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Social Security announces 5.9% increase for 2022


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23 hours ago, RickS said:

But "what the lord giveth the lord taketh away"....  Since SS gets a COLA increase that means that the Part B premium can.... AND WILL.... increase. That increase will be announced in December.

From the Detroit Free Press, dated yesterday, "The Medicare trustees report in August suggested that the estimated premium for Part B would go up $10 a month for 2022, driving the Part B premium to about $158.50 a month. For 2021, the Part B premium is $148.50 a month."

Since the avg. SS 5.9% increase is expected to be 90 bucks a month, the $10 increase in Part B premium won't be a big hit for most.

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This is correct but.... 5.9% is better than nothing and the best it has been in many a year. My 5.9% increase will amount to a $120/mo. stipend in 2022.

BTW, the Part B premium is not a fixed amount for everyone... it can deviate a bit depending on several factors. For example mine and my wife's is not $148.50 for 2021 but rather $144.60.

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  • 5 weeks later...

Update on Medicare Part B increase.  

It's been finalized and instead of the modest 6.7%  increase of apprx. $10 bucks a month, the actual increase will be a 14.5% increase, averaging $22 bucks a month. 

The deductible is also increasing. 

https://www.cnbc.com/2021/11/12/medicare-standard-part-b-premiums-for-2022-jump-by-14point5percent-.html

"The standard premium for Medicare’s outpatient care coverage will jump by 14.5% for 2022, far outpacing an earlier estimate of 6.7%, according to the government.

The standard premium for Part B, which covers outpatient care and durable equipment, will be $170.10 next year, up $21.60 from $148.50 this year, said a senior official for the Centers for Medicare & Medicaid Services on Friday. The program’s trustees had estimated this summer that the premium would rise to $158.50.

The deductible for Part B will be $233, up $30 (14.8%) from this year."

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Seems like they taketh away more than they giveth, EVERY TIME !!

I dropped Part B shortly after we moved here.  Even with several short hospitalizations and numerous doctor bills along the way since 2004, we're way ahead. The problem I saw was finding a doctor who would take a new Medicare patient in the U.S. and the expense of getting there and staying while the problem was taken care of.  I've been happy with my care in Mexico.

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41 minutes ago, mudgirl said:

"Spectacularly incompetent government" is a political viewpoint having nothing to do with "truth".

Just because you believe something doesn't make it true. 

And anytime someone posts something that doesn't jive with your politics, you yell FAKE NEWS!

FAKE NEWS!!!

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1 hour ago, maw7815 said:

How can I cancel Part B in Medicare? Who do I call or send an email to?

Has anyone else cancelled theirs?  I have lived here in MX since 2006 and have never used Part B for seeing a Dr. or being hospitalized!

I keep forgetting to follow up on it!

Maw

Check out my post from yesterday.  I cancelled mine.

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To keep or not pay for Part B Medicare is a very personal decision. The current $170/mo (per person if there is a significant other!) is certainly a chunk of change to see go out the door with seemingly no value. 

Friends like gringal/spouse long ago made the decision that they would die in Mexico and I believe them.  BUT I have other friends who made that same prediction but life vs death got in the way.... medical problems which only had solutions in the US of A. They had kept paying Part B so could go back without the penalty. Lived there about 10 more years by making that decision. Would have died within 2 months they were told if they stayed but without the 'drug' not available in Mexico.

So it's a crap shoot. And a personal decision. Make that decision wisely.... or as wisely as one can without having a crystal ball. 

 

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For those of you who are deep-dive inclined, this is a great website by a CFA about the relationship between SS & Medicare, retirement suppositions, etc. 

Medicare is in deep doo-doo, and will be broke in 6 years or so. Most people don't really understand how it works,  or why it goes up the way it does. I believe that this guy has great info that may allow us to see the future more realistically and act prudently now, so we don't get screwed up later. 

Enjoy ... http://danielamerman.com/aHome.htm

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