Social Security and Medicare

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

Correct. Medicare is also considered Welfare. If someone didn't directly pay for the program, then it's welfare. Social Security and Unemployment are considered government-run insurance plans that you have no choice but to contribute to, so you have a right to those. Welfare is money the government gives you that you never "paid for".

Excuse me? Never paid for???? I have been out of school and working full time for 25 years, and every paycheck I have ever received has had a deduction for Medicare, right along side with the deduction for Social Security. Medicare withholding is currently 1.45% deducted from my paycheck, with an equal amount contributed by my company. All of that money paid into Medicare, and I have not received a single benefit as of yet.

When I do become eligible for Medicare, I will have pre-paid my "premiums" for 45 years. Hardly what one would call "welfare".

So if you want to call it "welfare", then your Social Security check should also be called "welfare". It realy makes no difference to me what you call it, but you certainly can't say that the majority of people using Medicare "didn't directly pay for the program" -- they paid, and paid, and paid, year after year with every paycheck earned.

Kurt

[Laurie Senior Member Find all posts View Profile Close Laurie]

JWC and other Medicare Advantage customers still have to pay their Medicare Part B premiums, $100+/mo, or that amount is deducted from their ss checks. The difference is that the $ ends up going to the private insurance company, rather than to the govt., and the private insurance co has to (as mandated by law) give = or better benefits as/than regular Medicare. It's not free.

[Hobbitess Senior Member Find all posts View Profile Close Hobbitess]

Medicare withholding is currently 1.45% deducted from my paycheck, with an equal amount contributed by my company.

Sorry, you're right, I always get those two (Medicare and Medicaid) confused. Beg pardon.

Although to be honest I don't really understand why welfare is supposed to be bad and Social Security or Medicare okay; for decades, the people pulling social security hadn't put in what they were getting out, and currently it's estimated that people put in only a third of what Medicaid is paying them, so it's still not really an insurance thing. It's one generation paying for another.

[PigsDad Senior Member Find all posts View Profile Close PigsDad]

Sorry, you're right, I always get those two (Medicare and Medicaid) confused. Beg pardon.

Although to be honest I don't really understand why welfare is supposed to be bad and Social Security or Medicare okay; for decades, the people pulling social security hadn't put in what they were getting out, and currently it's estimated that people put in only a third of what Medicaid is paying them, so it's still not really an insurance thing. It's one generation paying for another.

That may have been true for the people early in the program, but I have a hard time believing that is true for anyone still working today. Also, I think people doing those estimates do not include what the employer contributes to SS (matching what the employee puts in). In my case, just putting some basic numbers in of about 12% (~6% each from myself and my employer) of my salary over 45 years of working, and having that grow at a respectible 8% per year, I come up with a number well into the 7-figures. The power of compounding over 45 years is huge.

Will I ever collect that in my lifetime? Extremely doubtful. But I know my SS contributions over the years goes to subsidize those that didn't pay in near as much. I am ok with that, but I really don't like generalized statements that say that us working stiffs will get back what we put in -- that may have happened to those that are 20-40 years older than I, but it certainly will not be the case for my generation. The Ponzi scheme was set up to be over-weighted to those that were in the program early, at the expense of the younger generation.

Kurt

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

As long as we're just talking about anything now, we were always self-employed, so always made the employer's contribution, too.

I have never bought into the concept that when it comes to SS or Medicare, our contributions were going to a fund that we would get paid from when we retire, like contributions to a private retirement fund.

I have bought into the concept that someone else was going to do whatever they wanted to do with our contributions.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

It will probably be the same as social security. People that retired a few years ago may get back more than they paid in, but the more recent and future recipients are likely not get get back all they paid in. Without social security and medicare, most people are on their own- so it is better than nothing for many.

[JWC Super Moderator Find all posts View Profile Close JWC]

Correct. Medicare is also considered Welfare. If someone didn't directly pay for the program, then it's welfare. Social Security and Unemployment are considered government-run insurance plans that you have no choice but to contribute to, so you have a right to those. Welfare is money the government gives you that you never "paid for".

Why are you so upset that people see that as welfare?



