Mostlylost Posted October 13, 2021 Report Share Posted October 13, 2021 Today the Social Security Administration of the US announces a COLA of 5.9% for 2022 https://www.ssa.gov/cola/ Quote Link to comment Share on other sites More sharing options...
AndyPanda Posted October 13, 2021 Report Share Posted October 13, 2021 Got pretty excited for a second... you made a bit of a typo in your post. (In case anyone is wondering, the original post showed 59% instead of 5.9% in the comment.) 5 Quote Link to comment Share on other sites More sharing options...
RickS Posted October 13, 2021 Report Share Posted October 13, 2021 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. 2 Quote Link to comment Share on other sites More sharing options...
gringohombre Posted October 13, 2021 Report Share Posted October 13, 2021 However It looks like inflation will eat that up plus much more NOB due to the spectacularly incompetent government there. I am sure that as usual this will translate down here also. 1 1 1 Quote Link to comment Share on other sites More sharing options...
Ian Greenwood Posted October 14, 2021 Report Share Posted October 14, 2021 I don’t suppose the world pandemic could have affected supply and demand thus causing inflation could it ? :() 6 Quote Link to comment Share on other sites More sharing options...
Ian Greenwood Posted October 14, 2021 Report Share Posted October 14, 2021 Probably better that big brother deleted my last few words…but considering the source of the post …they were appropriate. 1 Quote Link to comment Share on other sites More sharing options...
Bisbee Gal Posted October 14, 2021 Report Share Posted October 14, 2021 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. 1 1 Quote Link to comment Share on other sites More sharing options...
ibarra Posted October 14, 2021 Report Share Posted October 14, 2021 The 5.3% cost of living increase that the U.S. Federal government indicates does not include food and fuel. The 5.9% COLA would not make much of a dent if we lived NOB, I fear. 1 Quote Link to comment Share on other sites More sharing options...
RickS Posted October 14, 2021 Report Share Posted October 14, 2021 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. Quote Link to comment Share on other sites More sharing options...
Bisbee Gal Posted November 14, 2021 Report Share Posted November 14, 2021 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." Quote Link to comment Share on other sites More sharing options...
gringal Posted November 14, 2021 Report Share Posted November 14, 2021 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. 6 Quote Link to comment Share on other sites More sharing options...
RickS Posted November 14, 2021 Report Share Posted November 14, 2021 "They" saw an opportunity to hike it because of the largest hike in the COLA in many years. My $120 increase will be nibbled down to $100 but that's still a better increase than I can remember ever. Quote Link to comment Share on other sites More sharing options...
mudgirl Posted November 15, 2021 Report Share Posted November 15, 2021 On 10/13/2021 at 11:34 AM, gringohombre said: However It looks like inflation will eat that up plus much more NOB due to the spectacularly incompetent government there. You never miss an opportunity to spew your politics, do you? Quote Link to comment Share on other sites More sharing options...
gringohombre Posted November 15, 2021 Report Share Posted November 15, 2021 1 hour ago, mudgirl said: You never miss an opportunity to spew your politics, do you? It is not politics...it is the truth!!! 2 3 Quote Link to comment Share on other sites More sharing options...
mudgirl Posted November 15, 2021 Report Share Posted November 15, 2021 "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! 2 Quote Link to comment Share on other sites More sharing options...
Jreboll Posted November 15, 2021 Report Share Posted November 15, 2021 All that money printing was going to cause inflation either way but the last administration could have used it for infrastructure but instead used it to give tax breaks to corporations and the wealthy. 1 3 Quote Link to comment Share on other sites More sharing options...
gringohombre Posted November 15, 2021 Report Share Posted November 15, 2021 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!!! 2 1 Quote Link to comment Share on other sites More sharing options...
maw7815 Posted November 15, 2021 Report Share Posted November 15, 2021 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 Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted November 15, 2021 Author Report Share Posted November 15, 2021 Yes you can cancel it. Only remember if you do cancel then to reinstate the coverage you will need to pay all missed payments. You can do it online at https://www.ssa.gov/myaccount/ Or you can call... Here is information regarding calling https://www.ssa.gov/agency/contact/phone.html Quote Link to comment Share on other sites More sharing options...
gringal Posted November 15, 2021 Report Share Posted November 15, 2021 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. Quote Link to comment Share on other sites More sharing options...
gringal Posted November 15, 2021 Report Share Posted November 15, 2021 Mostly Lost: Please refer to the place where they say that you must repay ALL your missed payments in order to reinstate Medicare Part B. I can't find that. I do know people must pay more than they would have if they never cancelled. 1 Quote Link to comment Share on other sites More sharing options...
Fred Habacht Posted November 15, 2021 Report Share Posted November 15, 2021 The penalty is a permanent increase for each year you had withdrawn from the plan and that payment is currently 10% per year and it is cumulative. 2 Quote Link to comment Share on other sites More sharing options...
gringal Posted November 15, 2021 Report Share Posted November 15, 2021 Let's see: that would be 170% in my case, so I think I'll leave things are they are!!😉 Quote Link to comment Share on other sites More sharing options...
RickS Posted November 15, 2021 Report Share Posted November 15, 2021 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. 6 Quote Link to comment Share on other sites More sharing options...
Honorandfaith Posted November 16, 2021 Report Share Posted November 16, 2021 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 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.