This is the most informative series of videos I have seen. My husband and I have been preparing for and researching retirement, Medicare options for quite some time. As I watch these videos, I see the mistakes friends and family have made and am determined to not duplicate them. Thank you so much for the dignified videos you do!!
Thank you so much for this compliment! Please feel free to call us at any time, we would be more than happy to help as you approach your Medicare eligibility.
Thanks for informing us about the appeal process! I didn’t realize that was an option. We are in a position of having high income 2 years ago, but less 1 year ago and even less this year as my wife start Medicare this Summer. We will give it a try and hope we can qualify as it will reduce her monthly premium by about $200.
Stephanie, I just want to thank you for your "always informative" videos that you post on your TH-cam channel for folks new to Medicare. I've been doing a lot of research regarding Medicare the last several months, and I can tell you that the information you provide and your easy-to-understand explanations are invaluable for people like me about to go on Medicare in the next few months. Where are you based out of?
I appealed mine based on income change since I retired. and was successful. I faxed mine to the local office demonstrating most of my income for 2022 would be from Social Security and a small pension. I sent same proof from employer demonstrating when my last day of work was that was used for Part B determination.
Hi SA, great video. Correct me if I’m wrong but I believe your AGI also includes your Social Security benefits received in that calendar year even though 85% is the maximum amount of the SS benefits that can be taxed. The other potential land mine worth avoiding is consider the income you must declare for doing ROTH conversions and/or RMDs from tax deferred IRAs and 401Ks, that can cause an income spike that will trigger the IRMAA increase two years later.
Thank you so much mam! Your videos help me a lot as I am also working with an outbound call center. Sometimes costumers ask me a lot of questions so I have already learned a lot from your videos
Ridiculous, high income earners maxed out paying Social Security taxes during their work years, then when they retire and no longer work, they pay double everyone else!
Thanks Stephanie for this video! My Mom had a stroke in December of 2020. I became her caregiver. We sold a property of hers in 2021so we could afford to acquire a house that would accommodate all of us. I'm also her POA so I take care of her finances as well. The sale of that property caused a huge increase in her Medicare premiums for 2023. Do I have a chance to get them lowered with our situation? Thanks Again!
I find your videos helpful , and make it easier to understand Medicare. I'm retired and turning 65 this Sept. My wife will be turning 65 next year . Because of her mental disability, she hasn't been able to work most of her life. When i was out of work , she was able to get SSI and get on an Oregon Health Plan. When I went back to work, my income was too high, so she was no longer eligible for SSI or the health plan. I signed her up for Obama care. Since she's only worked less than 10 years, will she have to pay a much higher premium for part A and B ? She is now collecting Spousal SS benefits, which is a wonderful surprise . Because of her disability, can she appeal if Medicare charges too much for her premium ?
She can draw on your working quarters to qualify for premium free Part A. Sometimes the government/Medicare will ask for proof of marriage. If you have any questions, we would be happy to help - 888-465-9728.
I didn’t know this information. I’m only 63 and retired but I will have to transition to Medicare at age 65 because my employer doesn’t provide insurance after that. However they do offer a reimbursement plan for some premiums. I don’t know how that works and after researching it I’m still in the dark. Do you have any experience with this particular situation? Thanks in advance for any insight and I do appreciate the videos
Employer reimbursement plans can work in different ways depending on what exactly it is your employer is offering. In some situations you must to use a specific vendor, like VIA benefits, in order to receive the reimbursement, and in some cases you don’t. The best bet is to check first with your benefits department to see how it works. From there, feel free to give us a call, we would be happy to assist!
If you work past 65 on high income and you file in 2023 (when you quit work, and start collecting SS at age 70) and you are subject to IRMAA because of your 2021 high income, how long will IRMAA (higher premium for Part B) last? I mean from 2023 (age 70) going forward, you have no more job, because you are on SS pension alone (you start collecting SS pension at age 70). Can you appeal for your 2024 Part B premium since you no longer work (so, no income) as of 2023?
Hi Stephanie. I successfully submitted my request for IRMAA adjustment for 2022 based on termination of work event in the middle of 2021. I have two questions: 1. for 2022 actual MAGI, are they going to verify it at a later time and re-adjust the IRMAA retroactively? 2. For 2023 are they going to make another adjustment based on the 2021 tax return MAGI or use my input from the appeal for 2022 estimated MAGI that I provided?
Thanks for the information. I have several questions : 1. Social Security will based on two years ago your adjustable growth income (AGI) to decide your Medicare Part B premium, is that means the premium of Medicare part B maybe different each year? (Based on Your AGI at two years ago, you may pay higher or lower Medicare Part B premium each year?) 2. Can you show the current IRMAA charge chart again? (It's not clear on your video.)
