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Facing a debt-ceiling deadlock, our president now says he is open to “modest modifications” to Medicare, publicly supporting making wealthier seniors pay more. What an economic genius! Where has he been all this time? While most of us believe both our current Medicare and Social Security needs reforming, it appears most of us seniors know more about Medicare and Social Security than our president, and that is a crying shame.
Many seniors have retired after long, gainful employment careers. They now have little to no earned income; and, they are now collecting Social Security benefits. Most typically pay $96.40/month ($1,156.80/year) for their Medicare Part B & D, which is deducted from their monthly Social Security payments. There are, however, some seniors who still enjoy working and/or own their own businesses and still have earned income. These seniors are still paying into Medicare and Social Security, and they are now being told by our president that they are not paying enough.
The amount people on Medicare pay for Part B & D is based upon their modified adjusted gross income (known as MAGI). Single taxpayers with MAGI up to $85,000 pay no surcharges for their Part B & D. Joint filer taxpayers with Magi up to $170,000 MAGI pay no surcharges for their Part B & D. However, above the $85,000/$170,000 MAGI amount, many seniors are already being “means tested” and paying much more as indicated in the chart below:
MAGI for
IndividualsJoint FilersMonthly Premium
$85,000 $170,000$161.50/month ($1,938.00/year)
$107,000 $214,000$230.70/month ($2,768.40/year)
$160,000 $320,000$299.90/month ($3,598.80/year)
$214,000 $428,000$369.10/month ($4,429.20/year)
I deal in facts, not fiction. Facts tell me the highest MAGI people pay 283 percent more than the lowest people. Mr. President, how much more should they pay?
I am the CEO of a good-size U.S. company. I provide very good health care benefits to all of my employees. I am also over 65, so I can't even be in my own company health plan. We are on Medicare; and, we are some of those people who are being “means tested” and are already paying more. There is an old, time-tested, way of knowing when someone is being honest with you. Watch their eyes and body language when they speak. Mr. President, I am watching your eyes and body language; and, I do not like what I am seeing. We all deserve much better and more knowledgeable leadership. We don't need a president or administration who promoters class warfare.
Many seniors have retired after long, gainful employment careers. They now have little to no earned income; and, they are now collecting Social Security benefits. Most typically pay $96.40/month ($1,156.80/year) for their Medicare Part B & D, which is deducted from their monthly Social Security payments. There are, however, some seniors who still enjoy working and/or own their own businesses and still have earned income. These seniors are still paying into Medicare and Social Security, and they are now being told by our president that they are not paying enough.
The amount people on Medicare pay for Part B & D is based upon their modified adjusted gross income (known as MAGI). Single taxpayers with MAGI up to $85,000 pay no surcharges for their Part B & D. Joint filer taxpayers with Magi up to $170,000 MAGI pay no surcharges for their Part B & D. However, above the $85,000/$170,000 MAGI amount, many seniors are already being “means tested” and paying much more as indicated in the chart below:
MAGI for
IndividualsJoint FilersMonthly Premium
$85,000 $170,000$161.50/month ($1,938.00/year)
$107,000 $214,000$230.70/month ($2,768.40/year)
$160,000 $320,000$299.90/month ($3,598.80/year)
$214,000 $428,000$369.10/month ($4,429.20/year)
I deal in facts, not fiction. Facts tell me the highest MAGI people pay 283 percent more than the lowest people. Mr. President, how much more should they pay?
I am the CEO of a good-size U.S. company. I provide very good health care benefits to all of my employees. I am also over 65, so I can't even be in my own company health plan. We are on Medicare; and, we are some of those people who are being “means tested” and are already paying more. There is an old, time-tested, way of knowing when someone is being honest with you. Watch their eyes and body language when they speak. Mr. President, I am watching your eyes and body language; and, I do not like what I am seeing. We all deserve much better and more knowledgeable leadership. We don't need a president or administration who promoters class warfare.
