Indeed, when coupled with other income streams. It is kind of a mixed bag for S.S. recipients with Medicare Part B as well as Medicare Advantage, and when factoring in purchasing power... there is a marked decrease in purchasing power. The following chart is based on $134 standard deduction, which the CMS indicates will not raise, although there is still a slight chance of decrease. Also, it is compared to the 2017 rate structure. "Check" means the actual S.S. check, which is derived after Part B deductions. $1,309 and above are not "hold harmless", as at that rate, full $134 is being paid. Below is still hold harmless. Purchasing power is based on 2% rate of inflation is calculated to reflect the loss of monthly purchasing power. The chart is my construction and is not to be considered "official" as the variable is the base rate.
The $134 is official, so the above chart can be used as a rough guide. 2018 Medicare Parts A & B Premiums and Deductibles Announced
The government giveth, and taketh away. At will. Decisively based on each constituents' forecast of re-election. TAKE, what you may get away with, GIVE, only if projected compensation (votes) exist. As I heard a decade ago, "Throw all the bastards out, and start with a clean slate". Still applies today. Frank
Well, I'm definitely not going to be rich. I got my New benefit Amount yesterday. We got an increase of 2% which for me means $34 more. Except that Medicare went from $110 to $134. Prescription drug plan went from $62.20 to 73.90. After they get through making deductions, I'll have $1.70 less than I did last year. Plus, my supplemental policy went up $10. If they keep on giving us increases, I'm going to wind up in the poor house.
Kinda makes a person want to go and commit a federal crime. I specify "federal" because the federal prisons ( from my inexperienced knowledge), have much better accommodations than the state prisons do. Just think. Go to prison and (I think) still collect Social Security and get three good meals and a bunk with clean sheets that are washed by someone else. Free medical, free cable TV, a free computer room, and if one wishes, a free college education. No more worries about car insurance nor gasoline, no utility bills nor worries about going to Walmart to buy clothing. One can learn a hobby and maybe rub elbows with some past senator or a Wall Street type or even, if we get lucky, a past presidential candidate! Yup, I think I have just about talked myself into something here...........................
@Bobby Cole , the only thing wrong with that plan is they lock the door behind you. I guess I'll just have to stick to my bread, baloney and beans.
What? And deny ourselves the opportunity to have fish sticks or powdered scrambled eggs and prepared for us by some chef who was caught forging five dollar bills?
https://www.ssa.gov/pubs/EN-05-10133.pdf Except you can't collect Social Security while you are in Prison.
Now you know they wouldn't let me in that Prison with those x-Senators Bobby. Even those ex-Politicians go to different Prisons than regular criminals go to...
My husband's SS check will have some increase...but not mine. And they did raise our Medicare premiums.
I can seriously relate to what you are saying, @Shirley Martin . It seems like the government hands you something with one hand, then they take that much , or more, away from you with the other hand. My SS benefit has gone up from $441 this year to almost $450 next year, so in January when that happens, I will receive a notice from SNAP that they are reducing my food stamps because I now have more income. Never mind that the increase of $7 that I am getting is supposed to allay the increased cost of living expenses, since they have gone up way more than my puny little $7 that they are giving me; as long as my income goes up, the food stamp benefit goes down, so I am basically in the same situation as you just explained.
That's just pretty much the way life works @Yvonne Smith. We get a little raise and it's like someone sends a note on this to all the Utility Companies, etc. and they decide it is time for a rate increase. Our Sewer rate decided to go up so now it costs more to flush our toilet then it does to use our water for cooking, showers, etc...even watering our plants and flowers. God is good though...and always ends up balancing things out for us.
Since my Social Security pension amounts to just over $5,000 a year income, which is barely half of the Federal Poverty Level for one person; I went to the SS office and applied for SSI , the supplementary pension for low-income people. Yesterday, I got a denial letter from the Social Security Administration because they say that I have too much income. I am just sitting here, shaking my head at this, and I don’t know whether I want to laugh or cry........