insurance

Boomers Feel the Pain

Social Security recipients may grumble about not receiving a cost-of-living adjustment for the second year in a row, but at least most of them won't see an increase in their monthly Medicare premium.

Social Security recipients may grumble about not receiving a cost-of-living adjustment for the second year in a row, but at least most of them won't see an increase in their monthly Medicare premium. The first wave of baby-boomers, who turn 65 in 2011, aren't so lucky.

The newest group of Medicare enrollees will pay $115.40 per month for Part B, which covers visits to doctors' offices and outpatient services. The majority of beneficiaries who enrolled before 2010 will continue paying $96.40 for Part B. Most recipients who enrolled in 2010 were charged $110.50 per month and will continue paying that amount.

But higher-income beneficiaries, regardless of when they enrolled, will pay a steep surcharge in 2011. Individuals with modified adjusted gross incomes of $85,000 or more and couples with joint incomes of $170,000 or more will pay at least $161.50 a month for Medicare Part B -- and they could pay as much as $369.10 per month. Only about 5% of beneficiaries are affected.

And for the first time, higher-income beneficiaries will pay more for prescription-drug coverage, too. Their surcharge will range from $12 to $69.10 per month in 2011 on top of the regular Part D premium.

Most Popular

Tax Wrinkles for Work-at-Home Employees During COVID-19
taxes

Tax Wrinkles for Work-at-Home Employees During COVID-19

Are your home office expenses deductible? How does going out of state to work for a while affect your tax picture? There are some interesting wrinkles…
November 9, 2020
Retirement: It All Starts with a Budget
personal finance

Retirement: It All Starts with a Budget

When you’re meeting with your financial planner, do you talk about your budget? If not, you should.
November 10, 2020
Will Joe Biden Raise YOUR Taxes?
taxes

Will Joe Biden Raise YOUR Taxes?

During the campaign, Joe Biden promised that he would raise taxes for some people. Will you be one of them?
November 10, 2020

Recommended

Making Wise Choices During Open Enrollment
health insurance

Making Wise Choices During Open Enrollment

Contributing Editor Lisa Gerstner runs through the new variables of the 2020 open enrollment season. Also, hosts Sandy Block and David Muhlbaum talk a…
November 17, 2020
What the New President Means for Your Money
Politics

What the New President Means for Your Money

President-Elect Biden wants more consumer protections and perks for the middle class and seniors.
November 17, 2020
Big Changes Likely for Social Security, Medicare Under a Biden Presidency
Making Your Money Last

Big Changes Likely for Social Security, Medicare Under a Biden Presidency

The new president and a fresh Congress will sooner or later have to face the twin safety net programs, both sorely in need of help.
November 10, 2020
What Happens to Medicare If the Affordable Care Act Is Overturned?
Medicare

What Happens to Medicare If the Affordable Care Act Is Overturned?

Experts say if the ACA is repealed or rescinded "it would be devastating for Medicare." Here's what might happen -- and how it could be costly for you…
November 4, 2020