Social Security Benefits And How They May Be Changing For Millions And Millions Of Beneficiaries

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Social Security Benefits And How They May Be Changing For Millions And Millions Of Beneficiaries
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Your Social Security benefits may be changing. And I have all the details for you on

this topic. All right. Thanks again. Let’s jump right into the video. All right. It has been a long time coming, but finally, your Social Security benefits may be changing in a good way.

You don’t hear that all too often these days. But honestly, it may be a good thing for millions and millions of beneficiaries. And I want to walk through all the details on it in this topic. But it’s all based around the Medicare Part B premium. So let’s quickly talk through this right now and talk about what this actually means and what it could actually do to your monthly benefits going forward.

All right. So remember back in November of last year, in 2021, the Centers for Medicare and Medicaid Services came out and announced a 14.5% adjustment to your Medicare for B premium. I think at the time that caught all of us off guard because that is a massive raise. I mean, I don’t know what else to call it. That is a huge raise.

But anyway, it came in at 14.5%. Well, a large portion of that raise was actually coming from one prescription item for Alzheimer’s. Well, at the time, that is where that whole big raise came from. Well, as we all know so far in 2022, all of us have been paying that massive 14. 5% increase to the Medicare Part B premiums, which is $170.10 each and every month.

So it’s up over $21 every single month just because of the Medicare Part B premium. While they also calculated that about $11 of that raise in the premium is just coming from that one prescription item alone. Well, here’s what’s happening over the last several months here. Since that announcement out of the Centers for Medicare and Medicaid Services came out, there has been a variety of different lawmakers that have written letters as well as a variety of other people coming out saying, okay, we’re calling foul on this one. We’ve got to do something to reduce these benefits.

If this is not okay, these beneficiaries that are receiving Social Security and paying on Medicare Part B premiums cannot be paying this massive benefit as in the premium every single month. And we’ve got to do something about this. We need to lower the price on this thing. All right. So it’s been a very long time coming, but we’re finally getting a little bit more information on this.

So just yesterday, the Health and Human Services Secretary came out and confirmed he’s going to be waiting for the final analysis to be released by Medicare on this prescription item before he determines how much to reduce the Medicare Part B premium. However, as we just discussed a minute ago, about $11 of the total $21 premium increase in 2022 was from this prescription item. Therefore, we may be seeing a pretty substantial reduction to the Medicare Part B premium going forward, which will ultimately result in a higher monthly benefit for you each and every month going forward. However, I would have to say one of the major questions that a lot of us in this community are wondering now, is all of the premium that we’ve paid for Medicare for B premiums going forward or behind so far in 2022? Is all that money just gone and forgotten about, or are we going to get a little bit of a refund back?

You kind of get what I’m saying. So all the months that we’ve already paid this increased premium, are we going to get it back in like a little check or maybe deposit? Or is that money just gone and be like, oh, sorry, it’s too late now. It’s already gone. So that’s one question that I have about this, which I don’t have an answer for quite yet.

I haven’t been able to find anything about that. And honestly, I have not seen anybody talk about it quite yet. My next question would be going forward, how is this going to be adjusted? Are they just automatically going to adjust the Medicare Part B premium and we’re going to see it reflected in our monthly benefits going forward or what’s going to happen there as well? And how long is this going to take again?

So now they’re already talking about this going into April, which, okay, fine. So one more month here, they were talking about this, but it makes me wonder, how long is it going to take once the Health and Human Services Secretary decides, okay, I’m going to reduce the Medicare Part B premium? I guess my question is going to be how long it’s going to take you to do that? Can you get it done right away so that next month when our benefits are distributed, we’re not paying extra premium on our Medicare Part B. So again, there’s a lot of questions here that I have about this, but at the same time, I don’t have the answers for you quite yet, simply because I haven’t seen any answers to all these questions quite yet.

But I would anticipate as we get closer to all this and all of this goes into the works and they actually start working their way through this, I would anticipate we’ll have all those answers going forward. It would be really nice if they actually send a little bit of a refund back to us for all the extra Medicare Part B premium that we’ve already paid so far this year, which technically, based on what they’ve talked about, we probably shouldn’t have paid that in the first place. Now, don’t get me wrong, there’s really no way to get out of it. But considering they’ve been charging us an extra 21 point 70 what they were charging last year in 2021, I feel like, hey, if the Medicare Part B premium is going to be decreased going forward, I feel like you should probably give that back to us in a little bit of a refund. For all of the months we’ve already paid here in 2022, it’s not going to result in a ton of money, maybe, I don’t know, $40 maybe.

Again, I don’t really know what the refund would be or what the reduction in Medicare permit would actually be. But either way, money is money. And right now money is really tight for a lot of people. Therefore, it sure would be nice to get that back. So, again, that’s another major question that I have going forward is will we get that little bit of a refund and how long is it going to take for them to actually enact this actual reduction to the Medicare Part B premium going forward?

But anyway, this is something that pretty much never happens. In fact, I have not looked it up, but I would be willing to bet almost that this is probably something that has never happened in the history of Medicare and all of these benefits. I mean, realistically, have you ever seen this happen before? Where mid-year they come back and say, hey, we’re going to reduce the Medicare Part B premium? Probably not, right?

Usually, once it’s in place, that’s kind of it. And it’s set for the year until they readjusted higher the next year going forward. So this might be a little bit of a historic event going on right now, which is a actually working in our favor, which almost never happens. Let’s be real with ourselves right now. Things like this almost never happens.

So to see something actually benefiting us in a good way for once is like, Whoa, the tides have turned. It’s a pretty nice thing, right? But anyway, as I do get more information on this, of course, I’ll bring it to you and let you know all the latest details. But again, that deadline for Medicare to come back with their analysis on this is April 11. So we’re kind of coming up close here on that date.

I know it’s still a little ways away here, but it’s going to be here before we know it and we should have a decision sometime around then. Unless the health and human services Secretary actually decides to do something before then. But I would anticipate based on the comments from yesterday they’re probably going to be waiting until we actually get that final analysis out of Medicare anyway as I do get more information of course I’ll 2be right back here for you breaking it all down for you and let you know anything that is actually going on. So again, thanks so much for visiting our site.

I’ll catch you again later in the next one and I hope this update helps you all right. I’ll see you again soon. Thanks.

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