View Full Version : Social Security Projection Down
Has anyone heard of this?
I check my projected earnings at least a couple times a year so I can finesse my workometer - in the spring after I file my income taxes and in November after SS COLA's are determined. Each time it goes up a little, because I have worked longer and my average wages have overall gone up a little as well. (Once when I changed jobs and my earnings went down some my projection stayed flat.)
So I got locked out of my Social Security account and so called the SSA. It takes a couple weeks for my new PIN to arrive, so in the meantime I want to know this information. After two days of trying I reach a live person and she is not helpful at all.
She tells me my projected benefit at 62 is down 6% from what it was in the spring. My projected benefit at 67 is down 7%. My projected benefit at 70 is down 7.7%. My projected disability benefit is the same.
I asked her why and she didn't know. I asked her is it going to keep going down and will it get to zero? She couldn't say. I asked to speak to a supervisor. She resisted. I asked again. She transferred me back into the long phone queue instead of to a supervisor.
I emailed the SSA asking should them to give me a direct line for a supervisor I can call to get answers to my questions and asked should I just kill myself instead of slowly starve to death in my old age as my benefits decrease. Their website says they have many emails and don't expect a response anytime soon. I am not interested in taking a day off work to go in person to their office to find out because they still require people to wear masks, any old random cloth or surgical mask that does nothing will do, because it's all about virtue signaling.
This is pretty ridiculous.
Also found out this week that while my auto insurer increased premiums an average of 3% in the state, mine are going up 16% despite a perfect driving record. Couldn't get answers on that either for a few days. Now they are saying it's due to increased parts costs for auto repairs. Whatever. Called a competitor and they would charge me double so guess I am stuck getting scalped with my existing company.
And can't get an answer from the state about my state tax refund (not a regular refund, this is a special refund as the state broke the law by collecting too much tax from everyone last year). As I always have to pay a little in I wanted to know do they pull the routing and account number off the check I send them and send me a direct deposit, or will I get a check in the mail and for how much? They didn't know. They didn't know when they would know.
So I guess I work until I drop dead.
I have not heard of this. It seems weird, given the COL increase for SS recipients this year has been very high.
I'm assuming your annual reportable income has either been the same or increased over the most recent time period?
Are they building into the model the fact that eventually SS won't be able to pay for itself? I don't know what year you are planning to retire.
"A recent report found that starting in 2034 retirees will only receive part of their benefits.".
https://www.cnbc.com/select/will-social-security-run-out-heres-what-you-need-to-know/
I have not heard of this. It seems weird, given the COL increase for SS recipients this year has been very high.
I'm assuming your annual reportable income has either been the same or increased over the most recent time period?
Are they building into the model the fact that eventually SS won't be able to pay for itself? I don't know what year you are planning to retire.
"A recent report found that starting in 2034 retirees will only receive part of their benefits.".
https://www.cnbc.com/select/will-social-security-run-out-heres-what-you-need-to-know/
I was trying to read up on this - seems some inflation factor is included in projections but I don't understand it. Maybe because I got a 4% pay increase but inflation is more than that it went down? It seems the SSA employees should be able to explain it to me, but they said only a claims specialist can do that and I can only talk to a claims specialist if I am nearing retirement age. It's frustrating. Yes, my income has increased, I have not been out of work.
That is so strange. My benefit went up from still working while collecting, but only by 1.6 percent.
rosarugosa
11-2-22, 6:25am
Jeppy: Have you been with the same auto insurer for a long time? If so, they do tend to raise your rates year after year, and it would probably be worthwhile to shop around a bit more. We have saved thousands of dollars on our auto and HO insurance over the last several years after I learned this tip from someone on the forums here.
iris lilies
11-2-22, 9:34am
Jeppy that is weird about your Social Security projection. Keep us informed as to what you find out as to the explanation
I am checking now with a different agent same insurer, as different company was higher.
Got an explanation I still don't understand from Social Security. For starters, I don't know which method their agent used, but it seems the statement amount I got in the past without plugging in data would be the lower of the amounts, so either way what they quoted me should have gone up?? When my PIN comes if I can get back into my account I will see what it says then. Not going to hold for hours again to try to find out.
"Most of the difference between the Online Calculator’s estimate and the estimate on your Social Security Statement is due to differences in the projected wages used in the calculation.
