# Has anyone received their SSA statement for 2023? Is your Medicare cost increasing??



## Mrs. Robinson (Nov 20, 2022)

My Medicare has been $192.80 per month.Now it shows that it will be $428.60! Am I reading this wrong???


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## bowmore (Nov 20, 2022)

It is possible if you hit the IRMAA threshold


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## C50 (Nov 21, 2022)

Medicare on its own is actually decreasing for 2023, your increase must be based on other factors.


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## spectratg (Nov 21, 2022)

Mrs. Robinson said:


> My Medicare has been $192.80 per month.Now it shows that it will be $428.60! Am I reading this wrong???


Login to "my Social Security" account, or create one if you do not have one already.  You should have a letter there that explains "Your 2023 Social Security Benefits Increase and Medicare Premiums."


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## Kaila (Nov 21, 2022)

The other posters probably know more about this than I do, but my thought is: 
*If* you have a Medicare Part C (Medicare Advantage Plan) then your plan might change more significantly.

And worth noting, if that is the case, that the Open Enrollment period, is now and ends at the end of the first week of December.  You could and would want to investigate, very soon, whether or not you want to switch plans for the year of 2023. 

My entire thought in this post, solely applies to Part C, 
which I am definitely not an expert in, but *might *explain why your premiums could change more drastically that traditional or original Medicare premiums are going to do, as said in the previous posts above.


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## Mrs. Robinson (Nov 21, 2022)

My husband`s changed to the same amount as well-although his was a little less than mine before now.That is possibly because his Part D is a little less than mine.

And yes,I thought Medicare was supposed to be going down for 2023 as well,so I was shocked! Will have to look into it further....


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## Harry Le Hermit (Nov 21, 2022)

Mrs. Robinson said:


> My Medicare has been $192.80 per month.Now it shows that it will be $428.60! Am I reading this wrong???


Not sure how the $192.80 previous rate came about, unless you had the standard part b deduction AND possibly Part D, being withheld.

That $428.60 monthly figure is dead on for an individual with modified gross income of $153,000 ~ $183,000. or joint of $306,000 ~ $366,000. Not sure what year that would be based on, but think maybe 2020 or 2021. 

Did you have some type of windfall income, during one of the past few years?


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## Mrs. Robinson (Nov 21, 2022)

Yep,figured it out.We sold a piece of property in 2021 that greatly boosted our income last year.I had no idea it would affect our Medicare premiums-how dumb am I? Hope it drops back down next year....


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## Don M. (Nov 21, 2022)

It appears that any SS COLA increase for next year will be eaten up by the increases in Medicare premiums.


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## Kaila (Nov 21, 2022)

Mrs. Robinson said:


> I had no idea it would affect our Medicare premiums-how dumb am I?


Not so dumb. 
 I had not heard of this, either.
In addition, it is always very wise (not unwise )
to question it, whenever there is any unexpected spike than expected, in most anything, because there truly are errors made, and one should not just accept them all as unavoidable true increases, without further investigation!


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## Kaila (Nov 21, 2022)

Mrs. Robinson said:


> Hope it drops back down next year....


I would guess it would, though of course, that's just my guess. 

While any ongoing interest or income gained from however you have that sales income invested, would continue to be considered income, of course.  But not as high as this year!


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## leastlongprime (Nov 21, 2022)

Mrs. Robinson said:


> My husband`s changed to the same amount as well-although his was a little less than mine before now.That is possibly because his Part D is a little less than mine.
> 
> And yes,I thought Medicare was supposed to be going down for 2023 as well,so I was shocked! Will have to look into it further....


We too sold a property in 2021. 
We set aside a good portion for taxes paid in 2022, the April quarterly, then when we finally got the 1040 from the CPA, an additional amount for the tax and a penalty for a late payment (gave the CPA everything in late February.) Still have about $15k in savings to pay for  2023's  IRMMA.


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## Lethe200 (Nov 21, 2022)

Yup, that's the downside of making a big profit on something and/or pulling an extra-large distribution amount from a retirement account.


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## Leann (Nov 21, 2022)

IRMAA (income-related monthly adjustment amount) is a higher premium for Medicare Parts B and D. Social Security uses income tax information from two years ago to determine if you owe IRMAA in addition to your monthly premium.


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## leastlongprime (Nov 29, 2022)

leastlongprime said:


> We too sold a property in 2021.
> We set aside a good portion for taxes paid in 2022, the April quarterly, then when we finally got the 1040 from the CPA, an additional amount for the tax and a penalty for a late payment (gave the CPA everything in late February.) Still have about $15k in savings to pay for  2023's  IRMMA.


B increase to $330/p (standard B is $165) total with IRMAA adjustment.
D increased to $32/p. I will take the better B coverage at $58 because I may be taking more expensive drugs.
The set aside money from the property sale,  will be adequate.


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## Kaila (Nov 29, 2022)

leastlongprime said:


> B increase to $330/p (standard B is $165) total with IRMAA adjustment.
> D increased to $32/p. I will take the better B coverage at $58 because I may be taking more expensive drugs.
> The set aside money from the property sale,  will be adequate.



Very interesting, and good to learn about.  Important for some others to be aware, if it might apply to them.  Thanks for sharing that. I'm glad you knew to set aside, an adequate amount.

I will just correct the typo in your post, in case someone else is reading it.  You are opting to take a better Part *D, *coverage which has a higher premium cost, due to anticipated possible drugs.


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## Ken N Tx (Dec 18, 2022)

Bump


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## debodun (Dec 20, 2022)

Mine went up almost imperceptibly.


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