I’m a retired disabled veteran with tricare for life (TFL), Medicare, and VA medical. I get Medicare supplement plan flyers almost every week, is plan g or n worth looking into? Looking for a plan to get vision and/or dental coverage.
we just had our 2023 taxes completed... our income was alot less than 2022. do we have to wait till 2025 to get our reduced premiums, or can i submit an appeal now? love all your videos, i have recommended them to many of my friends. I have learned alot from you. Thank you
Stephanie - Thanks for the information. If you are still listening, one question, please: Instead of filing an appeal, could one just wait until tax time? That is, suppose I make a big salary, then retire. But when I file my taxes after retiring, my AGI, and therefore MAGI, would be way down and so IRMAA would be reduced or eliminated if Medicare/SSA were not looking back two years to when I was employed. My lower income will be reflected in the amounts reported on my yearly income forms starting with the first year I'm retired. Will I automatically receive a refund for the excess IRMAA paid? If not, is there a form that can be included with my tax filing to receive that refund? TIA.
Hi We sold a property that resulted in a single year of Capitol Gains income in 2021. The higher income for tax year 2021 in turn resulted in an IRMAA adjustment in Medicare costs. In 2022 our income was back to a point low enough to not have the IRMAA higher Medicare payments. One Social Security Representative told us that we have to submit a SSA-44 form in order to have the IRMAA eliminated even though our 2022 taxes will show that our income is now below any level that would require IRMAA payments. That Social Security representative insisted that the IRMAA would continue in 2024 if we don't submit Form SSA-44. Another Social Security Representative that I talked to in person at a local Social Security office said it would automatically be reduced when my lower income is recognized (after submitting tax return for 2022) and I would not have IRMAA payments in 2024. Which rep is correct?
Based on our experience, it will automatically re-adjust based on income. But be sure to keep an eye out and check your mymedicare.gov account to make sure the premium is adjusted!
OK, Thank You! Im retired so I may stop at my local SS office to confirm. The SS employee I talked to yesterday on the phone was adamant that I had to submit the form SSA-44 with proof (Taxes this year / 2022 and a copy of the proof of property sale) to show the income for 2021 was an anomaly and has gone back down below an amount that would result in an IRMAA. I did notice that none of "the "life changing events" on the form match a situation like mine....one time capitol gains due to the sale of property. Its awful that you get contradictory information from employees of the same agency!!! Thank You so much for your response!
Ugh! Great video, but I learned too late this year that filing married and separately really hurt me! So for 2021, I filed and itemized my tax return as married and jointly. It was stressful, but I'm hoping to get a new letter this fall telling me my IRMAA nightmare is over, as we are well below the more generous income cutoff for married and filing jointly. Doesn't seem fair to the other tax brackets.
Might I suggest that you could file an appeal for 2022 requesting they use your 2021 tax return, not the 2020 tax return they normally use due to a two year lookback?
@@cjimcook Well, the new premiums for 2023 are hopefully coming out this month, and I expect them to be lower based on my 2021 return. If I appealed 2022 and it's almost over where I've already paid, the $615.60 monthly would have no impact. They wouldn't refund me the difference, would they? I chalked it up as a hard lesson to learn and warned all my friends.
Thanks Stephanie for the very informative videos! Have you or could you do a video on Tricare For Life? Wondering if it’s an adequate Medicare supplement. Thank you.
My mom is 89 she’s on tricare for life and has been for awhile, it’s been great for her. ( my dad passed away when he was 59 ) my mom having medical and dads army retirement and social security is what she lives on. We are very grateful for it. ❤️
I'm trying to understand IRMAA and More Importantly the 2 year look back for IRMAA determination. My birthday month/year is 12-1962, December 1962. To apply for Medicare I have the 7 Month window [09/2027-03/2028] 3 months before my birthday month, My birthday month, and 3 months after my birthday month without suffering an increase in lifetime cost for Medicare. Makes sense, if I apply during 09/2027-12/2027, that the 2 year look back to determine IRMAA would be on my 2025 Federal Tax return. If I apply for my Medicare in 01/2028-03/2028 would my IRMAA 2 year look back be on my 2026 Federal Tax Return?
Hi Stephanie - Thank you so much for another great video. I sold a vacation home in June at a nice gain. I inferred that even though it's a one-time event I will still have to pay much higher premiums in 2024. Can I appeal this?
Thank you on all the information you give us in your videos. My husband turns 65 in a couple of months and your videos have educated us. The problem that I’m running into. I’m 63 and just put on disability--SSDI. I become eligible for Medicare in Aug. the agent I spoke to told me I had no rights and I would have to pay high premiums because I’m under 65. Is there any protection for individuals who are disable on the Medgap
No there are not. But find out in your state what the premiums for medigap are. If you have serious pre-existing conditions it might be worth it temporarily. BUT the month you turn 65 you get a "do-over" relative to the cost of your Medigap and your plan choice. AND should you have felt you could only afford an MA while under 65 due to cost, you have a guaranteed right to buy ANY medigap sold in your state during your Initial Enrollment Period. You will want this effective ASAP including enrolling in a Part D plan.
It's my understanding that if you apply for Medicare in December, the coverage starts in January, which is a different calendar year. I have a question about IRMAA would work if someone would turn 65 in late December of a given year. For example, if someone turns 65 in December of 2023, what income year is actually looked at to determine if any IRMAA charges apply?
