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Losthwy
04-12-2011, 10:46 PM
I heard for a middle income family earning $75,000 a year the cost for Medicare is about $40.00 per year. True? False?

luvmylabs23139
04-13-2011, 08:25 AM
I heard for a middle income family earning $75,000 a year the cost for Medicare is about $40.00 per year. True? False?


False: 75000 * .0145= 1087.50
now double that (employer portion) 2175.00
This is just the tax.
This doesn't count what may be paid out by the feds in addition to what they take in.
Look at your paycheck stub!!!!

Doc E
04-13-2011, 09:03 AM
And yet, Medicare only pays 80% of "reasonable - prevailing" fees.
The doctors who haven't already dropped out of medicare are barely geting half of what they should be paid.



.

luvmylabs23139
04-13-2011, 09:05 AM
I forgot to add that the medicare tax is money that is double taxation.( violation of the constitution)
In other words you pay federal income taxes on the money you earn that is stolen by the gov't for medicare.

Gerry Clinchy
04-13-2011, 10:45 AM
Using Luvy's #s. $2175/year X 40 years = $87,000.

Then, when participants qualify for Medicare they pay, (currently) $103/mo for Part B; and still need additional coverage for what Medicare doesn't cover (general nursing home care or in-home care; & additional prescrip drug coverage).

When Medicare is lumped in with Medicaid that is not entirely correct. Many (if not most?) Medicare recipients paid into the fund & continue to pay for their coverage.

Marvin S
04-13-2011, 11:50 AM
And yet, Medicare only pays 80% of "reasonable - prevailing" fees.
The doctors who haven't already dropped out of medicare are barely geting half of what they should be paid..

What is needed is more lower cost health practitioners on the ground to provide those consultations & treatments where a overqualified opinion is not necessary!


Using Luvy's #s. $2175/year X 40 years = $87,000.

Then, when participants qualify for Medicare they pay, (currently) $103/mo for Part B; and still need additional coverage for what Medicare doesn't cover (general nursing home care or in-home care; & additional prescrip drug coverage).

When Medicare is lumped in with Medicaid that is not entirely correct. Many (if not most?) Medicare recipients paid into the fund & continue to pay for their coverage.

When Clinton was POTUS 85% of SS benefits were subjected to taxation though the recipient had paid taxes on 50% originally. The R's demagogued this but never solved it once they achieved full power. That's why when Armey or Gingrich biovate about anything they are not believable.

Bush in his role as the "Compassionate Conservative" instituted the Drug coverage where we pay a monthly fee to a non government entity for a program which we initially did not pay anything. I opposed this for whatever that is worth.

But you have to belong or you will be gouged big time for all services, drug & medical. It is an insurance policy!

Some folks pay under $100 a month for the Medicare coverage which is means tested & monthly premiums can be higher as one's income grows. This can only be raised with some sort of increase in income, it cannot be raised as long as SS beneficiaries receive no additional stipend.

The program is subject to yearly manipulations which makes it hard to keep up with, I wish they would settle on something though I oppose means testing in any form.

bobbyb
04-13-2011, 12:00 PM
What is needed is more lower cost health practitioners on the ground to provide those consultations & treatments where a overqualified opinion is not necessary!



When Clinton was POTUS 85% of SS benefits were subjected to taxation though the recipient had paid taxes on 50% originally. The R's demagogued this but never solved it once they achieved full power. That's why when Armey or Gingrich biovate about anything they are not believable.

Bush in his role as the "Compassionate Conservative" instituted the Drug coverage where we pay a monthly fee to a non government entity for a program which we initially did not pay anything. I opposed this for whatever that is worth.

But you have to belong or you will be gouged big time for all services, drug & medical. It is an insurance policy!

Some folks pay under $100 a month for the Medicare coverage which is means tested & monthly premiums can be higher as one's income grows. This can only be raised with some sort of increase in income, it cannot be raised as long as SS beneficiaries receive no additional stipend.

The program is subject to yearly manipulations which makes it hard to keep up with, I wish they would settle on something though I oppose means testing in any form.

I know all about that..my railroad retirement teir 2 is SS just found out that it's taxable had to send them bestards 2g from 2009....
BobbyB
cajun

dnf777
04-13-2011, 01:18 PM
I forgot to add that the medicare tax is money that is double taxation.( violation of the constitution)
In other words you pay federal income taxes on the money you earn that is stolen by the gov't for medicare.

If you really believe that, and stand behind your beliefs, then you should quit paying them, and hire a tax attorney to fight your case!

I'll be rooting for ya!

luvmylabs23139
04-13-2011, 01:42 PM
If you really believe that, and stand behind your beliefs, then you should quit paying them, and hire a tax attorney to fight your case!

I'll be rooting for ya!


Anyone that receives a W-2 cannot stop paying the 1.45% tax. It is witheld by the employer. See the feds make the employer the tax man for SS and medicare. Any employee can manilpulate their federal income tax witholding but not FICA.
Even an employee who changes jobs and maxes out on SS will be overwitheld on SS ny the employer and will have to wait till the end of the year to get their money back.
An employer must withold on any employee the full SS limit without considering the amount witheld by a prior emplyer in the same year. This results in for some people a FORCED loan to the federal gov't.
Tax attorneys have faught the debate before and while it is double taxation they have still all lost since the gov't calls it something other than a tax when it comes down to it.
This will lead to a large showdown when and if they decide to limit or eliminate benefits for some contributors. The minute that happens the feds arugement that FICA is not actually a tax will become null and void.

