Page 8 - Senior Times South Central Michigan - April 2017 - 24-04

Page 8
Senior Times - April 2017
Senior Times
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social security
ALBION
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BATTLE CREEK
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Brookside Medical Facility
Clara’s on the River
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Finley’s Restaurant
Helen Warner Branch Library Kellogg Comm. Fed. Credit Union Kool Family Center
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Omni Community Credit Union Pancake House
Regional Medical Lab
Sweetwater Donuts
The Family Health Center
US Post Office
Walgreens - Beckley Road
Willard Library
COLDWATER
Branch Co. Commission on Aging Branch Co. Community Health Agency Branch District Library
Chamber of Commerce
Community Health Center
Goodie Shop (30 N. Monroe)
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Pines Behavioral Health
H&C Burnside Senior Center
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HASTINGS
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Laundromat
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Pennock Professional Building Ponderosa
Thornapple Credit Union
JACKSON
Chamber of Commerce
Flagstar Bank (Downtown Branch) Krogers
Heartland Health Center
Jackson Area Libraries
Laundromat (Wisner Road)
Marrs Avenue Grill (E. Michigan Ave.) TLC Eyecare
MARSHALL
Chamber of Commerce County Building
Library
Mancino’s Restaurant Monarch Community Bank Oaklawn Hospital
UNION CITY
Monarch Community Bank Village Library
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Now Serving Athens, Union City, & Tekonsha
HOLD HARMLESS PROVISION
Dear Rusty:
I'm totally confused after a conver- sation with some friends about Social Security and Medicare. All three of us are 68, but two of my friends are already collecting Social Security while I'm waiting to apply so I can let my benefit grow. The confusion came in when we talked about Medicare and the premium for Part B. My friends both say they have their Medicare premium deducted from their Social Security payment
and are paying about $114 per month. However, my Medicare Part B premium, which I pay separately, is now $134 per month. It just doesn't seem fair. Why is their Medicare premium so much lower than mine? Signed: Confused
Dear Confused:
Yes, it might seem unfair, but the dif- ference in your Medicare Part B premi- ums has to do with something called the "hold harmless provision" of the Social Security Act. This provision essentially states that a beneficiary's Social Security benefit payment cannot decrease due
to an increase in Medicare's Part B premium. This is an important provi- sion because Medicare costs tend to
rise annually often resulting in higher premiums. However to be protected by this provision, your premiums must be automatically deducted from your Social Security benefit payments. Since your friends' Part B premiums are deducted from their Social Security, they enjoy this "hold harmless" protection; since yours is not, you pay the standard Medicare Part B monthly premium.
The Hold Harmless provision essentially states that a beneficiary's Social Security benefit payment can- not decrease due to an increase in Medicare's Part B premium, but your Part B Premiums must be deducted from your benefit payments for this provision to apply.
About 70% of all Social Security
beneficiaries enjoy this hold
"harmless" protection, which means that the other 30% (as well as others who are on Medicare but not collecting Social Security) bear the brunt of covering the total costs of the Federal Medicare pro- gram. Since your premium is $134 you are paying the "standard" premium that applies to anyone earning $85,000 per year or less. You may take some comfort in knowing that higher-earners can pay up to $428.60 per month for Medicare Part B coverage (these are 2017 num- bers).
When you eventually apply for your Social Security benefits and have your Medicare premiums deducted from
your payments, you will automati-
cally become protected against signifi- cant future Part B premium increases, because the hold harmless provision
will prevent your Social Security benefit amount from going down. As a side note for awareness, it sometimes happens that when a Social Security Cost of Living Adjustment (COLA) is given, it is par- tially or entirely offset by an increase in the Medicare premium. So, even with hold harmless protection, while your Medicare premium may technically go up somewhat, your Social Security pay- ment will remain the same.
A point of information: Any time you switch from one Social Security benefit type to another (e.g., from your own benefit to spousal benefits, from survi- vor's benefit to your own benefit, from spousal benefit to your own benefit, etc.), you are subject to your Medicare Part B premium amount being adjusted (increased) to the most current standard Part B premium amount.
This article is intended for general information purposes only. The opinions and interpretations expressed in this article are the viewpoints of the AMAC Foundation's Social Security Advisory staff, trained and accredited under the National Social Security Advisors pro- gram of the National Social Security Association, LLC (NSSA). To submit a request, contact the Foundation at info@amacfoundation.org.
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SENIOR TIMES DISTRIBUTION SITES
Russell Gloor, AMAC Certified Social Security Advisor
for Seniors
By: Megan Reynolds, Managing Attorney
The Legal Services of South Central Michigan-Battle Creek office will conduct interviews for legal advice and possible representation, without charge, to inter- ested seniors.
Mon, April 4, 11am-12pm, Three Rivers Community Center, 103 S. Douglas, Three Rivers
Wed, April 12, 10:30am-12pm, Woodland
Eagles Club, 125 North Main, Woodland
Mon, April 24, 10-11am, Westchase Apartments, 1107 Hill Street, Three Rivers
Legal Services of South Central Michigan serves Calhoun, Branch, Barry counties at their office in Battle Creek at 123 West Territorial Road. For more information call (269) 965-3951.
Stacey Lott
Attorney at Law
Estate Planning & Elder Law
269.963.8222
130 East Columbia Avenue Battle Creek, MI 49015
www.staceylottlaw.com