If they start Medicare December 1st (their eligibility date if they turn 65 in December) then IRMAA is based on their 2021 income. However in 2024, medicare *should* look back at 2022 income and adjust accordingly.
Thanks, Stephanie ! I am working with Autumn of your office to help with the decision process. Question - Is the income review conducted yearly ? My investments performed extaordinarily well in 2021, so I expect that my 2023 premiums would be impacted by IRMAA. However, if my income is rechecked every year, I suspect that the IRMAA requirement would go away as investment returns fall back to "typical" levels. I am eligible for Medicare in September, so I assume that they will be basing income off my 2019 returns. Is my thinking accurate on this issue ? Many thanks in advance.
Hi Paul! Yes, they are supposed to check this annually in the fall. So if you had a higher income in 2021 then that could impact your 2023 Medicare premiums, and Medicare would generally reach out to you by the end of 2022 to let you know what your 2023 premiums will be. For this year (2022) they are looking at your 2020 MAGI. I hope this helps! We look forward to continuing to assist you 🙂
Hi, I have a question related to your informative message regarding IRMAA. As the Medicare Office looks back two years, How does on gauge what income limit to stay under to avoid paying an increased premium? Late in the year the next year's limit is announced along with the premiums charged for the next year. Is this a good income limit to stay under, of is there a chance that the income limit will actually be reduced going ahead? Thanks again!
I would love to use your services. I now am still working so I gave health ins. With my employer. Can I call Neil for information or do I have to wait till I need to go on medi gap
Stephanie Why is Part D part of IIRMA ? On a supplemental plan D where you get quotes for the premium based off of your zip code and prescriptions you take why is that subject to higher premiums based off of AGI?
I will turn 65 on December 17th, 2026. I assume that means that I won’t actually start Medicare until 1-1-2027 which would mean that it would be based off my 2025 tax return. Is that correct? Or would I start Medicare in December of 2026 and the premium be determined by my 2024 tax returns?
Your Medicare effective date is Dec 1st as long as you apply prior to December. IRMAA would be based off of your 2024 income, but should be reassessed in 2027 to be based off of 2025 income.
I left you a voice mail, but figured i would put my questions here too. I am mostly trying to decide between a "G/N" plan or an advantage plan. I can't seem to find any comparisons in what actual costs could be for "WORST CASE SCENARIOS". My other question is i understand you can't switch to a G/N after the 1st year without being underwritten. My question is if you do get a G/N plan can you keep it until you die, or does it ever have to be underwritten again if you get it initially?
Good questions! Worst case scenario when it comes to Medicare Advantage would really have to do with denial of care, or owing the full amount of an out of network service, etc. There are no true cost analysis that can predict this. Additionally, once you enroll in a Medigap plan (like G or N), it is guaranteed renewable for life and they can never cancel you (unless you stop paying your premium) or underwrite you if you want to keep your plan. It sounds like some of these comparisons would best be handled with a discussion with one of our agents. If you called us after business hours today then we will absolutely be calling you back first thing tomorrow! 🙂
@@AbtInsuranceAgency thanks so much for the info and look forward to the call. What could cause denial of service besides non-payment or fraudulent information? You have me curious there. I think i found my answer regarding worst case scenario (provided you stayed in network - i "think" both UHC and Kaiser have "good enough" networks for most specialsist etc.? But i guess the thing i found that would be worst case scenarios revolve around "PART B Drugs", where the largest differences would be found....anyway chat tomorrow...thanks.
Thinking deeper on the part b drugs though, even if you averaged $5K out of pocked for part B drugs every other year, it seems like it would be close to a wash compared to an advantage plan, when you figure you would need to pay for plan G (example $150/month+dental $50/month + gym $11/month + part D $35/month or $250/month times MORE or $3K more per year.
@@AbtInsuranceAgency your company called and answered all my questions...she was very friendly too. KUDOS to job well done. Although she answered all my questions, i am still on the fence if plan G is worth the extra $3k/year over an advantage plan though...but i have 1.5 years to think on it...thanks again...
@@Matt25_1-13 One thing to really consider when choosing between an Advantage plan or Plan G is whether you are comfortable handing over all your healthcare decisions over to an insurance company (Advantage plan). The main problem with an Advantage plan is that they can deny you care that you and your doctor know you need. The Advantage plans are only concerned with their own profits, so they will often refuse to give approval for care you need. And, you are required to use their network of providers. If you get a Plan G, you and your doctor make all decisions on your healthcare, and you can go to any doctor in the country that accepts Medicare. Most people who get a Plan G, or N supplement so so for peace of mind, knowing that they will have control of their own healthcare. It may be more expensive upfront because of higher monthly premiums, but studies have shown that people on Advantage plans end up paying much more in copays, co-insurance and out of pocket costs should a major medical event happen. Advantage plans are very affordable and are a great option if you have a low income and as long as you are healthy, but can be very high cost should you become seriously ill. Also consider where you live. The larger metro areas tend to have better options and larger networks for those seeking Advantage plans. Just make sure you consider all the factors and do your research so you make an informed decision that you will be comfortable with over time.
