Re: [TSPStrategy] Trickiest Retirement Decision

For 2021 Medicare Part B,  I was charged $148.50 plus an additional $237 due to exceeding the AGI limits in 2019.  I filled the attached form and showed that my 2020 income was under $88k.  On June 4th, Social Security deposited the 6 months of $237 Medicare payments.  When I logged in to SS, it shows that my SS payments will increase by $237 for July through December.  I thought I would have to wait until 2022 for Medicare to lower the Part B premiums, so I was pleasantly surprised.

-------- Original message --------

From: "Sheila Ford via groups.io" <Sheilaef=yahoo.com@groups.io>

Date: 6/15/21 02:09 (GMT+08:00)

To: TSPStrategy@groups.io

Subject: Re: [TSPStrategy] Trickiest Retirement Decision

https://www.ssa.gov/forms/ssa-44-ext.pdf

I think it's this one.  Since we'll have 1 year of the new income before he applies, and will have a tax return, I'm gonna try.  Worst they can do is say no (or, take a year to process!)

Sheila

On Jun 14, 2021, at 10:53 AM, Brad Stubbs via groups.io <bradley.stubbs=verizon.net@groups.io> wrote:



My experience is that the higher wage income from when you were working will be used in the Medicare payment calculation.

It isn't about your current income but the average of your income from a preceding period.

The next year they will use 2 working years income + 1 retirement, etc.

Basically you are stuck with the impact of the higher income years until they "wear out".

 

 

From: TSPStrategy@groups.io <TSPStrategy@groups.io> On Behalf Of Sheila Ford via groups.io
Sent: Monday, June 14, 2021 1:33 PM
To: TSPStrategy@groups.io
Subject: Re: [TSPStrategy] Trickiest Retirement Decision

 

This is so informative.  We'll both be retiring at the end of this year, I hope. Medicare won't be for 3 for me, but only 1 for my husband.

Question tagging onto this?

The income used to calculate your Medicare payment, I've read, is from 2 years prior- for my husband, it will drop to a lower level in retirement. I've read there's a form to submit to SS so that they have the more updated, lower income info? Anyone do this? I'm wondering how long it takes to approve?

 

Thanks for any help!! (You are all amazing!)

On Jun 14, 2021, at 9:00 AM, Sherry Bauer <sherry.bauer@gmail.com> wrote:



I can't answer for your specific prescription, but my spouse takes several high cost prescriptions and when I switched from BCBS Standard to BCBS Basic his prescription cost did not go up a bit.  BCBS website has details on what they pay for prescriptions for both Standard and Basic. Before I switched I checked those details out and compared benefits.  It's worth it to do that for the drugs you need.

 

On Mon, Jun 14, 2021 at 8:52 AM jonesh2o via groups.io <jonesh2o=aol.com@groups.io> wrote:

On Mon, Jun 14, 2021 at 07:34 AM, Mimi Bruce wrote:

Prescription coverage both at the pharmacist and mail order  is automatic  when you have Medicare  under any BCBS plan. 

 

Thanks for getting back to me about the prescription coverage.  However, is it as good of coverage as that under BCBS Standard.  The reason I ask is because I was recently prescribed an expensive medication ($100/month or $90/three month through mail order) that I will need to take for the rest of my life.  I am wondering if the BCBS Basic plan coverage is the same or do you pay more, after signing up for Medicare A & B.  I know I can call BCBS and ask them these questions, but was wondering what the real life experience of those that have gone this route and changed to BCBS Basic.  Thanks again . . .

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