Social Security retirement benefits are based on your highest 35 years of inflation-adjusted earnings. Because benefits are based on so many years of earnings, we have to project future wages for you when we prepare your annual Social Security Statement. The Statement uses the most recent earnings posted to your record as your earnings in all future years. Due to delays in how earnings are reported to us, this earnings amount may be up to two years old.
Page 2 of your Social Security Statement will tell you the amount we used for your estimated taxable earnings after a certain year. It appears under “We based your benefit estimate on these facts:” directly under your date of birth. Compare that to the future earnings you entered into the Online Calculator. The amount that is more realistic will give you the more accurate estimate.
Our Online Calculator uses the amounts you provide for your current and future earnings to compute your benefit estimate.
If you used "future (inflated) dollars" for your calculator estimate, that estimate will naturally be higher because the estimate on your Social Security Statement is in today's dollars.
The Online Calculator produces an estimate similar to the estimate provided on your Social Security Statement. Assuming you correctly entered all the information required, the estimate generated is reasonably accurate.
Keep in mind that estimates are based on assumptions that may or may not apply at some point in the future. For this reason, the closer you get to retirement age, the more accurate the benefit estimate generated by the calculator will be.
While these are our best estimates, your actual benefit amount is determined when you apply for benefits and may be more or less than the estimate generated by the calculator.
We do not provide benefit estimates using e-mail because e-mail is not secure enough to protect your personal information."
iris lilies
11-2-22, 10:49am
Jeppy I did a little bit of poking around the Internet and saw no reason that your benefit, estimated though it is, would have gone down. I think when you get your pin you can get into your account and I bet you’ll find it didn’t go down. I hope. Do let us know because this is really weird.
Only thing I can think of is that when the SS employee ran your estimated amount, she ran it a though you stop working today. That would be using your current salary as your highest salary. The online estimator projects you to keep working and your income to keep going up to age 67, 68, 69 etc.
And I do not think that you visiting a government employee in person at an SS office would’ve helped anyway. They are programmed to do XY Z and you’re asking them about E. They won’t be able to grok it.
Insurance agent can only save me $1 in premiums, so I guess I am stuck with the 16% premium increase. Part of this is that in Massachusetts it doesn't matter how good a driver you are, a lot goes by your zip code. So people in affluent suburbs pay less than poor people in cities. I think I will write my state legislators about this.
Our collision only auto insurance goes up about 12% every year no matter what and that is for a ten year old car. I have looked to compare but when combined with house it is all about the same.
iris lilies
11-2-22, 11:46am
Insurance agent can only save me $1 in premiums, so I guess I am stuck with the 16% premium increase. Part of this is that in Massachusetts it doesn't matter how good a driver you are, a lot goes by your zip code. So people in affluent suburbs pay less than poor people in cities. I think I will write my state legislators about this.
I hear insurance is going up whoppers everywhere. This year I was going to have a sit down with our insurance agent who we’ve had for 30+ years and say look, our umbrella insurance is pretty high compared to what people are telling me they pay, so let’s look into the whole thing.. But now, with everything going up I’m not sure I would see any difference. Although I have already run the umbrella insurance cost by him and he said it’s reasonable for cars and etc we own. I’m still not buying that umbrella insurance cost.
As for your car costing more in heavily populated areas: yes we paid more in urban St. Louis than they did out in suburbia because our populace likes to run red lights, speed in the city, get into car crashes with no insurance, and be fairly lawless in all aspects of life including anything having to do with an automobile. Years ago DH’s truck was hit from behind by a distracted driver, and he said his first thing to look at was the driver’s out of state license plate and be optimistic that the driver would have insurance. That driver DID have insurance. The city folks don’t consider that a law they need to follow.
flowerseverywhere
11-2-22, 2:33pm
Of interest is Senator Scotts (from Florida) Sunsetting proposal as described below which could dramatically affect SS and Medicare. He is the one who was the CEO of a company that committed Medicare fraud. When he left the company he got $300 million in company stock, plus another 15 million. The company was fined but Scott was never charged. Not exactly someone I would want in charge of financial decisions.
https://finance.yahoo.com/news/social-security-why-sunsetting-program-113014290.html
And a PDF about his 11 point plan including completing the wall and naming it after Trump. Where else to get the money to pay for it besides reducing entitlements which taxpaying workers paid into their whole working lives?
https://dailycaller.com/2022/02/22/rick-scott-11-point-plan-rescue-america/
The actual PDF of the plan is at the end of the article.
