It's Time For Medicare (whether I want it or not)

[dmccarty]

...

BTW: I just got a form letter from Social Security that our great president has recognized that the Cost of Living is up, so I get a 5.5% raise in S.S. SAME LETTER says that because of inflation, Medicare fee will be increasing. So with the +raise and the -increased fee, my NET monthly benefit will be DOWN about $200. ! That's what politicians call a win-win.

I am still working, the company makes money, my product makes quite a bit of money, yet I have not seen a bonus or raise in years.

As my granny used to say, thank your lucky stars.

It will be interesting with the hot job market to see what the company does with raises and bonuses but I am not holding my breath.

Later,
Dan

 

[OldPaint]

Your not going to get any "pay back benefit" unless you can qualify for Medicaid. And you have to be pretty poor to qualify for that. Only dual eligible's get their part B paid for by the government. And my guess is anyone that owns a tractor is not going to qualify for Medicaid. Joe Namath and George Foreman's lies aside. If the zero dollars monthly is all you can afford towards your healthcare plan, then that is cool. Just don't get chronically ill. You will have to pay a little as you go and you will likely be able to afford that, just don't get really sick.

So, how well would a tax deferred private HMO/HSA work (the terminology in insurance is dizzying) for the purpose of funding the dynamics of age and health to offset immediate premiums and OOPs? Is there such a thing or an option for it, or am I barking up the wrong tree? "Pay Back Benefit" is a contradiction in terms and a LIE, and any company/provider that uses it should be immediately stripped of license, and EVERY employee put in a prison next to a gravel pit and given a 20 pound hammer to make gravel with. That would solve some of the infrastructure burden on our taxes.

I can too easily climb up on my soap box about lawyers, insurance, and healthcare, but you seem to be genuinely concerned for those that have worked hard for what they have and offer some sound advice that Broadway Joe and Big George would have coronaries about. Pretty easy to advertise a product that should be illegal when you have no clue what you're selling, and I wouldn't accuse either of them of being the most intelligent life forms or accomplished specimens of reason, because BOTH of them have been hit in the head way too many times. Wilford Brimley was one of my favorite actors until he got in on that game with private providers being handed government money out of the pockets of those that worked for it.

 

[k0ua]

I am still working, the company makes money, my product makes quite a bit of money, yet I have not seen a bonus or raise in years.

As my granny used to say, thank your lucky stars.

It will be interesting with the hot job market to see what the company does with raises and bonuses but I am not holding my breath.

Later,
Dan

Alrighty then. Just when you think it is safe to go back into the water, well here comes another shark.

As many of you know seniors on Social security have received a COLA (Cost Of Living Adjustment)

Sounds good right? Well along comes a big jump in Medicare part B premiums. $170. This will eat into your COLA just a bit. Seems the CMS (Center for Medicare and Medicaid Services) is considering (they haven't done it yet to my knowledge) Covering a new Alzheimer's treatment.

This treatment DOES NOT fall under part D, but instead falls under part B because it must be administered in a doctors office. So that means the government would be on the hook for 80% of this VERY expensive treatment (estimated at around $56000 per year) someone is making money hand over fist. So the CMS felt that they would try to build up Medicare reserves by charging more from each of us before they make their decision. I don't know if I agree with that or not, but no one cares what I think anyway.

So there you have it. Once we start down this road with no exit ramps, there isn't much we can do as individuals. We are at the mercy of Government and that is that. Er...of course the premiums for insurance will be going up too. Enjoy your COLA, drink up. What is left of it.

 

[k0ua]

So, how well would a tax deferred private HMO/HSA work (the terminology in insurance is dizzying) for the purpose of funding the dynamics of age and health to offset immediate premiums and OOPs? Is there such a thing or an option for it, or am I barking up the wrong tree? "Pay Back Benefit" is a contradiction in terms and a LIE, and any company/provider that uses it should be immediately stripped of license, and EVERY employee put in a prison next to a gravel pit and given a 20 pound hammer to make gravel with. That would solve some of the infrastructure burden on our taxes.

