Work Hard, Save For Retirement, Then Get Punished By Obamacare

Obama Obamacare Here to Stay

Another day, another story of how Obamacare punishes hard working, responsible citizens. Earth Ocean Sky Redux has the news of how retirees who worked hard their whole lives and saved for retirement are being to pay extra Medicare premiums to fund those who didn’t.

This month’s Medicare bill has a line item for IRMAA Part D, an amount higher than the premium we pay to Aetna. I called Medicare and when I explained I already have Part D, the customer service agent, who was quite nice and helpful, started to laugh.

I knew I was in trouble if HE found something funny about my bill.

Turns out, our income was vetted when applying for Medicare and it met a threshold that makes us “qualified” to pay into the Part D trust fund that will pay for OTHERS.

Part D-IRMAA stands for the Income Related Monthly Adjustment Amount for Part D and this is mandated by the Affordable Care Act to help fund the Medicare Part D Trust Fund. It started on January 1, 2011. Now Part D-IRMAA is a set amount paid to the government in addition to and separate from the plan premium. As a reminder, this is not paid to the plan. The Part D-IRMAA is required to be paid by those who have Part D coverage and higher income.

Read the whole thing. In short, some of the money she worked for and saved for her retirement is now being redistributed to others thanks to Obamacare.

H/T Michigan

Update: Linked by Expose the Media -thanks!