2025 Medicare Part B Premium Projected To Be About $185

OneEyedDiva

OneEyedDiva

SF VIP
Location
New Jersey
That figure is rounded and reflects the basic premium amount. Of course I can't find the article where I read that information now. That rise in premium won't eat up the COLA, not for me anyway or for those who get at least the average SS benefit.
 

Lawrence00 said:
What is not covered in that amount?

Maybe next year I'll be doing Medicare.
Click to expand...
Perhaps you misunderstood the term "basic". What that means is people who earn under a certain amount pay $174.70 now and that will rise to $184.90 I believe the article said. Here's partial information from the Medicare site about the Part B premium I was referring to.

"$174.70 each month (or higher depending on your income). The amount can change each year. You’ll pay the premium each month, even if you don’t get any Part B-covered services.

Who pays a higher Part B premium because of income?

You might pay a monthly penalty if you don’t sign up for Part B when you’re first eligible for Medicare (usually when you turn 65). You’ll pay the penalty for as long as you have Part B. The penalty goes up the longer you wait to sign up. Find out how the Part B penalty works and how to avoid it."

Full article with the link to who pays higher Part B premiums and information about what is covered here: Costs
 

Last edited:
In the past the part b raise in premium has taken either most or all of my raise. My SS is very small because of WEP. It’s just one of many things that I have no control over that keeps going up like my condo hoa dues, utilities, car insurance, etc. Ugh!!!
 
Aunt Bea said:
It’s still a great value compared to what I was paying before I became eligible for Medicare.

Imagine what it would be like today if Lyndon Johnson hadn’t signed Medicare into law in 1965.
Click to expand...
I totally agree that we are lucky to have it but with the cost of my supplement added in which goes up yearly it’s not cheap. I paid less for my employer insurance after retiring. It’s one of my biggest expenses. A friend of mine that’s 80 had to go on an advantage plan this year even though she didn’t want to because the cost became too high.
 
Actually I was doing better before Medicare kicked in. But it isn't that bad so I don't gripe too much.

I worry more about another landmine:
What Is The Social Security Tax Torpedo?

The Social Security tax torpedo is a spike in taxes retirees can experience after receiving Social Security income. Specifically, 50% to 85% of your Social Security check may be taxable, depending on your income level and life circumstances. In addition, your Social Security income can increase your marginal tax rate, meaning the top portion of your income enters the next tax bracket. As a result, unsuspecting retirees can pay heavier taxes than anticipated, and their Social Security benefits provide less of a financial boost than expected.
Click to expand...

Of course there is a similar RMD Tax Torpedo for tax deferred accounts like 401(k)s and such.

Hopefully the 2017 middle-class tax cuts get renewed.
 
My Social Security is taxed.

I don’t mind paying my fair share of income tax but I wish they packaged it a bit differently and left my Social Security alone.

When my IRA RMDs finally kick in approx. 25% of the distributions will go for taxes but that’s the deal I signed up for. 🤷‍♀️

We should be thankful that we are doing well enough to pay income taxes. 😉
 
Last edited:
Aunt Bea said:
When my IRA RMDs finally kick in approx. 25% of the distributions will go for taxes but that’s the deal I signed up for. 🤷‍♀️
Click to expand...
You might think so now.

But remember it all gets piled together, so you might end up in the next higher tax bracket with a higher tax rate on all of your income. And if the 2017 tax cuts aren't renewed you'll be paying more on top of that as the tax rates of the brackets all ratchet higher.

But we've wandered off from the Medicare topic of this thread.
 

You must log in or register to reply here.

Back
Top