Ask Rusty – A “Surprise” Medicare Premium Increase
Dear Rusty: I don›t know if my situation is unique but here it is. Years ago, I bought savings bonds to add to my retirement and now that I have cashed some in, I not only must pay income tax on the interest, but the added income has put me above an established allowable income, so my Medicare premiums have increased, and that increase is taken out of my social security benefits.
It seems I am being punished for being someone who planned ahead for retirement. It›s bad enough that I am taxed on 85 percent of my social security payments but with this added surprise my benefits are declining each year. There seems to be a lack of information on Social Security and Medicare benefits and penalties.
To read more please log in or subscribe to the digital edition https://etypeservices.com/Teague%20ChronicleID677/