of money as well...DH will probably serve on a few boards and do some side work. He doesn't like sitting around like you.

Maybe he doesn’t like sitting around with you. Just sayin

Np

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

Keeps me youthful!! You do you. And we have plenty of money as well...DH will probably serve on a few boards and do some side work. He doesn't like sitting around like you.

You have a HS kid and wonder why your DH wants to keep working? LOL. Seriously??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

What is this employer-paid supplemental plan that requires you to be in Medicare, but that is accepted by physicians that are not in Medicare?

It's an Aetna plan. The employer requires that the retiree enroll in Medicare and use that is primary coverage. The Aetna plan kicks in the remaining outstanding balance of what Medicare doesn't cover, including all non Medicare providers and all out of network providers for the Aetna plan. Is this unusual?

It sounds like your “free” medical insurance requires you to pay for Medicare because the employer/Aetna wants you to have that coverage before their coverage kicks in. Not sure why you’re complaining about Medicare instead of the private plan.

THIS exactly. OP isn't nearly as special as she thinks she is.

You would think so if you met me.

Nah. I retired way earlier than your husband did, and our kids are much older than yours without old bags as parents. And we have plenty of money.

A high school kid when you're in your 60s? no thanks

Keeps me youthful!! You do you. And we have plenty of money as well...DH will probably serve on a few boards and do some side work. He doesn't like sitting around like you.

You have a HS kid and wonder why your DH wants to keep working? LOL. Seriously??

Off to college next year and then we travel the world!!!!