Projected 2020 Medicare part B Premium

https://www.investmentnews.com/article/20190506/BLOG05/190509959/hints-about-social-security-cola-and-medicare-premiums-in-2020


Buried in the recent Social Security and Medicare Trustees' Report were some hints about next year's projected cost-of-living adjustments for Social Security benefits and likely increases in Medicare premiums for 2020.

The fact that the Medicare Part A hospital insurance trust fund is expected to be depleted in 2026 unless Congress acts before then stole the headlines. But the report also revealed that the basic Medicare Part B premium, which helps pay for doctors' fees and outpatient services, is expected to increase by $8.80 to $144.30 a month in 2020.
 

GreenSky

Active member
Location
Las Vegas
Thanks. I hadn't seen that yet.

I hope that people will start reviewing their supplements to try to offset the increase (and more).

But even at $144, it's VERY cheap coverage despite the fact that we have paid into the system for about 50 years.

Rick
 

OneEyedDiva

Well-known member
Location
Nrw Jersey
Whoa...that print is kind of tiny Trade. :oops: For some unknown reason, that's the size of the font that my posts were reduced to when SF changed their design. But thank you for the update. I was wondering about that.
 

mathjak107

Well-known member
Thanks. I hadn't seen that yet.

I hope that people will start reviewing their supplements to try to offset the increase (and more).

But even at $144, it's VERY cheap coverage despite the fact that we have paid into the system for about 50 years.

Rick
But remember .what we really paid in for decades goes for free PART A... PART B IS USER and govt funded with the bulk of users paying only 25% of the actual cost and high earners paying 85%
 

GreenSky

Active member
Location
Las Vegas
But remember .what we really paid in for decades is free PART A
The premium payment for Part B was supposed to be 25% of the actual cost to the taxpayers. But for many this cost was suppressed due to lack of cost of living increase for social security. I think it may be catching up.

So what we paid in for decades was for Part A and 75% of Part B.

Rick
 

mathjak107

Well-known member
The premium payment for Part B was supposed to be 25% of the actual cost to the taxpayers. But for many this cost was suppressed due to lack of cost of living increase for social security. I think it may be catching up.

So what we paid in for decades was for Part A and 75% of Part B.

Rick
Part B is income dependent...... it ranges from 25% to 85% of the actual cost
 

GreenSky

Active member
Location
Las Vegas
Part B is income dependent...... it ranges from 25% to 85% of the actual cost
Ok, I know you have to correct me. So thanks for that.

For MOST people we pay 25%. And it is grossly unfair that people who paid more in while they worked now pay more when they retire.

Rick
 

mathjak107

Well-known member
I agree ..but it is what it is ..compared to what we paid for health insurance Medicare is a blessing for us ...I got thousands a year in increases in premium ,out of pockets and deductibles with no raise

The thing people have to be careful of is selling assets with big gains 2 years before going on Medicare since Medicare goes back two years to set premiums.... it does not have to be people with very high incomes on a regular basis ..

We sold an investment two years before going on Medicare and I was not even retired yet ...we hit the 80% level on premium...at that time it was an extra 700 a month for both of us on top of the regular premium.

So if you are not careful you can pay Thousands more for a year.. it can effect people with normal incomes who are not aware of the Irma increases
 
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Lc jones

Well-known member
Location
Florida
I agree ..but it is what it is ..

The thing people have to be careful of is selling assets with big gains 2 years before going on Medicare since Medicare goes back two years to set premiums.... it does not have to be people with very high incomes on a regular basis ..

We sold an investment two years before going on Medicare and I was not even retiree yet ...we hit the 80% level on premium...at that time it was an extra 700 a month for both of us on top of the regular premium.

So if you are not careful you can pay Thousands more for a year
Great info, thanks mathjak
 

Butterfly

Well-known member
I agree ..but it is what it is ..compared to what we paid for health insurance Medicare is a blessing for us ...I got thousands a year in increases in premium ,out of pockets and deductibles with no raise

The thing people have to be careful of is selling assets with big gains 2 years before going on Medicare since Medicare goes back two years to set premiums.... it does not have to be people with very high incomes on a regular basis ..

We sold an investment two years before going on Medicare and I was not even retired yet ...we hit the 80% level on premium...at that time it was an extra 700 a month for both of us on top of the regular premium.

So if you are not careful you can pay Thousands more for a year.. it can effect people with normal incomes who are not aware of the Irma increases
Please excuse my total ignorance of this Irma thing. How exactly does Medicare "look back?" At tax returns? Also is this an ongoing thing, or just when you begin Medicare coverage?
 

retiredtraveler

Well-known member
"....Please excuse my total ignorance of this Irma thing. How exactly does Medicare "look back?" At tax returns? Also is this an ongoing thing, or just when you begin Medicare coverage?...".

Doesn't 'look back' apply to Medicaid, not Medicare?
 

mathjak107

Well-known member
What we all pay in premiums is determined by taxable magi level ....they have access to our returns and every year set our years premium based on the last return we filed ...that would be 2 years earlier since in January you would not have done the last years taxes yet..

Depending on income you pay any where from 25% to 85% of the actual cost of Medicare part B
 

Butterfly

Well-known member
What we all pay in premiums is determined by taxable magi level ....they have access to our returns and every year set our years premium based on the last return we filed ...that would be 2 years earlier since in January you would not have done the last years taxes yet..

Depending on income you pay any where from 25% to 85% of the actual cost of Medicare part B
Would the sale of one's primary residence count as income?
 

OneEyedDiva

Well-known member
Location
Nrw Jersey
"....Please excuse my total ignorance of this Irma thing. How exactly does Medicare "look back?" At tax returns? Also is this an ongoing thing, or just when you begin Medicare coverage?...".

Doesn't 'look back' apply to Medicaid, not Medicare?
Medicaid actually looks back 5 years. In 2001 or 2002 when my mother exhausted her funds while in the nursing home, the look back was only 3 years.
 

mathjak107

Well-known member
Medicare goes back 2 years to determine your premium level ..they get your magi off of your last filed return which in January would be 2 returns back
 


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