If you submit for an adjustment based on new lower income if we are halfway through this year do they go back and credit you back anything from the first several months of the year or not?
No, Social Security bases it on w-2s and 1099s they receive. The reason it is 2 years later (or based on last income tax) is so they will wait until tax is filed and adjust going forward.
@@lyndayoung8761 Hi just thought I would pass on an update. We submitted last week our SSA Form 44 to advise that 2022 we should not have been paying the higher premiums due to me no longer working. We just had to show them proof and they have already this week credited us back today to our bank all 8 months of overpayment of premiums. They did not wait on any tax filing to do it. Just thought you might want to know.
In preparing for the future, the MAGI limit for single taxpayers in 2023 will be $101,000 (which will effect your 2025 Part B premium) so as not to have to pay a higher premium in 2025 ????
What if, as a retiree, you rely on investment income that fluctuates yearly. So your agi goes up and down depending on how your investments do. Any recourse for appeal - like averaging over time?
@@AbtInsuranceAgency That is a tough one. How can you prove you won't take additional income that will put you over. I think IRMAA will be recalculated 2 years later if less is "earned". Maybe it would be good to look at the income investments are shedding and pick a more stable investment.
I went to my local Social Security office and was told by the representative there were no options for me to get help with my High IRMAA premiums. I was so upset I asked if I could opt out and the Representative told me yes. I could opt out of Medicare and that there was no penalty then I could reapply later. This information did not sound correct. I went home and called the Social Security office, was on hold for 45 minutes. Was then told to call another number and spoke with a Lady who told me to complete SSA-44. Which I did and gave all the requested proof to social security. Now it has taken over 3 weeks and no communication from Social Security. So I called to check on the status of my application. Was on hold for 40 minutes before I was told the form is being reviewed. I am very frustrated with this entire system.😢
What about IRA or IRA money market withdrawal? Not Roth. My sister is on SS but made a substantial withdrawal and is now paying an additional premium. Can she appeal?
Although it’s not considered a “life change” she can still file an appeal if her current income /tax return shows a lower income than 2 years prior when she made the withdrawal.
@@AbtInsuranceAgency I don't think so. She needs to live with the higher premium for the year if she "chose" to take $$ (taxable income) out of IRA and then try to stay below the IRMAA cut-off for the next year.
I thought about it for years and decided to only take part A. And I'm glad I did with our medical community's track record in the last few years + part B premium may be who knows in 2023 & beyond.
Are you kidding me? "medical community's track record"? Most of your medical expenses are with Part B outpatient. To achieve and maintain good health please reconsider enrolling in Part B and Part D during this fall Open Enrollment. Talk to a broker or go to your SHIP office and speak to a counselor. Self-insuring for the REST OF YOUR LIFE can be a very expensive move. Late enrollment in both Part B and D will mean when you decide you need that coverage it will cost even more when you add late enrollment penalties.
This is the most informative series of videos I have seen. My husband and I have been preparing for and researching retirement, Medicare options for quite some time. As I watch these videos, I see the mistakes friends and family have made and am determined to not duplicate them. Thank you so much for the dignified videos you do!!
Thank you so much for this compliment! Please feel free to call us at any time, we would be more than happy to help as you approach your Medicare eligibility.
I just had my interview with Cal Fresh & she basically said the samething & my income has changed, thank you
Thanks for informing us about the appeal process! I didn’t realize that was an option. We are in a position of having high income 2 years ago, but less 1 year ago and even less this year as my wife start Medicare this Summer. We will give it a try and hope we can qualify as it will reduce her monthly premium by about $200.
Stephanie, I just want to thank you for your "always informative" videos that you post on your TH-cam channel for folks new to Medicare. I've been doing a lot of research regarding Medicare the last several months, and I can tell you that the information you provide and your easy-to-understand explanations are invaluable for people like me about to go on Medicare in the next few months. Where are you based out of?
Austin, Texas! But licensed to help people in 46 states 😊
Thanks for watching, I’m so glad you are finding this information useful.
I appealed mine based on income change since I retired. and was successful. I faxed mine to the local office demonstrating most of my income for 2022 would be from Social Security and a small pension. I sent same proof from employer demonstrating when my last day of work was that was used for Part B determination.
Great video. You have inspired me to get into the business so I can also help seniors make the best decision for their benefits. God bless!
Good luck to you!
Hi SA, great video. Correct me if I’m wrong but I believe your AGI also includes your Social Security benefits received in that calendar year even though 85% is the maximum amount of the SS benefits that can be taxed.
The other potential land mine worth avoiding is consider the income you must declare for doing ROTH conversions and/or RMDs from tax deferred IRAs and 401Ks, that can cause an income spike that will trigger the IRMAA increase two years later.
Thank you so much mam! Your videos help me a lot as I am also working with an outbound call center. Sometimes costumers ask me a lot of questions so I have already learned a lot from your videos
Ridiculous, high income earners maxed out paying Social Security taxes during their work years, then when they retire and no longer work, they pay double everyone else!
agreed.... so tired of all these 'taxes'
Your videos are very clear and thorough.
