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Thread: The Cost Of Medicare

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    Default The Cost Of Medicare

    I heard for a middle income family earning $75,000 a year the cost for Medicare is about $40.00 per year. True? False?
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    Quote Originally Posted by Losthwy View Post
    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!!!!
    Last edited by luvmylabs23139; 04-13-2011 at 09:11 AM. Reason: Loo
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

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    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.



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    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.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

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    Senior Member Gerry Clinchy's Avatar
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    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.
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    Quote Originally Posted by Doc E View Post
    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!

    Quote Originally Posted by Gerry Clinchy View Post
    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.
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    Quote Originally Posted by Marvin S View Post
    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....
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    Quote Originally Posted by luvmylabs23139 View Post
    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!
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    Quote Originally Posted by dnf777 View Post
    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.
    Last edited by luvmylabs23139; 04-13-2011 at 02:12 PM. Reason: add self employed
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

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    Quote Originally Posted by Gerry Clinchy View Post
    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.
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

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