I can too easily climb up on my soap box about lawyers, insurance, and healthcare, but you seem to be genuinely concerned for those that have worked hard for what they have and offer some sound advice that Broadway Joe and Big George would have coronaries about. Pretty easy to advertise a product that should be illegal when you have no clue what you're selling, and I wouldn't accuse either of them of being the most intelligent life forms or accomplished specimens of reason, because BOTH of them have been hit in the head way too many times. Wilford Brimley was one of my favorite actors until he got in on that game with private providers being handed government money out of the pockets of those that worked for it.

Don't you just hate it when people you have enjoyed watching for decades "turn to the darkside" and sell out for the money? Even William Shatner, geez, he is about 90 now and he is on every day saying "pick me, pick me" along with the rest of them. And we have laws against prostitution?

 

[ponytug]

Don't get me wrong, I would love to see an effective drug for Alzheimer's.

Recent data suggests that there may be some issues with the drug in question, Aduhelm. The European drug agency turned it down. The clinical trial data only showed a benefit in the early stage of the disease. Both late stage clinical trial studies of the drug were stopped for futility, i.e. the trial would not have shown that the drug had significant benefit.
https://www.acsh.org/news/2021/07/16/aduhelm-it’s-all-over-shouting-shouting-has-only-just-begun-15663

One can only hope that Medicare saves its powder for something more effective.

 

[ultrarunner]

I am still working, the company makes money, my product makes quite a bit of money, yet I have not seen a bonus or raise in years.

As my granny used to say, thank your lucky stars.

It will be interesting with the hot job market to see what the company does with raises and bonuses but I am not holding my breath.

Later,
Dan

If people keep quitting or retiring I sure it will get interesting.

 

[buckeyefarmer]

I am still working, the company makes money, my product makes quite a bit of money, yet I have not seen a bonus or raise in years.

As my granny used to say, thank your lucky stars.

It will be interesting with the hot job market to see what the company does with raises and bonuses but I am not holding my breath.

Later,
Dan

In the same boat. If I don’t get a 6% raise I’m losing money.

 

[Larry Caldwell]

My BIL just came up with this info.

 

[Larry Caldwell]

If people keep quitting or retiring I sure it will get interesting.

Applications for a business taxpayer number are up 59%, and that's just the quitters who incorporated. It looks like people are giving being their own boss a try. Most of them won't make it, but a lot of them will. What to they have to lose? They can work for an idiot for scut wages, or they can work for themselves for the same money. Some of them will do a lot better. I think we're seeing a big socioeconomic change, but what do I know?

 

[Diggin It]

The current page says this:

--------------------------------------------------------------

"Special extra earnings credits are granted for periods of active duty or active duty for training. Here's how the special extra earnings are credited on your record:

• From 1957 through 1977, you are credited with $300 in additional earnings for each calendar quarter in which you received active duty basic pay.
• From 1978 through 2001, for every $300 in active duty basic pay, you are credited with an additional $100 in earnings up to a maximum of $1,200 a year.

In January 2002, Public Law 107-117, the Defense Appropriations Act, stopped the special extra earnings that have been credited to military service personnel.

If you enlisted after September 7, 1980, and didn't complete at least 24 months of active duty or your full tour, you may not be able to receive the additional earnings.

NOTE: In all cases, we add the additional credit for military service to the earnings that we average over your working lifetime, not directly to your monthly benefit payment amount.

When you apply for benefits, we automatically verify your military service. If your military service increases your benefit and we cannot get proof of your service, we will ask for your DD-214 or other proof of service before we process your application. In all cases, we add military wage credits to your earnings, not directly to your monthly benefit payment."

Benefits Planner: Retirement | Special Extra Earnings for Military Service | SSA

Military service members who spent time on active duty (or active duty for training) from 1957 through 2001 may have extra Social Security wage credits added to their earnings record. Read to learn more about eligibility.

www.ssa.gov

----------------------------

So, they verify it automatically, but might need your DD214 for extra documentation. Also, it's only added in to your annual earnings estimate (at a reduce rate), not to your monthly payout. Unless you have significant military earnings, it probably won't make a whole lot of difference.