Thank you!
Thank you Stephanie another great video advising us! 👍🏽
It’s amazing how the federal government has so many acronyms!😂😂
So true!
Thank for your channel. You make Medicare easier.
That is my goal!
Is the procedure the same for Railroad Retirement Medicare?
Yes!
Thanks Stephanie for this video! My Mom had a stroke in December of 2020. I became her caregiver. We sold a property of hers in 2021so we could afford to acquire a house that would accommodate all of us. I'm also her POA so I take care of her finances as well. The sale of that property caused a huge increase in her Medicare premiums for 2023. Do I have a chance to get them lowered with our situation? Thanks Again!
Thank you for your awesome, informative videos. They are great agent training videos too!
Thank you!
@@AbtInsuranceAgency Let me know if you ever need a Spanish speaking agent.
I will call you. I have decisions to make. Thank you for posting
I would be interested in hearing about Medicare MSA Plans
Thank you, great information
Glad it was helpful!
I find your videos helpful , and make it easier to understand Medicare. I'm retired and turning 65 this Sept. My wife will be turning 65 next year . Because of her mental disability, she hasn't been able to work most of her life. When i was out of work , she was able to get SSI and get on an Oregon Health Plan. When I went back to work, my income was too high, so she was no longer eligible for SSI or the health plan. I signed her up for Obama care. Since she's only worked less than 10 years, will she have to pay a much higher premium for part A and B ? She is now collecting Spousal SS benefits, which is a wonderful surprise . Because of her disability, can she appeal if Medicare charges too much for her premium ?
She can draw on your working quarters to qualify for premium free Part A. Sometimes the government/Medicare will ask for proof of marriage. If you have any questions, we would be happy to help - 888-465-9728.
@@AbtInsuranceAgency Thanks , i was begining to think we'd really have to scrimp through our retirement.
I didn’t know this information. I’m only 63 and retired but I will have to transition to Medicare at age 65 because my employer doesn’t provide insurance after that. However they do offer a reimbursement plan for some premiums. I don’t know how that works and after researching it I’m still in the dark. Do you have any experience with this particular situation?
Thanks in advance for any insight and I do appreciate the videos
Employer reimbursement plans can work in different ways depending on what exactly it is your employer is offering. In some situations you must to use a specific vendor, like VIA benefits, in order to receive the reimbursement, and in some cases you don’t. The best bet is to check first with your benefits department to see how it works. From there, feel free to give us a call, we would be happy to assist!
If you work past 65 on high income and you file in 2023 (when you quit work, and start collecting SS at age 70) and you are subject to IRMAA because of your 2021 high income, how long will IRMAA (higher premium for Part B) last? I mean from 2023 (age 70) going forward, you have no more job, because you are on SS pension alone (you start collecting SS pension at age 70). Can you appeal for your 2024 Part B premium since you no longer work (so, no income) as of 2023?
Yes, stopping working is a life change event which will allow you to appeal your IRMAA.
@@AbtInsuranceAgency Thank you, Stephanie. I will come to you re appeal.
Does every year one is on Medicare look back at 2 years prior to determine the premiums?
Yes
Thanks for your videos. They are a great help understanding Medicare.
I’m so glad you find them helpful!
Hi Stephanie. I successfully submitted my request for IRMAA adjustment for 2022 based on termination of work event in the middle of 2021. I have two questions: 1. for 2022 actual MAGI, are they going to verify it at a later time and re-adjust the IRMAA retroactively? 2. For 2023 are they going to make another adjustment based on the 2021 tax return MAGI or use my input from the appeal for 2022 estimated MAGI that I provided?
Thanks for the information.
I have several questions :
1. Social Security will based on two years ago your adjustable growth income (AGI) to decide your Medicare Part B premium,
is that means the premium of Medicare part B maybe different each year?
(Based on Your AGI at two years ago, you may pay higher or lower Medicare Part B premium each year?)
2. Can you show the current IRMAA charge chart again? (It's not clear on your video.)
I’m a retired disabled veteran with tricare for life (TFL), Medicare, and VA medical. I get Medicare supplement plan flyers almost every week, is plan g or n worth looking into? Looking for a plan to get vision and/or dental coverage.
we just had our 2023 taxes completed... our income was alot less than 2022. do we have to wait till 2025 to get our reduced premiums, or can i submit an appeal now? love all your videos, i have recommended them to many of my friends. I have learned alot from you. Thank you
Stephanie - Thanks for the information. If you are still listening, one question, please: Instead of filing an appeal, could one just wait until tax time? That is, suppose I make a big salary, then retire. But when I file my taxes after retiring, my AGI, and therefore MAGI, would be way down and so IRMAA would be reduced or eliminated if Medicare/SSA were not looking back two years to when I was employed. My lower income will be reflected in the amounts reported on my yearly income forms starting with the first year I'm retired. Will I automatically receive a refund for the excess IRMAA paid? If not, is there a form that can be included with my tax filing to receive that refund? TIA.
