Social Security to increase in 2019

[Kirk W]

Quote

WASHINGTON (AP) — Tens of millions of Social Security recipients and other retirees will get a 2.8 percent boost in benefits next year as inflation edges higher. It's the biggest increase most retired baby boomers have gotten.

Following a stretch of low inflation, the cost-of-living adjustment, or COLA, for 2019 is the highest in seven years. It amounts to $39 a month for the average retired worker, according to estimates released Thursday by the Social Security Administration.

 

 

[sandsys]

Cool! Love increases to passive income.

Linda

[bigjim]

don't worry medicare and health insurance will go up enough to off set any increase

 

[Barbaraok]

1 hour ago, bigjim said:

don't worry medicare and health insurance will go up enough to off set any increase

 

Sure as the sun rising in the east.  😤

[Mr. Camper]

7 hours ago, bigjim said:

don't worry medicare and health insurance will go up enough to off set any increase

 

While that is so true, I was also pleased to see that my Part D monthly went up a bit but my med prices will stay the same for now.  It's an overall upside.  That doesn't happen too often when the government is involved.

[Sehc]

My part D is going from $36 month to $45 month, deductible $350 to $420. It is still the lowest cost figured out for the year.

Medicare can only put the part B up to the amount of increase in SS payments. Bet they do.

[Dutch_12078]

10 hours ago, bigjim said:

don't worry medicare and health insurance will go up enough to off set any increase

 

Surprisingly, our Part D premiums are going down next year. They're only going from $17 to $16, but at least it's in the right direction. Our Advantage Plans are staying the same at $0...

[2gypsies]

This is the second year that we received a refund of approx. $1000 from our Medicare supplement plan (Transamerica)  accompanied with a letter that they compare costs with others and thus, we're due a refund.  Hope this is a yearly thing!

[Twotoes]

Im just turning 65 in two months and am in the process of applying for a supplement plan and a part D plan. I am going with Mutual of Omaha at $116 a month and Silver Script Part D at $28 a month and 0 deductible starting Dec 1st. I hope they don’t raise it Jan 1st. I will have to call my agent and make sure the premium is Locke in for a year. I was also told that the Part B in the amount of $135 will be automatically deducted from my Soc Sec direct deposit. 

[Kirk W]

1 hour ago, Twotoes said:

I will have to call my agent and make sure the premium is Locke in for a year. I was also told that the Part B in the amount of $135 will be automatically deducted from my Soc Sec direct deposit. 

Your part D is locked in and does not change. The parts A & B are deducted from SS. If that Mutual of Omaha at $116 a month is a Medigap/ supplemental coverage it is not locked in for a year but can and sometimes does increase part way through the year. 

[whj469]

Do they add what they take out of my SS payment for Part B and then apply the 2.8% or do they take my payment for Part B out and then apply the 2.8%? Example: SS received monthly $2,470 plus the $130 for part B, $2,600 times 2.8%= $72.80; $2,470 times 2.8%= $69.16?

[Kirk W]

47 minutes ago, whj469 said:

Do they add what they take out of my SS payment for Part B

The COLA is based on your gross monthly payment, rather than net.

[Dutch_12078]

CMS has released the 2019 Medicare Part B premiums, and it's actually pretty good news. The rate is only increasing a little from $134 to $135.50, and for traditional Medicare recipients, the deductible is going up from $183 to $185. 

 https://www.cms.gov/newsroom/press-releases/cms-announces-2019-medicare-parts-b-premiums-and-deductibles

[whj469]

Thanks Kirk and Dutch. I have been very happy with SS and Medicare.

[beemergary]

3 hours ago, whj469 said:

Thanks Kirk and Dutch. I have been very happy with SS and Medicare.

If you had BlueCross all you life and your happy with Medicare now You really need To Change Your Medications.

[Barbaraok]

Beemergary,

What are you talking about?

 

[sandsys]

1 hour ago, Barbaraok said:

Beemergary,

What are you talking about?

 

x2. We had Blue Cross all our lives and we are happy with our Medicare Advantage plan.

