A look at the statistical evidences
One-fourth of the Americans who come under the section of Senior citizens claim that when Medicare Part B Premiums was subtracted from their social security check, they had almost nothing in hand as compared to the previous year. In addition to this, 18% of the senior citizens of American claim that due to the deduction, they have seen a rise of less than $5 on monthly basis.
For around 47 million senior citizens in the whole of United States, who depend on surviving on social security checks, a mere 2% increase in standard of living cost in 2018 have made things out of order. It is because, they claim that the extra negligible amount gets completely devoured by the cost of Medicare Part B Premiums. This declaration is reported by the recent study conducted by the Senior Citizens League.
The opinion of the senior citizens vary considerably from one another. On one hand, 25% of the elder citizens if US claim that with the deduction of the Medicare out of pocket cost that could not be reimbursed, the security check remained unchanged. On the other hand, an 18% of the elder citizens claim that the check has seen an increase of less than 5%.
When the Senior Citizen League surveyed the around 1200 retirees at the start of the year of 2018, they came in to a conclusion that with the other increased costs, the new security check after the deductions of Medicare part B premiums have almost nothing to offer to the senior citizens.
The so-called hold harmless rule that is in action in the recent years has been the prime reason behind the Medicare Part B Premiums eating away almost all of the social security amount offered to the senior citizens in their checks.
How and what will you pay for your Medicare part B Premium plan
Keep in mind that the Medicare part B premium is not static; it is subject to change each year by CMS. So in 2018, depending upon when you sign up for the part B of the Medicare premium and what your current situation is, the amount of money you need to pay will vary accordingly.
The standard amount that you need to pay on a monthly basis on your part B Medicare premium is $134. But most of the recipients pay less than the typical amount. However, let us now look at the instances when you need to pay the standard required amount under the Medicare part B premium as the payment is situation specific:
Factors that may rise your Medicare Part B premium pay
If an individual falls under a high income bracket, then such individuals are expected to pay more for the standard Medicare part B premium than the standard amount.
Moreover, as a penalty for late enrollment, the amount for Medicare part B premiums may exceed from the standard required one. Therefore, if you fail to enroll in the initial period of enrollment plan of the part B, then you are incumbent to pay extra as a penalty till the time you hold the Part B of the Medicare premiums. The extra charge or penalty fee is 10% of the standard part B payment and it is calculated by multiplying the 10% with it each year.
You can avoid the late enrollment penalty as well!
You can take advantage of a Special enrollment Period in order to circumvent the penalty charge levied upon you for late admission in the part B of Medicare premiums.
By now everything regarding Medicare part B premiums are crystal clear. So before enrolling in to the part B of the Medicare premiums you need to look at the impact it has on social security checks and see under which situation you have to pay the standard amount for gaining enrollment in them.
