Huge surprise when it comes to a raise for Social Security benefits. I have all the details, everything you need to know, and the latest information right here on this topic. Alright, So a few weeks ago we were waiting on a very important announcement to be released out of the Centers for Medicare and Medicaid Services.
Now this announcement was going to be impacting about 65 to 70 million beneficiaries of Social Security, including retirement, disability, SSDI, and survivors benefits. Well, sure enough, the announcement came out and all was good. Then we’ve been anxiously awaiting to see what the announcement is going to be in regards to a raise for monthly benefits for the 65 to 70 million beneficiaries. So on this topic, I do want to give you the latest updates and let you know where we currently stand as of right now.
I am your one and only daily advocate. I am doing research literally all day, every single day, to find all the latest details, to find all the latest updates, and to break it all down into these short topics so that you can stay updated every single day with all of these moving parts. As things are changing very rapidly, it is such a busy time right now. If you’ve been watching the videos for any length of time now, you can see every single day there are new updates, new announcements, new packages, new proposals, new programs, money, benefits, checks, all kinds of weird stuff going on out there.
And I want to make sure that I’m helping you in any way that I possibly can take advantage of anything we can get our hands-on. So I do want to walk through where we currently stand on this.
I have seen a number of comments over the last week and a half or so coming out asking what’s going on with this? Well, honestly, I haven’t really had a whole lot of answers for you because I’ve been waiting. Just like everybody here, we’ve been waiting and waiting and waiting. So unfortunately for those of you that have been asking, I apologize. I haven’t been answering your questions down below in the comments section because I’ve been waiting for an update myself.
However, I’ve been seeing enough of these comments. I thought, you know what? It is time to give you an update because there are probably other people out there right now that are also wondering the exact same thing. Now, remember, let me break this down for you really fast here, just in case so that we’re all on the same page. It’s basically what I want to say here.
So here’s what it comes down to. Remember last year in November, the Centers for Medicare and Medicaid Services came out and announced a massive 14.5% raise to the Medicare Part B premiums. Well, there was a lot of pushback on that. Shortly thereafter, there were lawmakers, including Bernie Sanders, as well as a couple of others writing letters and saying, no, this isn’t going to fly. You’ve got to lower the Medicare Part B premium.
This is nuts. It’s way too high. You’ve got to lower this thing. That was a historic raise, by the way, 14.5%, which also translated into $21.70 more every single month for fixed income beneficiaries. That’s a lot of money, right?
That’s like almost $300 a year extra, right? That’s a lot of money these days, especially for the low income and the fixed income. However, over the last several months now, they’ve been working on it because $11 out of that total raise, the $21 raise was from that one prescription item called Addyuhm for Alzheimer’s patients. Well, it’s a $56,000 prescription. However, they did lower the price, to be fair, down to $28,000.
They cut it in half just like that. Wham, Bam, they cut it in half. Wow, pretty nice like that, right? It’d be pretty nice to have that flexibility anyway. So they cut the price in half.
And now there’s been all this talk saying, okay, what’s Medicare going to do as far as covering this prescription item? Are they going to cover it? If so, at what level are they going to cover it for all patients? Is it going to be limited? What’s going to go on here?
And they were supposed to issue a final analysis on this no later than April 11. Well, we actually got the announcement a little bit early. We got it a few days early, which honestly I’m really surprised about still, because typically they wait until the very last minute to give any kind of announcements, and then usually it’s still late. But anyway, the announcement did come out a couple of days early, and they came out and said that only those patients who also participate in a clinical trial would also have this prescription covered by Medicare. That means out of the roughly one.
5 million beneficiaries who would have been drawing or using this prescription item, it’s much less than that. It’s only about 10% or so. So maybe 150,000 patients. So it’s a very small percentage of people considering how many should have been taking advantage of this. Well, as a result of that, we’ve been hearing the administration, as well as the Secretary of the Health and Human Services as well as Medicare and Medicaid Services, talking about all this and discussing what are they going to do when it comes to the Medicare Part B premium, because now that they have a decision on this, they should be lowering the Medicare Part B premium to reflect on all of the 63 million beneficiaries of Medicare.
There are 63 million Medicare per B beneficiaries. Therefore, everybody’s paying an extra $21.70 a month right now when really you should be paying maybe the premium should be about $10 more per month as a result of the raise from last year, not $21.70. So where we currently stand as of right now and again, this is why I said huge surprise. But here’s where we stand right now. Surprise, surprise.
We haven’t heard anything. Wow, I’m Super shocked right now. Is anybody else shocked right now? I’m not. Because here’s the thing, right?
It seems like these things take forever. We heard for all these months now. We even heard a couple of weeks ago, oh, yeah, we’re going to get on it right away and we’re going to figure out what we can do to actually lower the Medicare Part B premium going forward for the 63 million beneficiaries, which would ultimately result in a nice little bump in your monthly benefit. Now, to be totally clear here, it’s not going to raise your monthly benefit, but rather the distribution of your monthly benefit would be less going to Medicare Part B premium, therefore more in your pocket every single month. Right.
So whatever they would reduce the premium by means that you would just get that extra in the form of your benefit, if that kind of makes sense. Right. So just so that we’re all on the same page, so we all understand what’s actually going on here anyway. That’s why I said huge surprise. We’re still waiting.
Still waiting. How long is it going to be? How long does it take to make this decision? Here’s the thing. They’ve known about this for how many months now?
They’ve known about this for what, seven months now? Six months, something like this. And now here we are wondering, waiting, wondering. Oh, are they going to lower the Medicare Part B premium? Is it going to reflect on our benefits?
Are we going to get some kind of kickbacks and some kind of retroactive repayments for all the extra premiums we paid for the first few months of the year so far? And if this carries over into the next month, guess what? That just means another increased, sorry, Medicare Part B premium that we need to pay once again because maybe they haven’t made a decision. So at this point, honestly, it’s just like seriously make a decision already. They know all the details.
They have all the information at their disposal, like at their disposal. Not really sure why it’s taken so long. So anyway, for those of you that have been asking down in the comments section, this is what we know as of now, pretty much nothing. Okay, Pretty much nothing has really changed on this other than the fact that, yes, they did make the decision a few weeks ago.
We know it’s going to go on with this very expensive all summer subscription, only a very small percentage of people will be able to take advantage of it and from then we’re still waiting on the official announcement to see what actually happens here. Going forward with the premium as well as the reflection in the monthly benefits make sense? Yeah, right. All right, Anyway, I want to give you a quick update on this.
It’s been, I don’t know quite a few weeks now since that announcement came out, and haven’t said a word about it since then and I thought, you know what considering the number of people that have been asking about this, what’s going on? Are we getting a raise? Are we going to lower that premium? What’s going on here? Yeah, I haven’t seen anything.
So as I do get more information, of course I’ll continue to keep you updated but usually, times like this when I come out and say something like this, all of a sudden in like two days we’ll get some kind of report that says, oh, yeah, here’s what they decided. So who knows what will actually happen here? It’d be nice if they came up with some kind of reduction in the premium So that we can get that higher benefit coming in a little bit more. Every dollar counts right now with everything going on, right? So anyway, hope this update helps you out and of course, I’m watching everything closely.
I’m here for you trying to break it all down and to let you know what is actually going on. Share this video with your friends, family, and social media. Thanks again for reading.
I really do appreciate it. Enjoy your day and I’ll catch you again later on the next topic. Bye.