Linda Sand

[Dutch_12078]

We had several different health plans throughout our working lives, some better than others, but like Linda we're quite satisfied with our current zero additional premium Advantage Plan. Our UHC plans include a "Passport" feature that lets us use in-plan providers pretty much wherever we are at our normal in-plan co-pays.

[docj]

If you've had the same supplement or Advantage plans for more than a year or two, I strongly suggest that you take the time to do a detailed evaluation, particularly of your drug coverage plan.  We're fortunate to have access to a private brokerage's benefits calculator arranged by my former employer, but I know there are a variety of free online calculators including some directly associated with Medicare.gov

Using the calculator, each year we re-optimize our Part D prescription plan using our then-current list of medications. Based on those calculations, this year I'll stay in the same plan as last year, but my wife will change carriers in order to save ~$400/year.  During the annual open enrollment period you can change carriers and plans with guaranteed acceptance by the plan you select.  Admittedly, the brokerage we use does all the "paperwork" for us, but to save ~$400 a year I'd be willing to do the paperwork myself.

This year we are also going to apply to change our Plan F supplement carriers in order to save ~$50/mo (total).  Even though all Plan F supplements have the same benefits, the prices do vary a bit but there's no guarantee that we will both be accepted by the new plan.  But  even if one of us gets accepted we'll save $25-30/mo and there's no change in benefits.

The benefit calculator we use also allows us to compare Medicare Advantage plans to the traditional Medigap supplements.  I haven't spent as much time with those, but my initial survey of Advantage plans available in South Dakota didn't make it appear as if we would save much, if anything, on an annualized basis.  And most, if not all, Advantage plans would have co-pays on doctor visits and other services for which we pay absolutely nothing under Plan F.  Neither of us have had an out of pocket medical expense (other than for drugs) since we began Medicare coverage >5 years ago.

[Kirk W]

1 hour ago, docj said:

This year we are also going to apply to change our Plan F supplement carriers

I strongly agree that one should review carriers for all plans or supplemental plans at least every other year. Like Joel, we also have access to program evaluations but my former employer contracts with one that has advisors available if you wish to assist you. Those who do not have such a provision, the services of Aon Retiree Health Exchange are also available free to the user.

As to what supplement is best, that rather depends on how much you use medical services as the premiums are more for the more extensive plans such as plans F and G. We switched from F to G a year or so ago since the only difference in benefits is that F pays your deductible for Medicare, while G does not but we save about $50/year more on the lower premiums than the deductible each year. One feature of either F or G is that they provide medical insurance for you while traveling outside the USA. 

[hemsteadc]

14 hours ago, Barbaraok said:

Beemergary,

What are you talking about?

Political nonsense.

[Dutch_12078]

We re-evaluate our coverage each year, and so far, our UHC Advantage plan and Part D coverage have come out on top for us. We see our primary doc usually only 3-4 times a year with a $10 co-pay, and specialists 2-3 times a year at a $45 co-pay. My few drugs are generics at $3 per 90 day refill, and the more expensive drugs my wife needs are covered in part by NY State's free "EPIC" secondary insurance plan for the elderly. All in all, our annual total medical expenses are significantly lower than any of the Supplement Plan premiums.

[beemergary]

10 hours ago, hemsteadc said:

Political nonsense.

Co-pays--deductibles and when your deductible is met then there's out of pocket expences. Remember paying $4.00 to have my appendicts removed. No expense for wife to have our children. Checked in at 5:30 am back in april for open heart surgery and they wanted money. The good old days of GM and blue cross. The Golden Years are for the doctors and medical facilities.

[docj]

Everyone's circumstances are different.  Several years ago when my wife needed a consult at MD Anderson we didn't have to get approval from a PPO or HMO; we simply made an appointment.  She goes for an annual checkup there that ends up costing Medicare ~$7k each time.  The amount we've paid so far---nothing!  That's priceless IMO.

[richfaa]

We have a employee provided BC/BS plan in retirement  and Medicare. We are happy with both.