Mitch said not on his watch, but I fail to believe him after his defense or silence on Trump.
Somehow these entitlements (not) have to be shored up. We have many friends who have not retired in their late 60's, early seventies already. With the gutting of pensions, increase in medical costs and so on many seniors will have to choose between the streets or continuing to work.
Teacher Terry
11-2-22, 10:29pm
When people say Medicare for all they have no idea how excited it is. I wish I could have stayed on my state insurance. My Medicare insurance goes up yearly. You are right that seniors are struggling because of everything going on. I read the plan and I doubt even the republicans would pass it.
I have to say that I'm very, very satisfied with my Medicare / supplemental plan. It has served me and DH very well.
frugal-one
11-3-22, 4:37pm
If republicans get their way … you’ll have to worry about getting any social security or medicare. Listen to the likes of ron johnson and his ilk. If you vote republican, you get what you deserve (when someone (republicans) shows you who they are… believe them)….
What is the GOP's specific plan for reducing/eliminating Social Security/Medicare?
frugal-one
11-3-22, 4:46pm
Watch/listen to ron johnson ….
iris lilies
11-4-22, 9:09am
I have to say that I'm very, very satisfied with my Medicare / supplemental plan. It has served me and DH very well.
Weren’t you paying an entirely private health insurance plan? My guess is Teacher terry’s state plan was supplemented and/or she was part of a group plan.
My COBRA costs were super high, then we had two full years of ACA subsidies which was a super sweet deal for us po’ folks :~), then in the 3rd year of ACA my father in law died and left us lotsa cash so we had to pay back ACA subsidies.
The cost of our health insurance between our working years and Medicare was varied, the road bumpy. But through all I have no complaints about the actual care we receive because we are low consumers of healthcare.
I agree that Medicare is not cheap. I suppose there are people who do not get supplemental plans, though.
iris lilies
11-4-22, 9:14am
Watch/listen to ron johnson ….Isn’t Ron Johnson a state official? Is he determining the GOP party platform?
From what I have read if you get the government Part B it covers every provider whereas with private Part B AKA supplemental it's like an HMO or PPO with provider restrictions and while you get extras like dental and vision and with some plans no copays as you get older and sicker you will find things you need aren't covered with the best providers for your particular issue and if you try to switch then to the government plan it is very expensive.
True?
iris lilies
11-4-22, 9:42am
From what I have read if you get the government Part B it covers every provider whereas with private Part B AKA supplemental it's like an HMO or PPO with provider restrictions and while you get extras like dental and vision and with some plans no copays as you get older and sicker you will find things you need aren't covered with the best providers for your particular issue and if you try to switch then to the government plan it is very expensive.
True?
no, not at all.
You are many years away from Medicare, but when you get there you will have to research it more carefully than that, And by then it will have changed anyway.
The point of supplemental insurance for us is that it covers the percentage of large potential bills that Medicare does not cover. Any major health issues could easily rack up to be $1 million. Medicare B does not cover all of that.
That is why I have health insurance, to protect my assets.
iris lilies
11-4-22, 9:45am
When people say Medicare for all they have no idea how excited it is. I wish I could have stayed on my state insurance. My Medicare insurance goes up yearly. You are right that seniors are struggling because of everything going on. I read the plan and I doubt even the republicans would pass it.
When people say “Medicare for all “they mean make it free for everyone. No one pays anything unless it’s a nominal fee. The Canadians all pay into their health insurance but everyone likes to ignore that fact.
DH switched back to the original medigap (part B) last year after hearing stories about advantage plan limited coverage etc. It is very hard to switch back from an advantage plan as you get older. He is paying around $60 a month with a high deductible but can choose any doctor in any state and have coverage. He also has to pay a separate part D of $4 a month since we "don't do drugs" yet. Seniors are flocking to advantage plans because of the 0 premium however. Obviously, with Medicare handed them millions to manage healthcare, insurance companies are making huge profits or they wouldn't be advertising nonstop as they do.
iris lilies
11-4-22, 11:14am
I don’t trust the Advantage plans either. Monthly saving of money on health insurance isn’t our primary goal anyway, so I’m not gonna risk it.