Hi
We sold a property that resulted in a single year of Capitol Gains income in 2021. The higher income for tax year 2021 in turn resulted in an IRMAA adjustment in Medicare costs. In 2022 our income was back to a point low enough to not have the IRMAA higher Medicare payments. One Social Security Representative told us that we have to submit a SSA-44 form in order to have the IRMAA eliminated even though our 2022 taxes will show that our income is now below any level that would require IRMAA payments. That Social Security representative insisted that the IRMAA would continue in 2024 if we don't submit Form SSA-44. Another Social Security Representative that I talked to in person at a local Social Security office said it would automatically be reduced when my lower income is recognized (after submitting tax return for 2022) and I would not have IRMAA payments in 2024. Which rep is correct?
Based on our experience, it will automatically re-adjust based on income. But be sure to keep an eye out and check your mymedicare.gov account to make sure the premium is adjusted!
OK, Thank You!
Im retired so I may stop at my local SS office to confirm. The SS employee I talked to yesterday on the phone was adamant that I had to submit the form SSA-44 with proof (Taxes this year / 2022 and a copy of the proof of property sale) to show the income for 2021 was an anomaly and has gone back down below an amount that would result in an IRMAA. I did notice that none of "the "life changing events" on the form match a situation like mine....one time capitol gains due to the sale of property. Its awful that you get contradictory information from employees of the same agency!!! Thank You so much for your response!
Awesome information. Thank you!
So, just to make sure I understand correctly: retirement would be considered a life-changing event ?
Yes!
Ugh! Great video, but I learned too late this year that filing married and separately really hurt me! So for 2021, I filed and itemized my tax return as married and jointly. It was stressful, but I'm hoping to get a new letter this fall telling me my IRMAA nightmare is over, as we are well below the more generous income cutoff for married and filing jointly. Doesn't seem fair to the other tax brackets.
Might I suggest that you could file an appeal for 2022 requesting they use your 2021 tax return, not the 2020 tax return they normally use due to a two year lookback?
@@cjimcook Well, the new premiums for 2023 are hopefully coming out this month, and I expect them to be lower based on my 2021 return. If I appealed 2022 and it's almost over where I've already paid, the $615.60 monthly would have no impact. They wouldn't refund me the difference, would they? I chalked it up as a hard lesson to learn and warned all my friends.
Thanks Stephanie for the very informative videos! Have you or could you do a video on Tricare For Life? Wondering if it’s an adequate Medicare supplement. Thank you.
I plan on doing a video on this topic soon!
My mom is 89 she’s on tricare for life and has been for awhile, it’s been great for her. ( my dad passed away when he was 59 ) my mom having medical and dads army retirement and social security is what she lives on. We are very grateful for it. ❤️
@@smileytow1925 Thanks for the feedback. And thanks to your family for their service! Your Dad wore the uniform, but the entire family serves as well!
Hi,
I turn 65 in June. I need some help in determining what Insurance company I should choose.
Thanks,
John
I'm trying to understand IRMAA and More Importantly the 2 year look back for IRMAA determination.
My birthday month/year is 12-1962, December 1962. To apply for Medicare I have the 7 Month window [09/2027-03/2028] 3 months before my birthday month, My birthday month, and 3 months after my birthday month without suffering an increase in lifetime cost for Medicare.
Makes sense, if I apply during 09/2027-12/2027, that the 2 year look back to determine IRMAA would be on my 2025 Federal Tax return.
If I apply for my Medicare in 01/2028-03/2028 would my IRMAA 2 year look back be on my 2026 Federal Tax Return?
Thank you so much for your information, which for me was so timely!
Hi Stephanie - Thank you so much for another great video. I sold a vacation home in June at a nice gain. I inferred that even though it's a one-time event I will still have to pay much higher premiums in 2024. Can I appeal this?
You can try, but it may not be approved since it's technically not a life change event.
Thank you on all the information you give us in your videos. My husband turns 65 in a couple of months and your videos have educated us. The problem that I’m running into. I’m 63 and just put on disability--SSDI. I become eligible for Medicare in Aug. the agent I spoke to told me I had no rights and I would have to pay high premiums because I’m under 65.
Is there any protection for individuals who are disable on the Medgap
No there are not. But find out in your state what the premiums for medigap are. If you have serious pre-existing conditions it might be worth it temporarily. BUT the month you turn 65 you get a "do-over" relative to the cost of your Medigap and your plan choice. AND should you have felt you could only afford an MA while under 65 due to cost, you have a guaranteed right to buy ANY medigap sold in your state during your Initial Enrollment Period. You will want this effective ASAP including enrolling in a Part D plan.
It's my understanding that if you apply for Medicare in December, the coverage starts in January, which is a different calendar year. I have a question about IRMAA would work if someone would turn 65 in late December of a given year. For example, if someone turns 65 in December of 2023, what income year is actually looked at to determine if any IRMAA charges apply?
If they start Medicare December 1st (their eligibility date if they turn 65 in December) then IRMAA is based on their 2021 income. However in 2024, medicare *should* look back at 2022 income and adjust accordingly.
