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Social Security & Medicare
2012 Social Security Cost-of-Living Adjustment (COLA)
Social Security checks will increase by 3.6% in 2012 for some 60 million beneficiaries. As a consequence, the average monthly check of 55 million retirees will be $43 higher, or $1,229, beginning in January. Also increasing, however, is the Medicare Part B premium. The standard Part B premium will rise from $96.40 to $99.90 in 2012. Detailed information on Medicare premiums is provided below.
2012 Medicare Premiums, Deductibles and Co-Pays
Hospital Deductible:
$1,156 per spell of illness
Hospital Coinsurance:
Days 0-60: $0
Days 61-90: $289 / day
Days 91-150: $578 / day
Skilled Nursing Facility Coinsurance
Days 0-20: $0
Days 21-100: $144.50 / day
Part A Premium (for voluntary enrollees only)
With 30-39 quarters of Social Security coverage: $248 / month (no change)
With 29 or fewer quarters of Social Security coverage: $451 / month
Part B
Deductible: $140 / year
Standard Premium: $99.90 / mon
Part B Income-Related Premium
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Beneficiaries who file an individual tax return with income:
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Beneficiaries who file a joint tax return with income:
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Beneficiaries who are married, but file a separate tax return with income:
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Income-related monthly adjustment amount
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Total monthly Part B premium amount
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Less than or equal to $85,000
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Less than or equal to $170,000
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Less than or equal to $85,000
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$0.00
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$99.90
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Greater than $85,000 and less than or equal to $107,000
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Greater than $170,000 and less than or equal to $214,000
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$40.00
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$139.90
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Greater than $107,000 and less than or equal to $160,000
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Greater than $214,000 and less than or equal to $320,000
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$99.90
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$199.80
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Greater than $160,000 and less than or equal to $214,000
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Greater than $320,000 and less than or equal to $428,000
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Greater that $85,000 and less than or equal to $129,000
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$159.80
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$259.70
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Greater than $214,000
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Greater than $428,000
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Greater than $129,000
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$219.80
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$319.70
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Part D Income-Related Premium Adjustment
Enrollees in Medicare Part D prescription drug plans pay premiums that vary from plan to plan. Beginning in 2011, Part D enrollees whose incomes exceed the same thresholds that apply to higher income Part B enrollees must also pay a monthly adjustment amount. The regular plan premium will be paid to their Part D plan, and the income-related adjustment will be paid to Medicare. The amounts by income level are below.
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Beneficiaries who file an individual tax return with income:
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Beneficiaries who file a joint tax return with income:
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Beneficiaries who are married, but file a separate tax return with income:
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Income-related monthly adjustment amount paid to Medicare
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Less than or equal to $85,000
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Less than or equal to $170,000
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Less than or equal to $85,000
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$0.00
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Greater than $85,000 and less than or equal to $107,000
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Greater than $170,000 and less than or equal to $214,000
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$11.60
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Greater than $107,000 and less than or equal to $160,000
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Greater than $214,000 and less than or equal to $320,000
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$29.90
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Greater than $160,000 and less than or equal to $214,000
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Greater than $320,000 and less than or equal to $428,000
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Greater that $85,000 and less than or equal to $129,000
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$48.10
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Greater than $214,000
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Greater than $428,000
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Greater than $129,000
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$66.40
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Attorney Nancy Stone assists clients with Elder Law, Medicaid Planning, and Estate Planning throughout Harris County, TX. We are based in Houston and serve all of Harris County, Bellaire, Alief, Galleria, West University, The Heights, Pearland, Alvin, Sugar Land, Missouri City, Kingwood, Humble, The Woodlands, Spring, Tomball, Conroe, Pasadena, Baytown, La Porte, Clear Lake, Galveston, Texas City, Caty, Friendswood, Crosby, as well as parts of Fort Bend County, Brazoria County, Montgomery County, Galveston County, Liberty County, Chambers County, Waller County and throughout Southeast TX.
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