The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/ken-if-you-have-the-income-jump-for-tax-year-2011-29419469.aspx

Subject:  Re: Maximum Tax rate??? Date:  7/17/2011  6:59 PM
Author:  TwoCybers Number:  113740 of 121061

Ken if you have the income jump for tax year 2011, your premium will go up beginning December 2012 and it will not reset back to normal until 2013 or 2014 at the earliest. Further keep in mind these part B premiums have been held to zero increase because of a quirk in the Medicare law. Congress prohibits increases unless there is a COLA with basic Social Security. If we get some COLA, the medicare part B premiums might just 15% or more -- the law as I understand it does not limit the size of an increase, merely the increase. There is another law that says medicare part B premiums must collect either 20% or 25% of the costs -- Even though the overall CPI has not gone up since 2008, medical costs have and a lot of folks are going to be surprised when the cork is pulled out of the bottle.

Gordon
Atlanta
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us