Thanks, Stephanie ! I am working with Autumn of your office to help with the decision process. Question - Is the income review conducted yearly ? My investments performed extaordinarily well in 2021, so I expect that my 2023 premiums would be impacted by IRMAA. However, if my income is rechecked every year, I suspect that the IRMAA requirement would go away as investment returns fall back to "typical" levels. I am eligible for Medicare in September, so I assume that they will be basing income off my 2019 returns. Is my thinking accurate on this issue ? Many thanks in advance.
Hi Paul!
Yes, they are supposed to check this annually in the fall. So if you had a higher income in 2021 then that could impact your 2023 Medicare premiums, and Medicare would generally reach out to you by the end of 2022 to let you know what your 2023 premiums will be.
For this year (2022) they are looking at your 2020 MAGI.
I hope this helps! We look forward to continuing to assist you 🙂
Hi, I have a question related to your informative message regarding IRMAA. As the Medicare Office looks back two years, How does on gauge what income limit to stay under to avoid paying an increased premium? Late in the year the next year's limit is announced along with the premiums charged for the next year. Is this a good income limit to stay under, of is there a chance that the income limit will actually be reduced going ahead? Thanks again!
Very little chance that the IRMAA income limit would be reduced. I would say stay at least $5-$10k under to be safe.
Do u also help people with disability for the appeal process?
Taking a required minimum distribution from my IRA will put me over the IRMAA threshold. Is there any way to exclude RMD "income"?
For IRMAA adj, I don’t see a life change form link
I like how they use a high income year to double your monthly part b premium but the amount of that extra income is not used to determine you benefit.
That's because Medicare is an entitlement. Note that Social Security retirement payment is based on contributions, hence why it is not an entitlement.
Seniors downsizing home must be common- does this one-time income dump mean higher part b or is this an 'adjustment'?
Thank you Stephanie we ❤ you!
Yes, a one time high AGI will typically mean one year of higher IRMAA premiums.
I would love to use your services. I now am still working so I gave health ins. With my employer. Can I call Neil for information or do I have to wait till I need to go on medi gap
You can call us if you have questions! 888-465-9728
Stephanie
Why is Part D part of IIRMA ? On a supplemental plan D where you get quotes for the premium based off of your zip code and prescriptions you take why is that subject to higher premiums based off of AGI?
Plan D (Medigap) is different than Part D of Medicare (which is Rx coverage). The first is not subject to IRMAA, the later is.
I will turn 65 on December 17th, 2026. I assume that means that I won’t actually start Medicare until 1-1-2027 which would mean that it would be based off my 2025 tax return. Is that correct? Or would I start Medicare in December of 2026 and the premium be determined by my 2024 tax returns?
Your Medicare effective date is Dec 1st as long as you apply prior to December. IRMAA would be based off of your 2024 income, but should be reassessed in 2027 to be based off of 2025 income.
What about ROTH IRA withdrawals? Are they counted as part of your gross income and included in the IRRMA calculation?
Qualified distributions from a Roth IRA do not impact your modified adjusted gross income.
I left you a voice mail, but figured i would put my questions here too. I am mostly trying to decide between a "G/N" plan or an advantage plan. I can't seem to find any comparisons in what actual costs could be for "WORST CASE SCENARIOS". My other question is i understand you can't switch to a G/N after the 1st year without being underwritten. My question is if you do get a G/N plan can you keep it until you die, or does it ever have to be underwritten again if you get it initially?
Good questions! Worst case scenario when it comes to Medicare Advantage would really have to do with denial of care, or owing the full amount of an out of network service, etc. There are no true cost analysis that can predict this. Additionally, once you enroll in a Medigap plan (like G or N), it is guaranteed renewable for life and they can never cancel you (unless you stop paying your premium) or underwrite you if you want to keep your plan.
It sounds like some of these comparisons would best be handled with a discussion with one of our agents. If you called us after business hours today then we will absolutely be calling you back first thing tomorrow! 🙂
@@AbtInsuranceAgency thanks so much for the info and look forward to the call. What could cause denial of service besides non-payment or fraudulent information? You have me curious there. I think i found my answer regarding worst case scenario (provided you stayed in network - i "think" both UHC and Kaiser have "good enough" networks for most specialsist etc.? But i guess the thing i found that would be worst case scenarios revolve around "PART B Drugs", where the largest differences would be found....anyway chat tomorrow...thanks.
Thinking deeper on the part b drugs though, even if you averaged $5K out of pocked for part B drugs every other year, it seems like it would be close to a wash compared to an advantage plan, when you figure you would need to pay for plan G (example $150/month+dental $50/month + gym $11/month + part D $35/month or $250/month times MORE or $3K more per year.
@@AbtInsuranceAgency your company called and answered all my questions...she was very friendly too. KUDOS to job well done. Although she answered all my questions, i am still on the fence if plan G is worth the extra $3k/year over an advantage plan though...but i have 1.5 years to think on it...thanks again...
