How Much is Medicare part B
When you are getting close to the age of 65, you might get a little anxious thinking about what steps you need to take to get you Medicare benefits. One of the questions you probably have is How Much is Medicare part B. . If you are retired and living on a fixed income this is an important question to ask. Medicare Part B covers your necessary medical services and supplies. In 2018 the standard cost for Medicare Part B is $134.00 a month for an individual.
According to federal law, some higher-income beneficiaries will have to pay a higher premium for their part B coverage. This law also applies to your Medicare prescription drug coverage. Less than 5% of people will be affected by this law. Therefore, the majority of people will not have to pay the additional premium.
The document in the link below is for 2018; but the IRMAA limits are set to be the same for 2019. They will most likely go up substantially in 2020.
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How Much is Medicare part B – Social Security will use your most recent tax return
Your most recent tax return will be used to decide if you need to pay the higher premium. The amount is based on your (MAGI) modified adjusted gross income. Your MAGI is your total adjusted gross income along with your tax-exempt interest income. If you are filing as single and your MAGI is more than $85,000,you will pay a higher Part B premium. In the event that you are married, filing jointly and your MAGI is greater than $170,000 you will pay a higher Part B premium. If you will have to pay a higher premium, you will receive a letter from Social Security with the reason for the higher cost as well as the amount you will have to pay.
When you have income that is not over the set income limits you will not have to pay any additional premium.
If your income has gone down, due to a change in your life, you can contact Social Security and explain it to them. They will need proof/documentation of the new information and may adjust your payment amount accordingly. We list some examples of life changes below:
You or your spouse stops working or has reduced hours.
An unforeseen event causes you to lose an income-producing property.
Recently you were either married, divorced or widowed.
You have lost income from a pension plan.
In the event that your income has gone down, you can use Form SSA-44 to ask for an adjustment. You can find the form on line at www.socialsecurity.gov/forms/ssa-44.pdf.w.
If you would like more information or help with signing up for Medicare, please contact the office. You can reach us either by phone at (203)796-5403 or by email at teal@croweandassociates.com