For us, main goal is preserve assets.
rosarugosa
11-4-22, 3:49pm
From what I have read if you get the government Part B it covers every provider whereas with private Part B AKA supplemental it's like an HMO or PPO with provider restrictions and while you get extras like dental and vision and with some plans no copays as you get older and sicker you will find things you need aren't covered with the best providers for your particular issue and if you try to switch then to the government plan it is very expensive.
True?
Jeppy: It sounds like what you are describing are the Advantage Plans, and I will be unlikely to opt for one of those. I will probably go with original Medicare plus a supplemental plan, which will no doubt be very expensive, but will be good coverage and almost unlimited choice of providers.
rosarugosa
11-4-22, 3:53pm
I don’t trust the Advantage plans either. Monthly saving of money on health insurance isn’t our primary goal anyway, so I’m not gonna risk it.
For us, main goal is preserve assets.
My main goal is preservation of health, or else I would go for an Advantage plan and most likely save a bunch of $$$.
no, not at all.
You are many years away from Medicare, but when you get there you will have to research it more carefully than that, And by then it will have changed anyway.
The point of supplemental insurance for us is that it covers the percentage of large potential bills that Medicare does not cover. Any major health issues could easily rack up to be $1 million. Medicare B does not cover all of that.
That is why I have health insurance, to protect my assets.
Yes, supplemental is great. We pay very little, if any, copays and deductibles. But I'm grandfathered under Supplemental Plan F which may cover more than other supplemental plans. I'm not sure. It's not offered anymore, so that's a clue that it's pretty good.
Who knows what will happen when you are ready to retire, Jeppy.
And yes, I used to pay OOP for my insurance, so while the premium for Medicare + Supplement might seem high to some, to me it's nearly a pittance. I'm very happy with it, and I feel well-protected against many possible bad health outcomes.
frugal-one
11-4-22, 6:29pm
Isn’t Ron Johnson a state official? Is he determining the GOP party platform?
He is the traitor that tried to send false electors….state senator…spewing the party’s disgusting agenda.
How can we define a political party platform?
A political party platform (US English), party program, or party manifesto (preferential term in British & often Commonwealth English) is a formal set of principle goals which are supported by a political party or individual candidate, in order to appeal to the general public, for the ultimate purpose of garnering the ...
He is the traitor that tried to send false electors….state senator…spewing the party’s disgusting agenda.
What is the party's disgusting agenda?
iris lilies
11-4-22, 8:06pm
Yes, supplemental is great. We pay very little, if any, copays and deductibles. But I'm grandfathered under Supplemental Plan F which may cover more than other supplemental plans. I'm not sure. It's not offered anymore, so that's a clue that it's pretty good.
Who knows what will happen when you are ready to retire, Jeppy.
And yes, I used to pay OOP for my insurance, so while the premium for Medicare + Supplement might seem high to some, to me it's nearly a pittance. I'm very happy with it, and I feel well-protected against many possible bad health outcomes.
don’t the supplemental plans get more expensive as they go up in the alphabet? That was my impression but I might be wrong about that. We both have “G” plans that I believe are no longer being sold if memory serves me. And yes, It is one of those plans where you pay in premiums upfront so that there are no surprises at the other end.
don’t the supplemental plans get more expensive as they go up in the alphabet? That was my impression but I might be wrong about that. We both have “G” plans that I believe are no longer being sold if memory serves me. And yes, It is one of those plans where you pay in premiums upfront so that there are no surprises at the other end.
I have G as well. I thought G was still being sold to new enrollees? I know F is not being sold anymore. It looks like the big and maybe only difference is that F pays the Part B deductible, which is around 230 a year.
