What To Do When Medicare Premiums Rises Due To Previous Income
What To Do When Medicare Premiums Rises Due To Previous Income
Standard Medicare premiums can, and typically do, go up from year to year. However, the standard Part B rate is set to , from the current $170.10 a month to $164.90. In 2022, increases from the standard premium start with incomes above $91,000 for an individual taxpayer and $182,000 for a couple who file taxes jointly. Those thresholds are rising to $97,000 and $194,000, respectively, in 2023. Updated September 27, 2022
My Medicare premiums went up because of my income from two years ago My income has since gone down Is there anything I can do
Yes. You can apply to Social Security to reduce your Medicare premium in light of changed financial circumstances. Social Security uses tax information from the year before last — typically the most recent data it has from the IRS — to determine if you are a If so, you will be charged more than the “standard,” or base, premium for Medicare Part B (health insurance) and, if you have it, Part D (prescription drug coverage). But a lot can happen in the intervening year, so Social Security provides a way to review your premium on the basis of a “life-changing event” that significantly affected your income, such as: A marriage, a divorce or the death of a spouse. Stopping or reducing work. Loss of an income-producing property for reasons beyond your control. A major change in or termination of your employer’s pension plan. A financial settlement with an employer (due to a company reorganization or bankruptcy, for example) that inflated your income one year but does not reflect your current financial situation. To request a reduction of your Medicare premium, contact your to schedule an appointment or fill out form and submit it to the office by mail or in person. Local offices after being closed to walk-in traffic for more than two years due to the , but Social Security recommends calling in advance and scheduling an appointment to avoid long waits. You’ll need to provide a copy of the more recent tax return and evidence of the life-changing event. The SSA-44 includes a checklist of acceptable documentation. Keep in mindStandard Medicare premiums can, and typically do, go up from year to year. However, the standard Part B rate is set to , from the current $170.10 a month to $164.90. In 2022, increases from the standard premium start with incomes above $91,000 for an individual taxpayer and $182,000 for a couple who file taxes jointly. Those thresholds are rising to $97,000 and $194,000, respectively, in 2023. Updated September 27, 2022