Trump may delay signing tax bill to put off automatic cuts to Medicare until 2019

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Theo520 said:
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dvdjs:
I am not sure how to interpret this remark.
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I answered with honesty.
We have limited resources and will need to reduce the high amount spent on the aged if we want to focus it on the young who don’t have any coverage. I’m not suggesting we cut them off completely, just curtail the more expensive treatments and drugs at Govt expense.
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Even the Neanderthals looked after the old and infirm. What kind of society do you envision the US becoming? One where you hit 70, and your sent out into the wilderness to die?
 
Why ?

If i paid into it, no government bureaucrats should be telling me I’m too rich to collect Social Security and receive Medicare benefits.

It was a separate tax people paid into and the government borrowed from it and now needs to pay it back.

However, with the GOP tax cuts, they budget will grow and they’ll blame it on SS and Medicare and try to cut them.

Jim
 
JimR-OCDS said:
Why ?

If i paid into it, no government bureaucrats should be telling me I’m too rich to collect Social Security and receive Medicare benefits.

It was a separate tax people paid into and the government borrowed from it and now needs to pay it back.

However, with the GOP tax cuts, they budget will grow and they’ll blame it on SS and Medicare and try to cut them.
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A significant number of people take out much more than they put in,

logically that means others will need to compensate by taking out less than they put in.

There is no avoiding this basic accounting math.
 
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They can only take out what they’re eligible for and this is determined by how long you worked and how much you made.

However, full age retirement of 66, there is a cap, just as retirement at age 62 there is a cap with 25% less than full age retirement

Most people know that through their lifetime, they’ll pay more into Social Security than they’ll get back during their retirement.

Jim
 
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JimR-OCDS said:
If i paid into it, no government bureaucrats should be telling me I’m too rich to collect Social Security and receive Medicare benefits.
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What about Medicare part B? You never paid a penny to support that program, yet 75% of the cost of that program is paid for by the federal government. What is the justification for that redistribution from the have nots to the haves?
 
Medicare is funded by the Social Security Administration. Which means it’s funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you’re into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
 
JimR-OCDS said:
Medicare is funded by the Social Security Administration. Which means it’s funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you’re into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
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The payroll tax does not cover parts B and D. Should we get rid of those?
 
Payroll tax covers part B.

The person has to buy part D or some other supplemented drug program

Jim
 
And BWT, we pay a premium for Medicare Part B. It’s deducted from our retirement benefit.

You don’t have to take part B, but you’ll be penalized if you sign up after age 65

Jim
 
JimR-OCDS said:
nd BWT, we pay a premium for Medicare Part B. It’s deducted from our retirement benefit.

You don’t have to take part B, but you’ll be penalized if you sign up after age 65

Jim
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The premium covers about 25% of the total cost. The other 75% is paid for out of general tax revenue, not the payroll tax as you falsely claimed.
 
Info came from Social Security.

Google it if you don’t believe this

Medicare is funded by the Social Security Administration. Which means it’s funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you’re into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.

Jim
 
JimR-OCDS said:
Info came from Social Security.

Google it if you don’t believe this

Medicare is funded by the Social Security Administration. Which means it’s funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you’re into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.

Jim
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Just present a link that says that medicare part B is paid for by the payroll tax. If you present evidence that says that the payroll tax covers part B, I will admit I am wrong. If evidence is presented that says the payroll tax does not cover part B will you admit you are wrong?
 
How is Medicare funded?
The Centers for Medicare & Medicaid Services (CMS), a branch of the Department of Health and Human Services (HHS), is the federal agency that runs the Medicare Program. CMS also monitors Medicaid programs offered by each state.

In 2011, Medicare covered 48.7 million people. Total expenditures in 2011 were $549.1 billion. This money comes from the Medicare Trust Funds.

Medicare Trust Funds
Medicare is paid for through 2 trust fund accounts held by the U.S. Treasury. These funds can only be used for Medicare.

Hospital Insurance (HI) Trust Fund
How is it funded?
Payroll taxes paid by most employees, employers, and people who are self-employed
Other sources, like income taxes paid on Social Security benefits, interest earned on the trust fund investments, and Medicare Part A premiums from people who aren’t eligible for premium-free Part A

https://www.medicare.gov/about-us/how-medicare-is-funded/medicare-funding.html
 
Supplementary Medical Insurance (SMI) Trust Fund
How is it funded?
Funds authorized by Congress
Premiums from people enrolled in Medicare Part B (Medical Insurance) and Medicare prescription drug coverage (Part D)
Other sources, like interest earned on the trust fund investments
What does it pay for?
Part B benefits
Part D
Medicare Program administration, like costs for paying benefits and for combating fraud and abuse
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You quit reading too soon. The part you are quoting discusses the hospitalization component. The next section discusses part B and it is very clear that the payroll tax does not cover any of part B.
 
JimR-OCDS said:
They can only take out what they’re eligible for
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What you are eligible for is affected by what you (name removed by moderator)ut, but not limited to that.

My Granny hardly paid anything but pulled for many decades

People with disabilities subsist off the benefits for many many decades, far above any contributions

Medicare D was an expensive new benefit that most users did not fund.
 
There is a limit, I believe it’s $2200 per month and this is the highest you can get, regardless of how much you paid in over the years and you can only get this when you reach age 66. If you retire before that age, say 62, you’ll get 25% less.

SDI is different and I’m not sure of the issues.

Social Security disability also depends on how long you worked and paid into the system.

My son worked for seven years before being put on Social Security Disability. He gets less than I do, even though I retired at 62 with 25% less than what I’d get if I had worked until 66.
Wasn’t my plan to retire at age 62, but that’s another story.

Part D of Medicare, you have to pay much of the cost for various drugs.

Most retirees I know, have opted to get supplement insurance plans rather than part D.

Jim
 
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