Affording Medicare

[wagonmaster2]

My (and my wife's) Medicare premium was $96.40 during 2011. I understand it will be $104.20 in 2012, going to $120.20 in 2013, then jump to $247.00 in 2014. This will be a 156% increase in 3 years, or 2 1/2 times the 2011 premium.

I will be paying over 15% (and the wife over 32%) of our monthly SS income each month for Medicare by 2014. Don't know how everyone else will be able to take this, but I know it will definitely cause us to reevaluate what we can afford to purchase and how much travel we will be able to do.

Just wondering if we're the only ones getting hurt by this unreasonable increase. Hopefully this can be corrected after the first of the year but don't think I'll be holding my breath till then.

Wagonmaster2

[buck62]

This has been the rumor going around that in 2014 Medicare premium will be $247.00 but if you go to FactCheck.org : Premium Nonsense On Medicare you will find the following information:

Medicare Part B Standard Premium (projected, February 2011)


2012 $108.20
2013 $112.10
2014 $117.10

Health costs are the most significant costs and greatest concern for retirees. When you add the costs we pay for the Medicare premiums plus the costs of our supplemental insurance policies to cover what Medicare does not cover and our Long Term Care policies we pay out a lot of our retirement funds for insurance.

[wildtoad]

I know for a lot of people medicare premiums going up may a hardship. For me, I would be estatic if I could get health insurance for me and my wife from someone other than her employer. She would very much like to quit but we need insurance. Since we both have pre-existing conditions our only known option (we're not 65 yet) is a state run plan where the premiums would be in excess of $1,200 a month EACH. Obamacare (not being political here) has an option for us but we would first have to be without insurance for 6 months which is not a good option for me.

Tom

[demoon]

If you paid $96.40 in 2011, you will pay $99.90 in 2012. You should have gotten a notice to the affect by now.

[jackrobinryan]

Knowing I will get flamed, I still can't stop from posting...everything we buy/consume is getting more expensive. That's just the fact.

As a mid 50's couple, modestly retired early from self employment, we pay over $500/month for health insurance. $6,000+ per year. We are basically healthy and rarely use our coverage. And if we had a major issue, these insurers will kill us with increases well in excess of 15%.

We have to look forward to 10 more years, probably, of paying ever increasing rates on already vastly more expensive coverage. And if things don't change soon, there might not be a Medicare for us to qualify for. Heck, I don't even plan on getting an SS check someday.

I don't have a solution. Just keep paying and praying for good health.

safe travels
j

[wnytaxman]

In some states you cannot be denied coverage for pre-existing conditions if you have had health insurance for at least six months. If you are under 65 and in good health you might want to check out the High Deductible Health Insurance along with a Health Savings Account. There are some major tax benefits to going the route of the Health Savings Accounts. For those over 65 and on Medicare the HSA is not available.

Our big shock about Medicare came when one of my clients went on Medicare. He got the "free" add-on insurance for himself. No cost to him, but as he later found out, it costs the taxpayers almost $900 a month. To translate, between what his medicare costs him and what the taxpayers are paying comes out to a single health insurance policy for almost $1,000 a month. Ouch!!

[Mr_D]

Quote:

Originally Posted by buck62 This has been the rumor going around that in 2014 Medicare premium will be $247.00 but if you go to FactCheck.org : Premium Nonsense On Medicare you will find the following information: Medicare Part B Standard Premium (projected, February 2011) 2012 $108.20 2013 $112.10 2014 $117.10 Health costs are the most significant costs and greatest concern for retirees. When you add the costs we pay for the Medicare premiums plus the costs of our supplemental insurance policies to cover what Medicare does not cover and our Long Term Care policies we pay out a lot of our retirement funds for insurance.

Factcheck might be right in this case but you must remember that it purports to be an independent source of factual info, but it very definetly has an agenda that I don't agree with. I don't depend on them for any real factual info.

[BryanL]

Note that most states have programs that can help with Medicare premiums if your income is below the federal poverty levels ($30k or something like that).

There should be a county or state office for senior affairs or something like that, or even a number of nonprofits, that can assist in figuring out what can be done and in how to apply.

[RJay]

Hi Folks


This thread is important to every member. Let's try to keep the conversation about affording Medicare an not about politics.

[fishfryer]

We are 72 and 71 and have for the last three years paid our 96+ and will pay 99+ this year for the basic medicare. We have suplimental insurance, which has paid for most of the yearly costs ($2000 more in co-pays and meds this year). The cost for this additional is ZERO!! I think you need to check out and find a insurance plan that works for you and it does not have to be all that costly. So our cost is 1156 x two plus 2000 or about 360 per month for two. Seems fair to us.
Take care, JerryH

[Wizard]

I can say that ours is going up about $4 each next year. At least we got more SS raise than that

[Cat320]

Quote:

Originally Posted by wagonmaster2 My (and my wife's) Medicare premium was $96.40 during 2011. I understand it will be $104.20 in 2012, going to $120.20 in 2013, then jump to $247.00 in 2014. This will be a 156% increase in 3 years, or 2 1/2 times the 2011 premium. I will be paying over 15% (and the wife over 32%) of our monthly SS income each month for Medicare by 2014. Don't know how everyone else will be able to take this, but I know it will definitely cause us to reevaluate what we can afford to purchase and how much travel we will be able to do. Just wondering if we're the only ones getting hurt by this unreasonable increase. Hopefully this can be corrected after the first of the year but don't think I'll be holding my breath till then. Wagonmaster2

Sounds as if you are counting on SS as your only form of retirement income...if so, that was your first mistake. It is not, and never was, intended to be the sole source of income for your retirement.

[wagonmaster2]

Quote:

Originally Posted by Cat320 Sounds as if you are counting on SS as your only form of retirement income...if so, that was your first mistake. It is not, and never was, intended to be the sole source of income for your retirement.

Not entirely, but SS does make up a nice chunk of our monthly income, which Medicare premiums are still taking a big piece of our income.

Wagonmaster2

[fletch460]

Quote:

Originally Posted by Cat320 Sounds as if you are counting on SS as your only form of retirement income...if so, that was your first mistake. It is not, and never was, intended to be the sole source of income for your retirement.

Cat320, in 1959 I was sold an insurance policy that said if I paid into for 45 years I would recieve x amount of dollars. To say that someone made a mistake by relying on this is assinine. Who knows what has transpired in someones life where maybe they could not buy stocks or whatever and counted on the insurance they bought. All I know is it was not avaiable I would probably not be able to enjoy life, fading that it is.