Ritter Insurance Marketing, Craig Ritter

Social Security Increases and Medicare Part B Premium for 2012 Coming in October

10/20/2011 UPDATE:  Social Security benefit increase for 2012 was finalized yesterday at 3.6%.  Here is a link to my blog post on this along with some refinement of where the Medicare Part B premium for 2012 will land when it is announced the week of October 24th.

10/15/2011 UPDATE:  Medicare’s Annual Enrollment Period began today!  The Annual Enrollment Period (or AEP) runs from October 15th 2011 through December 7th, 2011.  To find information on your 2012 Medicare Advantage, Part D or Medicare Supplement options from a local insurance agent, click here.

Here is the Original Story:

Here is a link to an early story on the upcoming increases for Social Security Benefits and Medicare Part B premiums for 2012.  The number should be out in early to mid October.  The past 2 years, Social Security benefits have not increased due to the way that inflation is calculated.  Medicare beneficiaries are “held harmless” to Part B premium increases unless they are new to Medicare, in which case that get the higher premium.  About 75% of Medicare beneficiaries are paying the $96.40/month, however, those who were enrolled in Part B in 2011 are paying a much higher rate:  $115.40.

I’ll need to do a little research to see if there is a SS increase, if those paying the $96.40 will jump the whole way up to the $115.40, or if they will only get an increase based on their current premium.  A few years back, the Part B premium was pretty standardized, however, today there are a multitude of premium rates someone could be paying.

Posted by filed under CMS, News .

  • http://www.davevaccaro.com dave

    That increase is only going to make it harder on the poorer communities even though part b could jump up another $20. That is still $240 more a year in part b premiums.

  • Anonymous

    I have an idea. Take the whole SS amount and just pay my daily or monthly costs. These jerks in office are all the same. Leave the part b premium alone for everyone.

  • http://portlandmedicareexpert.com medicareinsuranceguy

    Since the government couldn’t raise Part B premiums on current Medicare Beneficiaries, due to the “hold harmless” clause of not raising SS benefit check. They found their way around the “hold harmless” clause that it did not include new beneficiaries. Which started in 2010, with new beneficiaries having a different Part B premium level than prior beneficiaries having part b prior. With this happening, it will be interesting to see how they adjust these different levels for 2012.

    Remember the old phrase “givith” and take it away ith” give a ss increase and take it away in part b premium increase. It never balances out for our poor retired population

  • Big Al

    Why is it that everything goes up year to year? Is there a logical reason or is it just that costs increase so wages increase to keep pace? If that is so why not just have a freeze on all prices and wages?

  • http://mediacom George

    Why are the premiums for part B different for people starting in medicare B in different years when they first become eligible? Is the higher premium permanent or for just that year? I do not understand this???

  • Anonymous

    Social Security for 2012 and beyond has been projected as:
    Medicare Part B Standard Premium (projected, February 2011) don’t know if it has changed since February’s projection.

    2012 $108.20
    2013 $112.10
    2014 $117.10

    Source: Center for Medicare & Medicaid Services
    Office of theActuary

    Bev

    • Noel

      That is all it is, a projection.This is a department that serves our President (all of them of course) and the $108 is not a promise. Could be higher, doubt it will be less. In about ten days we will know. This number should always be available before the October CPI-W is available, but it is not; after two years of just sitting there, it should have been there especially as this is the first early year to be able to change. Who would change before they know the cost of “B”…………

  • Anonymous

    What is the big secret on what the 2012 Part B Medicare premiums will be

  • RickB_GA

    I am just hoping my SS will increase will cover my part B increase … I am one of those people who have been paying $96.40. It will be disappointing to end up with a net loss.

    • Anonymous

      there is a law that your part b premium cannot raise higher than your ss raise. therefore if you dont get a raise in ss, your part b premium will not go up.

      • Anonymous

        That can’t be right because for the last 2 years I did not get an increase in my social security but my medicare premiums went up. In 2010 I had a loss of $6.00 a month and in 2011 a loss of $4.00 a month.

      • Medicare Professional

        The only way your Medicare premium would go up if your SS amount stayed the same is if you had an IRMA (Income Related Monthly Adjustment) because your MAGI (Modified Adjusted Gross Income) from the 2008 and 2009 tax returns was above $85,000 (for single) or $170,000 (Married).

  • Anonymous

    What ate these “inovative products’ the article referrs to?

  • Anonymous

    God Bless the USA!

    • Big Al

      Yes, God bless high income taxes, property taxes, sales taxes, vat, absurd medical costs, gridlocked government, police brutality, messed up automated telephone answering systems for companies, jobs being exported to other countries, foreigners answering phones for service companies whose speech is unintelligible, needless wars, automobiles worth ten thousand selling for thirty five thousand, pills being sold for five bucks a pop that are available in other countries for thirty cents, and that is only some of the problems.

  • Medicare Man

    Just a guess bit it you figure the % of the last Part B increase it should be about the same or a little more.

  • Anonymous

    There was an article out several months ago that projected that the Part B premium would consolidate to $111.?? for all enrollees. I will try to find the link to that article.This was several months ago though when there was a projected moderate COLA for SS benefits for 2012. Who knows now?????

  • Mike

    Its not right that people that went on Medicare pay almost $20 more per month for thei Part B premium than people that went on in 2009 or sooner. I believe the rate is about $110.40 for Medicare beneficiaries that went on in 2010. It makes it confusing to explain to prospects. Very unjust if you ask me.

    • Anonymous

      i work at a senior center and deal with this all the time. everything goes up every year, why wouldnt premiums? with a medicare supplement plan, the premium goes up every year when your age goes up every year. its not a very good system but that is how it is. if there is a raise in social security, everyone’s medicare premiums will go up. doesnt matter what year you went on. since there has never really been a freeze on colas for social security, we have never encountered the problem of people all paying different premiums. i dont know how it will work. it could be that if there is a raise in social security, only the people paying 96.50 will have a raise in their medicare premium. we won’t know until it happens.


© Ritter Insurance Marketing