Question from new retiree

[Ferrets are Cool]

Why are Medicare cost going up? We are getting one of the largest increases in SS in some period of years and it's just gonna get eaten up by the increased Medicare cost.

[PoliticAverse]

1. You're getting a large SS increase because of the same inflation pushing Medicare costs up.

The SS increase is suppose to keep you "even" with inflation.

It doesn't help that medical costs tend to rise faster than inflation.

Some people are pushing for a cost of living index that better fits what retirees actually experience (see: https://www.ncpssm.org/documents/social-security-policy-papers/the-cpi-e-a-better-option-for-calculating-social-security-colas/ )

[dflprincess]

2. Most years the raise in Social Security gets more than eaten up by Medicare increases

and you (and before too long, me) wind up further in the hole.

This is why Bernie has often said the formula used for calculating raises in SS should be based on products seniors buy - like prescription drugs.

[KentuckyWoman]

3. Still a bargain.

If not for Medicare imagine an 80 ye old woman with a history of cancer trying to find insurance at any cost. Or paying full out of pocket.

My premium will go up by $20 a month. My max out of pocket for advantage plan is going up by $100 a year. But my copays went down a little. In the end I will break even - probably better than working people.

So for me, I feel lucky.

[Hoyt]

4. Are you asking about Part B premium? The standard Part B premiere is increasing

$10 a month.

The minimum SS monthly payment should go up by 5+%. That is around $50 month for those on the lower end. Of course, food, housing, etc., are going up too. If we are lucky, we’ll break even or so. Nothing to celebrate, but better than most alternatives.

[padfun]

7. 10$ a month. I can do that.

If that is what it is, then I think we dodged a bullet.

[padfun]

5. How much is Medicare going up?

I haven't heard yet. I hear a lot of people on YouTube saying it is going up, but nobody has mentioned a number.

Before SS went up, we kept hearing numbers and they were about what the increase was. I heard 5.5 to 6.2

[Hoyt]

8. Here's one site for $10.. Of course, supplements and drug plans will increase too.

“Medicare Part B premiums are also on the rise in 2022. The 2022 Medicare Part B premium is expected to be $158.50 per month, which is up from $148.50 in 2021.”

https://www.helpadvisor.com/medicare/medicare-rate-increase

I’ve read the $158.50 on several sites. So, think it’s correct.

[doc03]

6. That is the way it works if you get a COLA raise Medicare and if you

have a supplement or Medicare advantage they go up. So you really never get enough to cover inflation.

[3Hotdogs]

9. I suspect the cost of Covid put one hell of a dent in the Medicare account.

That accounts for some of the increase.

[SCantiGOP]

10. I've had great employer insurance

Worked in 3 different occupations, but for the last three years Medicare has been simple and pays well.