Mrs. Robinson
Well-known Member
- Location
- Nampa,Idaho
My Medicare has been $192.80 per month.Now it shows that it will be $428.60! Am I reading this wrong???
Has anyone received their SSA statement for 2023? Is your Medicare cost increasing??
- Thread starter Mrs. Robinson
- Start date
spectratg
Member
- Location
- Adamstown, MD
Login to "my Social Security" account, or create one if you do not have one already. You should have a letter there that explains "Your 2023 Social Security Benefits Increase and Medicare Premiums."
Kaila
SF VIP
The other posters probably know more about this than I do, but my thought is:
If you have a Medicare Part C (Medicare Advantage Plan) then your plan might change more significantly.
And worth noting, if that is the case, that the Open Enrollment period, is now and ends at the end of the first week of December. You could and would want to investigate, very soon, whether or not you want to switch plans for the year of 2023.
My entire thought in this post, solely applies to Part C,
which I am definitely not an expert in, but might explain why your premiums could change more drastically that traditional or original Medicare premiums are going to do, as said in the previous posts above.
If you have a Medicare Part C (Medicare Advantage Plan) then your plan might change more significantly.
And worth noting, if that is the case, that the Open Enrollment period, is now and ends at the end of the first week of December. You could and would want to investigate, very soon, whether or not you want to switch plans for the year of 2023.
My entire thought in this post, solely applies to Part C,
which I am definitely not an expert in, but might explain why your premiums could change more drastically that traditional or original Medicare premiums are going to do, as said in the previous posts above.
Mrs. Robinson
Well-known Member
- Location
- Nampa,Idaho
My husband`s changed to the same amount as well-although his was a little less than mine before now.That is possibly because his Part D is a little less than mine.
And yes,I thought Medicare was supposed to be going down for 2023 as well,so I was shocked! Will have to look into it further....
And yes,I thought Medicare was supposed to be going down for 2023 as well,so I was shocked! Will have to look into it further....
Harry Le Hermit
Member
- Location
- Georgetown, Ky
Not sure how the $192.80 previous rate came about, unless you had the standard part b deduction AND possibly Part D, being withheld.
That $428.60 monthly figure is dead on for an individual with modified gross income of $153,000 ~ $183,000. or joint of $306,000 ~ $366,000. Not sure what year that would be based on, but think maybe 2020 or 2021.
Did you have some type of windfall income, during one of the past few years?
Mrs. Robinson
Well-known Member
- Location
- Nampa,Idaho
Yep,figured it out.We sold a piece of property in 2021 that greatly boosted our income last year.I had no idea it would affect our Medicare premiums-how dumb am I? Hope it drops back down next year....
Don M.
SF VIP
- Location
- central Missouri
It appears that any SS COLA increase for next year will be eaten up by the increases in Medicare premiums.
Kaila
SF VIP
Not so dumb.
I had not heard of this, either.
In addition, it is always very wise (not unwise
)to question it, whenever there is any unexpected spike than expected, in most anything, because there truly are errors made, and one should not just accept them all as unavoidable true increases, without further investigation!
Kaila
SF VIP
I would guess it would, though of course, that's just my guess.
While any ongoing interest or income gained from however you have that sales income invested, would continue to be considered income, of course. But not as high as this year!
leastlongprime
Member
- Location
- mid Valley Oregon->eastside seattle
We too sold a property in 2021.
We set aside a good portion for taxes paid in 2022, the April quarterly, then when we finally got the 1040 from the CPA, an additional amount for the tax and a penalty for a late payment (gave the CPA everything in late February.) Still have about $15k in savings to pay for 2023's IRMMA.
Lethe200
Senior Member
- Location
- San Francisco Bay Area
Yup, that's the downside of making a big profit on something and/or pulling an extra-large distribution amount from a retirement account.
leastlongprime
Member
- Location
- mid Valley Oregon->eastside seattle
B increase to $330/p (standard B is $165) total with IRMAA adjustment.
D increased to $32/p. I will take the better B coverage at $58 because I may be taking more expensive drugs.
The set aside money from the property sale, will be adequate.
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Kaila
SF VIP
Very interesting, and good to learn about. Important for some others to be aware, if it might apply to them. Thanks for sharing that. I'm glad you knew to set aside, an adequate amount.
I will just correct the typo in your post, in case someone else is reading it. You are opting to take a better Part D, coverage which has a higher premium cost, due to anticipated possible drugs.
debodun
SF VIP
- Location
- way upstate in New York, USA
Mine went up almost imperceptibly.