I have my fingers crossed to see what happens with billing after my surgery--we shall see. That is the reason I am paying for the supplement. I pay over 400 a month for Part B, Supplement, and Part D drug coverage. I have to switch drug coverages this years because last year's was awful, didn't pay for anything and was expensive, almost 40 dollars a month. Might as well get a cheap one if it's not going to pay for my asthma medicines.
flowerseverywhere
11-5-22, 1:16pm
We have a zero premium advantage plan through BC/BS with an out of network benefit. We are covered at an NIH and NCI cancer center as well as two big University hospitals. Plus the out of network benefit has a $7200 out of pocket max. 3200 for in network.
as I have posted before, my husbands charges for cancer treatment at a major cancer center have been almost $175,000 and he has paid less than $1000 out of pocket. We take some meds but being generic we pay very little for.
we have never had a problem getting bills for MD, tests or hospitalizations paid for. After 5 years no premium for two people has really added up to a lot of money. We live in a pretty populated area with lots of old people and YMMV depending on plans available to you in your area.
Look at each plan you have available to you. Check the physicians you go to, if they have access to some major cancer or university affiliated hospitals and MDs. Plus specialists that participate close to home.
flowerseverywhere
11-5-22, 1:23pm
Also think about what your aging plan is. Can you live on the bottom floor of your house and do you have a no step up entrance. Or the ability to have a ramp. Ada compliant grab bars in the shower, toilet and sink areas? What about a shower you can walk into big enough for a shower chair. Can a wheelchair navigate in your bottom floor?
do you have access to a bus or train line, taxi or Uber plus home delivery of grocery/meds where you are? Is there a meals on wheels? A senior center,YMCA or other activity center close by
some people I know are opting into independent living where you can advance to assisted or nursing home care. I plan to avoid it. I don’t want someone cooking my meals. I would hire cleaners, outside maintenance etc if need be and stay in my home as long as possible.
flowerseverywhere
11-5-22, 6:18pm
Drug costs can be ridiculous with or without Medicare. GoodRX often is cheaper than your insurance company. You go on their website and they will say what various pharmacies charge in your area using their card, which is free. Say drug A is $100 no insurance. With your insurance it might be $30. Go to goodrx and they will list say Walgreens at 22, Walmart at 16, cvs at 9 and so on. But the kicker is you might have three drugs and one is cheaper at Walmart, one at CVS and one at Walgreens. Crazy.
also, all you Biden haters don’t want to know this, but an act he signed in October will very much help the elderly with pharmacy costs
https://www.kff.org/medicare/issue-brief/how-will-the-prescription-drug-provisions-in-the-inflation-reduction-act-affect-medicare-beneficiaries/
iris lilies
11-5-22, 8:03pm
I have G as well. I thought G was still being sold to new enrollees? I know F is not being sold anymore. It looks like the big and maybe only difference is that F pays the Part B deductible, which is around 230 a year.
I have my fingers crossed to see what happens with billing after my surgery--we shall see. That is the reason I am paying for the supplement. I pay over 400 a month for Part B, Supplement, and Part D drug coverage. I have to switch drug coverages this years because last year's was awful, didn't pay for anything and was expensive, almost 40 dollars a month. Might as well get a cheap one if it's not going to pay for my asthma medicines.
You’re right, G is still being sold.
Teacher Terry
11-5-22, 10:17pm
I wouldn’t go on a advantage plan. I have seen so many bad things happen to my friends on them, having to change doctors every year, not getting the care they need, etc.
rosarugosa
11-6-22, 6:31am
We have a zero premium advantage plan through BC/BS with an out of network benefit. We are covered at an NIH and NCI cancer center as well as two big University hospitals. Plus the out of network benefit has a $7200 out of pocket max. 3200 for in network.
as I have posted before, my husbands charges for cancer treatment at a major cancer center have been almost $175,000 and he has paid less than $1000 out of pocket. We take some meds but being generic we pay very little for.
we have never had a problem getting bills for MD, tests or hospitalizations paid for. After 5 years no premium for two people has really added up to a lot of money. We live in a pretty populated area with lots of old people and YMMV depending on plans available to you in your area.
Look at each plan you have available to you. Check the physicians you go to, if they have access to some major cancer or university affiliated hospitals and MDs. Plus specialists that participate close to home.