@@Matt25_1-13 One thing to really consider when choosing between an Advantage plan or Plan G is whether you are comfortable handing over all your healthcare decisions over to an insurance company (Advantage plan). The main problem with an Advantage plan is that they can deny you care that you and your doctor know you need. The Advantage plans are only concerned with their own profits, so they will often refuse to give approval for care you need. And, you are required to use their network of providers. If you get a Plan G, you and your doctor make all decisions on your healthcare, and you can go to any doctor in the country that accepts Medicare. Most people who get a Plan G, or N supplement so so for peace of mind, knowing that they will have control of their own healthcare. It may be more expensive upfront because of higher monthly premiums, but studies have shown that people on Advantage plans end up paying much more in copays, co-insurance and out of pocket costs should a major medical event happen. Advantage plans are very affordable and are a great option if you have a low income and as long as you are healthy, but can be very high cost should you become seriously ill. Also consider where you live. The larger metro areas tend to have better options and larger networks for those seeking Advantage plans. Just make sure you consider all the factors and do your research so you make an informed decision that you will be comfortable with over time.
If you submit for an adjustment based on new lower income if we are halfway through this year do they go back and credit you back anything from the first several months of the year or not?
No, Social Security bases it on w-2s and 1099s they receive. The reason it is 2 years later (or based on last income tax) is so they will wait until tax is filed and adjust going forward.
@@lyndayoung8761 Hi just thought I would pass on an update. We submitted last week our SSA Form 44 to advise that 2022 we should not have been paying the higher premiums due to me no longer working. We just had to show them proof and they have already this week credited us back today to our bank all 8 months of overpayment of premiums. They did not wait on any tax filing to do it. Just thought you might want to know.
Are you licensed in the state of Ohio?
Yes, we are! 888-465-9728
In preparing for the future, the MAGI limit for single taxpayers in 2023 will be $101,000 (which will effect your 2025 Part B premium) so as not to have to pay a higher premium in 2025 ????
What if, as a retiree, you rely on investment income that fluctuates yearly. So your agi goes up and down depending on how your investments do. Any recourse for appeal - like averaging over time?
As long as you can prove that your current income is lower than on the prior years tax return, you would have a basis for appeal.
@@AbtInsuranceAgency That is a tough one. How can you prove you won't take additional income that will put you over. I think IRMAA will be recalculated 2 years later if less is "earned". Maybe it would be good to look at the income investments are shedding and pick a more stable investment.
I went to my local Social Security office and was told by the representative there were no options for me to get help with my High IRMAA premiums. I was so upset I asked if I could opt out and the Representative told me yes. I could opt out of Medicare and that there was no penalty then I could reapply later. This information did not sound correct. I went home and called the Social Security office, was on hold for 45 minutes. Was then told to call another number and spoke with a Lady who told me to complete SSA-44. Which I did and gave all the requested proof to social security. Now it has taken over 3 weeks and no communication from Social Security. So I called to check on the status of my application. Was on hold for 40 minutes before I was told the form is being reviewed. I am very frustrated with this entire system.😢
That sounds so frustrating! But you will generally pay a Part B penalty if you delay coverage and don't have other creditable coverage in place.
If Medicare denies something, day a blood test, will I pay a lower than cash rate on that bill because Medicare has a lower negotiated rate?
Usually you will pay more because if Medicare denied it you will pay retail not the Medicare Approved Rate. But you can appeal to Medicare.
@@lyndayoung8761 So unfair that we do not get an insurance approval rate.
Thank you.
What about IRA or IRA money market withdrawal? Not Roth. My sister is on SS but made a substantial withdrawal and is now paying an additional premium. Can she appeal?
Although it’s not considered a “life change” she can still file an appeal if her current income /tax return shows a lower income than 2 years prior when she made the withdrawal.
@@AbtInsuranceAgency I don't think so. She needs to live with the higher premium for the year if she "chose" to take $$ (taxable income) out of IRA and then try to stay below the IRMAA cut-off for the next year.
Does Irmaa apply to part c?
To have part C, you must have Part B. So yes, IRMAA would apply.
Trying to get an “in person “ appointment is like trying to flap your arms and fly to the moon. Virtually impossible.
I thought about it for years and decided to only take part A. And I'm glad I did with our medical community's track record in the last few years + part B premium may be who knows in 2023 & beyond.
Are you kidding me? "medical community's track record"?
Most of your medical expenses are with Part B outpatient. To achieve and maintain good health please reconsider enrolling in Part B and Part D during this fall Open Enrollment. Talk to a broker or go to your SHIP office and speak to a counselor. Self-insuring for the REST OF YOUR LIFE can be a very expensive move. Late enrollment in both Part B and D will mean when you decide you need that coverage it will cost even more when you add late enrollment penalties.
Without part B you’re screwed.
I have mailed you so please look at it
IRMMA is a nightmare especially when your employment is ended due to greed of corporate CEOS!!!
Are you licensed for the state of Missouri?
Yes, we are!
Please don't confuse AGI and MAGI.
Screwed by Uncle Sam again.
What is your email that I could send question to