Also, while a person who is self employed my attempt to not pay FICA by only paying the amount of federal income tax owed, the gov't applies payments first to FICA thus leaving a shortfall of federal income taxes so even they can't not pay FICA.

luvmylabs23139
04-13-2011, 02:09 PM
Using Luvy's #s. $2175/year X 40 years = $87,000.

Then, when participants qualify for Medicare they pay, (currently) $103/mo for Part B; and still need additional coverage for what Medicare doesn't cover (general nursing home care or in-home care; & additional prescrip drug coverage).

When Medicare is lumped in with Medicaid that is not entirely correct. Many (if not most?) Medicare recipients paid into the fund & continue to pay for their coverage.


And the 87,000 doesnt even account for the Time value of money nor the interest the money in theory should be earning.

dnf777
04-13-2011, 07:56 PM
Anyone that receives a W-2 cannot stop paying the 1.45% tax. It is witheld by the employer. See the feds make the employer the tax man for SS and medicare. Any employee can manilpulate their federal income tax witholding but not FICA.
Even an employee who changes jobs and maxes out on SS will be overwitheld on SS ny the employer and will have to wait till the end of the year to get their money back.
An employer must withold on any employee the full SS limit without considering the amount witheld by a prior emplyer in the same year. This results in for some people a FORCED loan to the federal gov't.
Tax attorneys have faught the debate before and while it is double taxation they have still all lost since the gov't calls it something other than a tax when it comes down to it.
This will lead to a large showdown when and if they decide to limit or eliminate benefits for some contributors. The minute that happens the feds arugement that FICA is not actually a tax will become null and void.

Also, while a person who is self employed my attempt to not pay FICA by only paying the amount of federal income tax owed, the gov't applies payments first to FICA thus leaving a shortfall of federal income taxes so even they can't not pay FICA.

Just stop filing returns. Keep what you feel you're entitled to, and send Uncle Sam a small token of your appreciation for his services, that you feel is appropriate. A smart person like you can surely beat the stupid gov't system!

Doc E
04-13-2011, 08:33 PM
What is needed is more lower cost health practitioners on the ground to provide those consultations & treatments where a overqualified opinion is not necessary!

When the average General Practice doctor comes out of college with at least $200,000 debt --- you want lower priced practitioners :confused:



.

Marvin S
04-13-2011, 08:43 PM
When the average General Practice doctor comes out of college with at least $200,000 debt --- you want lower priced practitioners :confused: .

While I was talking about those who could shoulder some of the load without all that training, hence making HC more affordable, I find your quoted figure to be a real exaggeration.

Buzz
04-13-2011, 08:53 PM
While I was talking about those who could shoulder some of the load without all that training, hence making HC more affordable, I find your quoted figure to be a real exaggeration.

Marv, I just recently looked into what it costs a year at my alma mater. It runs a cool $23k for room & board and tuition, not including books etc. Look at Amazon to see what a calculus, physics, or biology costs today. You can do the math on 4 years or whatever.

Marvin S
04-14-2011, 08:23 AM
Marv, I just recently looked into what it costs a year at my alma mater. It runs a cool $23k for room & board and tuition, not including books etc. Look at Amazon to see what a calculus, physics, or biology ???? costs today. You can do the math on 4 years or whatever.

That's the retail price, I would guess. Have an ex DIL that has the degree described. She came out of U-MO with less than $25K in debt so am wondering where the rest of the money goes.

Student loans have gone a long way toward driving the cost of getting any kind of a degree out of sight. My son has fond memories of the ice buildup inside the window of his dorm room at SD State. He says the new dorms they are planning to build will have fireplaces. My thoughts are that the kids are there for an education not an experience in grand living.

Buzz
04-14-2011, 08:44 AM
That's the retail price, I would guess. Have an ex DIL that has the degree described. She came out of U-MO with less than $25K in debt so am wondering where the rest of the money goes.

Student loans have gone a long way toward driving the cost of getting any kind of a degree out of sight. My son has fond memories of the ice buildup inside the window of his dorm room at SD State. He says the new dorms they are planning to build will have fireplaces. My thoughts are that the kids are there for an education not an experience in grand living.


They did the same type of thing at my alma mater. The dorm I lived in was renovated. They took out 1 in three rooms and made them into three room suites. Common room in the middle with a bedroom on either side. Private bathrooms, we used to have to walk down the hall to take care of business, shower, or shave. I was talking to some old college buddies who have kids attending there now. They stated that this is a whole different breed of kids there today. We were all from blue collar families, driving cars that were falling apart and kept together with a wish and a prayer. These kids are driving new trucks with big mud wheels on them, and brand new Subaru Outback AWD wagons.

But things are changing. The last several few years has seen the student population grow by thousands. But now, I seriously doubt those dorms will get built. You don't build new dorms at a school that will be shrinking enrollment significantly. We hear of another department closing at SDSU on a daily basis, degrees (with 100% placement even in this economy) being eliminated. Labs and extension services getting shut down. Hundreds of people will be hitting the street with pink slips soon, many who recently moved to Brookings as new hires at growing departments. Others that keep their jobs will be going from 12 month to 9 month contracts. So far Brookings has been spared from the recession, but no longer. There has been a building boom going on here with the growth of the school over the last 5 years or so. Now it looks like there will be new homes all around town sitting vacant, as will some of the newly constructed buildings and labs on campus.