I was laid of last year and had to enroll in Medicare because I was 65+, Now I am paying over $700 per month for Medicare premium, Medicare supplement, Dental and vision care, Medicare partD just for myself. I have worked full time for more than 30 years and have paid all my taxes, social security, etc. I did not expect that Medicare would be so expensive. And the price keeps going up every year. I always thought Medicare is free.
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You pay IRMAA based on your AGI a couple years ago. Penalty for having made too much money in the past. IRMAA is adjusted every year.
What poster @nou+1un4uqvl said about Medicare looking at reported income two years back is correct. If you are married filing jointly, and report <206k in income, the cost for Part B is $174 and change. You pay additional monthly if your income is in a higher tier than this. I think there are five tiers above the 206k.
If you are laid off and expect to have <206k income ( married filing jointly) in a year, you can file for an adjustment to pay the lower Medicare amount. At the end of year, if you make more than 206k, you pay back Medicare for what you should have paid. If you make less than 206k, you’re good. NOTE that if you file as single, the limit is much lower
All in (fed, state, property, sales, etc) we pay about 40-50% of income in taxes. In 1776 we paid England less than 5%, and waged a war to revolt. Can we now fire our government and bring back King George :)
Only those here as non-citizens get the good free perks anymore.
Illegal immigrants coughed up almost $100B in taxes in 2022 so it's not entirely "free." The Boston Tea Party wasn't in protest of taxes but taxes without representation.
Cisco needs far more extensive layoffs.
I always thought Medicare is free.
If only the US had an education system that taught people that you can't keep cutting taxes and increasing outlays forever. We've managed to make an ineffective healthcare system the most expensive in the world and we're all going to pay one way or another.
I'm in my mid 50s now. Anything else I should know?
Social security is depleting its treasury securities and will be entirely dependent on payroll taxes which won't cover its costs. Once you have to be warehoused in long term health care you'll be paying $150,000/yr for half a room in the boonies and far more in an area with decent healthcare and you may die there never having seen a doctor.
Google it genius!
OP is showing his ignorance and has not drank the retirement cool-aid. Still riding high post Cisco. No kudos for being tardy, and getting up to date on rules and policies. Moreover, putting incorrect data misguides others.
I will like to know how various Medicare coverage adds up to $700 per month?
I am in Medicare myself and have done my homework. I can consult others if willing to pay my ex- Cisco rates. Hahaha 😝 It should be easy to dig up details.
Medicare has never been free for all of the parts, but if you get a good medigap policy it can keep your out-of-pockets to an extreme minimum, which is far better than you typically do with corporate insurance.
Why is everyone acting so rude towards OP?
They were just trying to share some info regarding their current situation.
Thanks for the heads up, I will look into Medicare when I'm 65 within the 6 month window.
I'm in my mid 50s now. Anything else I should know?
if I was smart
:)
You old. America broke.
I am 57 so not on Medicare yet, but I have been researching it in preparation. From what I understand, only the following coverage is mandatory:
- Part A (Hospital Insurance): $0 for most people
- Part B (Medical Insurance): $174.70 each month (or higher depending on your income)
These plans are optional:
- Part D (Dr-g Coverage)
- Medicare Supplement Insurance (Medigap)
Note: It is recommended to sign up for (at least) Parts A, B, and D.
Source: https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/what-does-medicare-cost
How much do you pay for Medigap?
Why would you want to work past 65? Retire, relax, and play golf or something so younger generations can have a sliver of the same opportunities you had when you started working. Should rename boomers the “f**k you I’ve got mine” generation.
If you don't apply to Medicaid in the 6 month window at your 65 bday then there are permanent monthly cost penalties. I took the class.
Su-k it up, buttercup.
The Vaxxes Chucky made you you take in 2021 (or you'd get fired, remember that ?) will kick in soon and end your need to pay for anything in the future! Take a few boosters to speed the process.
You earned a lot, now share the burden with others who also paid Medicare taxes. High earners pay more, but if I was smart, I will read up on Medicare rules and various plans. You could be paying for multiple overlapping programs and paying for these. You could be over covered on benefits.
medicare looks back at the previous 2 years of income from tax return - so if you got lr last year - the medicate would look at income from 2021. it will be less when reported earnings are lower
You thought Medicare was "free"? Did you do no planning for your older years? Let this be a cautionary tale for younger people. Actively plan for when you are older. Especially men. You lose a job in your 50's+, you might find it difficult to get another one of the same or higher caliber.
Responsibility in the USA is rewarded with more taxes and fees.
Only those here as non-citizens get the good free perks anymore.
You can try to go carnivore and do not eat any Carbs, which will save you a lot of medicine expense