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

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