Finance Rules: EBW Financial News Radio

December 9episode

What's the 2016 Status of Your Social Security Payment? Michael Egan Explains

While we were enjoying our vacations last summer, the trustees of Medicare released their annual report on the Status Of The Social Security And Medicare Programs.

“What they decided may not make some people happy,” explains CFP Michael Egan in today’s podcast interview on Finance Rules: EBW’s Financial News Radio Show on the Inkandescent Radio Network.

Egan explains:

1. The hospital fund (Part A) is expected to be funded until 2030, which is the same as last year.

  • After 2030, there is expected to be enough tax revenue coming in to cover 79 percent to 86 percent of ongoing expenses.
  • There will eventually need to be some kind of reform to keep the system funded at the current levels, but nothing seems imminent at this time.

2. Be aware that Part B (the doctor bills) premiums are expected to rise — dramatically.

  • Unlike Part A, which is paid for with payroll taxes, Part B is a cost-sharing program paid for by the beneficiaries who are using it and with the general revenues of the treasury.
  • According to the trustees’ report, Part B premiums are expected to increase by more than 50 percent!

Before you have a heart attack, know that 70 percent of the beneficiaries are not expected to experience any increase at all. Will you be impacted?

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