My question is, if JWC is so good at working they system when it comes to health care, why can't he get rid of a few measly Timeshares? They involve similar skills.

You people are so damned ignorant. You do pay directly for Medicare just like Social Security. Every employee and self employed person pays 2.9% of their income for Medicare. This is split 50/50 between the employee and the employer. There is no limit like there is for Social Security.

I also pay the $104 /mo for Medicare Part B that everybody pays.

http://ssa-custhelp.ssa.gov/app/answ...xable-earnings

I certainly didn't work the system unless you call learning about it as working it. How many times do I have tell you before it sinks in that any senior can get exactly the same insurance or similar to what I have if they live in area that offers it.

I haven't been trying to get rid of my timeshare. I said I plan to but haven't tried as yet as I still use it. When I decide to get rid of it, I won't have any problem. I did sell one of my TS for $5,000 without any problem.

[JWC Super Moderator Find all posts View Profile Close JWC]

We pay for Medicare and the supplemental plan, you don't ? Sounds like welfare to me. Of course it seems you always seem to have something better than anyone else. I have a name for that---maybe a few names. So, explain to me why everyone else seems to either have to pay for a supplemental plan or pay a co-pay under one while you don't.

I do pay $104 /mo for Medicare Part B that is deducted from my SS. What I have is available to many other people. I happen to take the time and effort to learn all I can about it. Obviously you don't. And of course I would expect you to call it names as that is all you are good at.

[JWC Super Moderator Find all posts View Profile Close JWC]

I have a Medicare Advantage program because 1) I am healthy and rarely go to the Dr. 2) I only take 2 prescriptions, neither of which is for a life threatening problem. 3) I am cheap.

That said I will probably change to a traditional supplement/drug program for 2014. The reasons for that is 1) I need cataract and eye lift surgery and I will pay a lot less under the traditional plan. 2) The copays for Dr's is $30/$50. The problem I am having is most don't cover 1 prescription.

If you don't take parts B & D when you are first eligible, you will be penalized when you do.

Both my wife and I had cataract surgery and it was covered 100% by our MA and our prescriptions are all covered. As you can see there is a great deal of difference depending where you live.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Wow! & we used to be so opposed to cheap shots and personal criticism around here.

What is it about computers that empower people to be so ugly?

Oh well.

[Marti Super Moderator Find all posts View Profile Close Marti]

Jwc

You people are so damned ignorant.

You do pay directly for Medicare just like Social Security. Every employee and self employed person pays 2.9% of their income for Medicare. This is split 50/50 between the employee and the employer. There is no limit like there is for Social Security.

See: IRS Topic 751

Social Security and Medicare Withholding Rates

The Federal Insurance Contributions Act (FICA) tax includes two separate taxes. One is social security tax and the other is Medicare tax. Different rates apply for each of these.

The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Refer to Publication 15, (Circular E), Employer's Tax Guide, Chapter 6, for more information

There is no wage base limit for Medicare tax.
All covered wages are subject to Medicare tax.

http://www.irs.gov/taxtopics/tc751.html

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Yeah, damn all you ignorant people!



Again, going on the premise that at this point we are saying anything we want and talking about anything we want in this thread, which I agree I messed up a tad at the beginning, I was thinking how funny it is that as growing up I always thought how square and un-with it my parents were. Anyone else feel that way?

They lived the bulk their lives independent of each other, so had their own retirement dealies. Neither could have ever spent what they had coming in during retirement.

Go figure!

[Marti Super Moderator Find all posts View Profile Close Marti]

Social Security 101

http://www.youtube.com/watch?v=eZPJL...=youtube_gdata

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

I do pay $104 /mo for Medicare Part B that is deducted from my SS. What I have is available to many other people. I happen to take the time and effort to learn all I can about it. Obviously you don't. And of course I would expect you to call it names as that is all you are good at.

I am not the one that calls everybody ignorant. Your behavior here is appalling.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I am not the one that calls everybody ignorant. Your behavior here is appalling.

But, then, with the upcoming, irreversible climate change, he will soon be underwater, as are most of the superior people in his state on their houses.



(humor)