Tomorrow, 9/11/2014, I have a visit to the local Social Security office. Why, you ask? Dealing face-to-face with them isn't something I would volunteer to do; SSA is not my favorite 3-letter federal agency. So why? Simple. I have to.
I turn 65 in October.
That means I will be put on Medicare as of October 1, which in and of itself isn't a bad thing. What is not good is how much they intend to charge me for the privilege of government-regulated nationwide healthcare coverage. So a refresher is in order.
I retired from federal service 12/31/2011. I had already made up my mind to enroll in Social security early, even though I knew I would take a big hit - and I did. I also planned to withdrew my retirement savings (the third part of federal retirement plan...Social Security, annuity, and retirement savings) to pay off important debts and such, which I did.
Unfortunately for me, SSA uses income from two years prior to compute the initial monthly Medicare payment. Because my retirement savings were substantial - 6 big numbers - my initial payment will be very large. Larger than I can afford, considering my current debt load (I lost a court fight big time) and my current family health insurance plan premium. I provide high-quality health insurance to my under-26 children per the Affordable Care Act, and those premiums continue to rise every January.
So I have to go talk to the SSA and show them my income from last year, 2013, wasn't high enough to kick me into the higher premium brackets.
I hope to be successful. If not, I will have to cancel my family coverage next Ooen Season and my children will no longer be covered. That will not be a good thing. So wish me luck.
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