Medicare Premiums

[Anonymous]

Anonymous wrote:

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.

+1

Yup! We have paid so much into Medicare, to have to pay $600/person+ for part B is ridiculous

[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

Why such a disrespectful tone? I was taught to honor my elders. Also, I was the high school kid when my dad was in his early 60's. I had no problems with my dad being one of the oldest in my peer group.

The only thing I wish is that I was about 10 years older and eligible to retire, so I can spend more time taking care of my parents. I will either need to quit my job or send them to a nursing home soon. They don't live local to me and I doubt they would want to move from California to Washington DC.

[Anonymous]

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

+1

Yup! We have paid so much into Medicare, to have to pay $600/person+ for part B is ridiculous

What you paid in to Medicare from your wages over the last 40 years is Medicare Part A Hospital Insurance. That's why Part A is free.

Medicare Part B isn't free and you will have to spend 25% to 100% of the full cost of the insurance, depending on your income.

Most retiree health insurance provided by employers require that you enroll in Medicare A and B to keep your retiree coverage. That means the retiree coverage turns in to supplemental health insurance and is the secondary payer after Medicare. The only exception I can think of is the Federal Employee Health Benefits program which doesn't require retirees to enroll in Medicare A or B to keep their health insurance coverage. This is because the FEHB Program became law in 1960, which was five years before Medicare was created.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

+1

Yup! We have paid so much into Medicare, to have to pay $600/person+ for part B is ridiculous

And it only covers 80% of your medical cost. You have to pay 20% of your medical cost unless you buy Medicare Supplement Part G ($$) or you have FEHB ($$).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

And yet you STARTED this thread. Educate yourself OP. Knowledge is free. You may (or may not) have money but you can’t hide your ignorance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

And yet you STARTED this thread. Educate yourself OP. Knowledge is free. You may (or may not) have money but you can’t hide your ignorance.

Not trying to hide anything! I always knew retirement be a breeze. No need to waste time plowing through boring information!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

And yet you STARTED this thread. Educate yourself OP. Knowledge is free. You may (or may not) have money but you can’t hide your ignorance.

Not trying to hide anything! I always knew retirement be a breeze. No need to waste time plowing through boring information!

But apparently it's necessary to complain in public about something which displays ignorance of a fairly basic financial topic? Good thing your assets supposedly insulate you from poor financial decisions and lack of awareness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

And yet you STARTED this thread. Educate yourself OP. Knowledge is free. You may (or may not) have money but you can’t hide your ignorance.

Not trying to hide anything! I always knew retirement be a breeze. No need to waste time plowing through boring information!

You are a riot!

[Anonymous]

It is your choice to get Medicare. It is optional.

The fact you are used to free medical insurance is highly unusual. And it sounds like you (personally) were not even working fur that very valuable perk.

Who was paying for you and your husband’s health care at that time? (Lower level employees in the company? Investors? Customers?)

Sorry, but you get zero sympathy here.

[Anonymous]

Anonymous wrote:It is your choice to get Medicare. It is optional.

The fact you are used to free medical insurance is highly unusual. And it sounds like you (personally) were not even working fur that very valuable perk.

Who was paying for you and your husband’s health care at that time? (Lower level employees in the company? Investors? Customers?)

Sorry, but you get zero sympathy here.

OP's expected come back... "We are rich, we don't need your sympathy."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

Wow, this old hag has really taken trolling to a new level.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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!

And an ignoramus, since IRMAA is apparently a complete surprise to her (and her husband).

OP here. Quite fascinating how low people go on these boards. But it's ok. We are rich enough to be ignorant. We won't even feel the $15K hit. And I know how much that bothers you lol.

And yet you STARTED this thread. Educate yourself OP. Knowledge is free. You may (or may not) have money but you can’t hide your ignorance.

Not trying to hide anything! I always knew retirement be a breeze. No need to waste time plowing through boring information!

But apparently it's necessary to complain in public about something which displays ignorance of a fairly basic financial topic? Good thing your assets supposedly insulate you from poor financial decisions and lack of awareness.

Sad that people are so grim on this forum. Lighten up!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is your choice to get Medicare. It is optional.

The fact you are used to free medical insurance is highly unusual. And it sounds like you (personally) were not even working fur that very valuable perk.

Who was paying for you and your husband’s health care at that time? (Lower level employees in the company? Investors? Customers?)

Sorry, but you get zero sympathy here.

OP's expected come back... "We are rich, we don't need your sympathy."

OP here. Thanks...that was on target!!