So around 63 yr old we should avoid selling a home or drawing anything substantial from our retirement plans that would put us over the $182k? Does SS only do this look back once at initial enrollment?
Social Security and Medicare will look back 2 years every year in December. 2021 for 2023, 2022 for 2024, 2023 for 2025………. If either of you retire and your income goes down, you can file an appeal and bring it up to the current year.
Thanks so much for all your info. I did apply for 2020 and they approved... now I have to do for 2021 since we had a two year impact. Hopeful! I had to make sure to include not just "paycheck/severance income" but also INTEREST which these last few years started to amount to something. SO GLAD you bring up HDG/high deductible G. It is a GREAT recommendation for so many people!!
Sold my business in 2021 so my wife and I are each paying over 600 per month this year! As bad as it sounds it's still less than we were paying b efore medicare. Next year will be better!
I don't want original medicare.I am already paying $600 a month in 2023 because I sold my home And I got pushed into the high income bracket. I don't want to spend another $600 per month for the gap I'm going to go talk to doctors in my area I'm gonna fly around the country when I'm sick. And even when you want to go to a specific doctor they're frequently and booked. the waiting time is horrendous. I prefer medicare advantage where everything is pretty much paid for. No out of pocket for me.Thtere is $10000 a year difference for option of selecting a doctor that may not be any better.. I never thought of the huge lncrease in IRMA.
Don’t forget to mention that for that two year look back for Irmaa you can appeal to Medicare if you had a life-changing event, like divorce or retirement. And your income is a lot lower than two years ago. They will adjust what you owe if anything for irmaa. So if you are retiring at 65 as you begin Medicare, you can appeal your income from two years ago as you are no longer working and should have a lot lower income.
People are upset because the increase in the premium is simply based on a concept of redistribution. It has nothing to do with your medical risk-factors. It is not insurance based on risk. If you smoke, drink heavily, or your diet is indiscreet, no problem! Others pay more simply because they can. So much for community rating! And it has a Procrustean aspect, in that if you are $1 over the limit, you pay the entire "penalty". This is what happens when the medical finance system is turned over to the government.
Looking for this same video for 2024. It looks like my 3.2% is used up by IRMAA...
Making the video Thursday. Out in a few weeks.
You guys are the best.
WOW, wonderful clear crisp information. Thank you for giving in depth informative knowledge 🙂
So around 63 yr old we should avoid selling a home or drawing anything substantial from our retirement plans that would put us over the $182k? Does SS only do this look back once at initial enrollment?
Social Security and Medicare will look back 2 years every year in December. 2021 for 2023, 2022 for 2024, 2023 for 2025………. If either of you retire and your income goes down, you can file an appeal and bring it up to the current year.
Thanks so much for all your info. I did apply for 2020 and they approved... now I have to do for 2021 since we had a two year impact. Hopeful! I had to make sure to include not just "paycheck/severance income" but also INTEREST which these last few years started to amount to something. SO GLAD you bring up HDG/high deductible G. It is a GREAT recommendation for so many people!!
Sold my business in 2021 so my wife and I are each paying over 600 per month this year! As bad as it sounds it's still less than we were paying b efore medicare. Next year will be better!
How do you appeal that?
Can you make Tom smaller after introducing him so we can see the board better?
Never mind you did just that!
I don't want original medicare.I am already paying $600 a month in 2023 because I sold my home And I got pushed into the high income bracket.
I don't want to spend another $600 per month for the gap
I'm going to go talk to doctors in my area I'm gonna fly around the country when I'm sick.
And even when you want to go to a specific doctor they're frequently and booked. the waiting time is horrendous.
I prefer medicare advantage where everything is pretty much paid for. No out of pocket for me.Thtere is $10000 a year difference for option of selecting a doctor that may not be any better..
I never thought of the huge lncrease in IRMA.
This is exactly what happened to me. They use the old income. But now retired with less income.
Don’t forget to mention that for that two year look back for Irmaa you can appeal to Medicare if you had a life-changing event, like divorce or retirement. And your income is a lot lower than two years ago. They will adjust what you owe if anything for irmaa. So if you are retiring at 65 as you begin Medicare, you can appeal your income from two years ago as you are no longer working and should have a lot lower income.
slurring words highly suspect!
People are upset because the increase in the premium is simply based on a concept of redistribution. It has nothing to do with your medical risk-factors. It is not insurance based on risk. If you smoke, drink heavily, or your diet is indiscreet, no problem! Others pay more simply because they can. So much for community rating! And it has a Procrustean aspect, in that if you are $1 over the limit, you pay the entire "penalty". This is what happens when the medical finance system is turned over to the government.
Good stuff. One thing I heard they teach fireman is what you don't know can kill you.