I will carefully consider whatever Advantage plans are available to me, especially a BC/BS plan. I have belonged to a PPO plan by BC/BS in the past, and virtually every provider in my area was part of their network. While I strongly lean toward original Medicare with a supplemental, I won't dismiss all Advantage plans without taking a good look at them. It sounds like it has been a good option for you, Flowers. I hope your DH is doing well.
iris lilies
11-6-22, 8:55am
We have a zero premium advantage plan through BC/BS with an out of network benefit. We are covered at an NIH and NCI cancer center as well as two big University hospitals. Plus the out of network benefit has a $7200 out of pocket max. 3200 for in network.
as I have posted before, my husbands charges for cancer treatment at a major cancer center have been almost $175,000 and he has paid less than $1000 out of pocket. We take some meds but being generic we pay very little for.
we have never had a problem getting bills for MD, tests or hospitalizations paid for. After 5 years no premium for two people has really added up to a lot of money. We live in a pretty populated area with lots of old people and YMMV depending on plans available to you in your area.
Look at each plan you have available to you. Check the physicians you go to, if they have access to some major cancer or university affiliated hospitals and MDs. Plus specialists that participate close to home.
That is a very good test of a Medicare Advantage plan. When they work for you, they are certainly a cost savings.I just do not want to take the risk of the limitations that an Advantage plan might have in my region.
We haven’t used much in healthcare services and I don’t even know what the limitations are of Advantage plans here, but it’s just not something I want to risk. Probably we would be all right with it for years though.
flowerseverywhere
11-6-22, 1:09pm
I agree with all of you. Make sure when you are looking into it whatever you think is important to you
gym membership, drug coverage and what tier your drugs are on , hospitals and physicians. Coverage and co pays for PT, ambulance and ER, cancer MD’s. A lot to consider so don’t think someone else’s experience will be yours.
iris lilies
11-6-22, 1:22pm
I agree with all of you. Make sure when you are looking into it whatever you think is important to you
gym membership, drug coverage and what tier your drugs are on , hospitals and physicians. Coverage and co pays for PT, ambulance and ER, cancer MD’s. A lot to consider so don’t think someone else’s experience will be yours.
See, I can’t evaluate the stuff because I don’t know what kind of PT, ambulance, ER, cancer MDs I would need. That’s all projected into the possible future.
I know that my health care (mostly insurance) bills are much higher than they have to be. I know that. Remember, I’m the one that pays for direct patient care for my doctor even though I’ve seen her a maximum of two times a year. So we pay all this upfront cost for Medigap, my physician, and then I do have some cost for drugs., I would estimate maybe $250? For drugs annually? That doesn’t seem like much to me For drugs anyway. But the Medigap combined with Medicare payments are certainly substantial.
Teacher Terry
11-6-22, 6:27pm
If you go to a advantage plan and can’t pass medical underwriting you may be stuck with it forever. States have different rules about this.
If you go to a advantage plan and can’t pass medical underwriting you may be stuck with it forever. States have different rules about this.
What I like about the Supplemental plans vs Advantage is you can take Medigap with you if you move to another state, whereas you can't with Advantage... I believe that's correct.
If you go to a advantage plan and can’t pass medical underwriting you may be stuck with it forever. States have different rules about this.
I met with an insurance broker earlier in the year and that's what he told me, also. He did say that the requirements to pass underwriting are fairly liberal and it might take some sort of expensive long term treatment to fail. He did say that you can move from one advantage plan to another without restrictions during open enrollment. Regarding Catherine's question, I think it might be partially right since advantage plans are different state to state, but it still might be possible to find a similar plan. Not all that sure about that either.
One thing I've heard but not been able to verify is that some unproven trial treatments or clinical trials have a higher probability of being approved and covered by traditional Medicare rather than an advantage plan. I asked the insurance broker about that and was not satisfied with his answer. I had lunch with a friend recently who is in a clinical trial for a stage 4 cancer. He has survived a couple of years past his predicted lifespan due to the clinical trial. He has a Kaiser advantage plan and said they wouldn't cover the cost of the trial, but the doctors arranged for Medicare to cover the additional costs and he's paid very little. Might be something to look up if a person wanted to cover all the bases, as I'm not sure of the details. (He was very thankful for for the way his medical expenses have turned out so far with his advantage plan).
Teacher Terry
11-6-22, 9:33pm
Roger, I wanted to change medigap plans and failed underwriting. They aren’t liberal.
Roger, I wanted to change medigap plans and failed underwriting. They aren’t liberal.
I stand corrected. Good to know. Was there an advantage to changing to a medigap plan that would be helpful to know about, or maybe I've missed that in the discussion?
iris lilies
11-7-22, 11:57am
Roger, I wanted to change medigap plans and failed underwriting. They aren’t liberal.
Wait… I didn’t know that when you switched Medigap plans, you had to pass health tests. I thought that was only for when you moved from an Advantage plan to a regular Medigap plan.
terry,
was it your plan to switch medigap plans taking place during an open enrollment period?
I am not knowledgeable about these “gotchas. “
Maybe this is relevant--I did not know of this, either, Terry, and have to go look up my state:
https://www.valuepenguin.com/switching-medicare-supplement-guaranteed-issue#:~:text=Switch%20Medigap%20plans%20at%20any, without%20going%20through%20medical%20underwriting .
DH had little issue switching to Medigap last year but he was only 67 and had no medical issues. Also key - a really experienced insurance broker who knew the system since it is so complex and confusing. I told DH we ought to take advantage of some of the free fancy lunch Advantage sell-a-thons. Another thing...is there a way to get off their mailing lists? I have supplemental insurance through my state employer yet I receive multiple offers everyday in the mail.
early morning
11-7-22, 1:34pm
pinkytoe, I think you may be stuck with the list-mailings. My BIL has been dead for 7 years now, and as we switched his address to ours when he was in VA hospice care, we are inundated with medicare plan mailings for him. If dying won't get one off the mailing lists, I don't know what will! :~)
iris lilies
11-7-22, 2:06pm
Maybe this is relevant--I did not know of this, either, Terry, and have to go look up my state:
https://www.valuepenguin.com/switching-medicare-supplement-guaranteed-issue#:~:text=Switch%20Medigap%20plans%20at%20any, without%20going%20through%20medical%20underwriting .
ah, essentially it is regulated by the state like most aspects of Medicare. I don’t know the policy in my state.
Pinkytoe, I agree that going to a Medicare insurance person, at least the first year you sign on, is very useful.
I think about people like jeppy starting to delve into it all, and I was like that back when I was her age: Medicare, Medigap, Advantage,… What the hell do all those mean? Plan D? Parts A and B, What a nightmare.
Teacher Terry
11-8-22, 1:27am
I tried to switch from a F plan to a G plan to save 50/month.The only difference in the plans is that the F plan means that your medigap plan can’t charge you the 233/ year deductible. It was open enrollment but in Nevada you can switch plans anytime. I did a ton of research and found out that I can change my plan the month of my birthday because Nevada has a birthday rule without passing underwriting.
iris lilies
11-8-22, 11:48am
I tried to switch from a F plan to a G plan to save 50/month.The only difference in the plans is that the F plan means that your medigap plan can’t charge you the 233/ year deductible. It was open enrollment but in Nevada you can switch plans anytime. I did a ton of research and found out that I can change my plan the month of my birthday because Nevada has a birthday rule without passing underwriting.
Interesting about the birthday clause. Lots of “gotchas” in this Medicare game.
Jeppy I did a little bit of poking around the Internet and saw no reason that your benefit, estimated though it is, would have gone down. I think when you get your pin you can get into your account and I bet you’ll find it didn’t go down. I hope. Do let us know because this is really weird.
Only thing I can think of is that when the SS employee ran your estimated amount, she ran it a though you stop working today. That would be using your current salary as your highest salary. The online estimator projects you to keep working and your income to keep going up to age 67, 68, 69 etc.
And I do not think that you visiting a government employee in person at an SS office would’ve helped anyway. They are programmed to do XY Z and you’re asking them about E. They won’t be able to grok it.
I think she did run it as if I would never work another day in my life, because I got the PIN and my estimated benefits are the same. They didn't go down, and they didn't go up as they usually do in November. However, when on the long holds with SSA their looped recording was saying COLA's won't be in place until December, so maybe if I check again then I will see an increase. It always gives me a little hope when I do that I may actually be able to retire someday. If you listen to financial planners they say everyone needs millions or at least a million dollars which I will never get to.
Checked again and the annual update I was expecting came through, and my projected benefits are now up.
Hard to tell what costs will be then for the Medicare not covered by what I've paid in (Parts B, D etc) but assuming it's not more than I'm currently paying for gas and car maintenance with my long commute, I expect to be able to retire a year earlier now than I previously projected. I am now below the 1 million minute mark on my workometer.
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