Medicare Income-related Adjustment
I will be retiring at the end of this week and recently received a notice from the SSA that DW and I will each be assessed a income-related monthly adjustment for Medicare Part B based on our 2013 income tax return.
The background is that, due in part to 2013 Roth conversions, we accidentally slipped above the $170K MAGI limit. I didn't realize that this could be a problem until it was too late to do something to fix it. We are okay with respect to 2013 because I was (finally) paying attention.
This will hit us as we enter our first month of retirement. What great timing.
The notice indicates that we are able to request a "new decision" based on a lower MAGI due to one of several "life changing" events, one of which is "stopped working".
So it seems clear that we should request a new decision. Has anyone run in to this issue and how successful were you with the process?
"The best thing about the future is that it happens one day at a time." -- A. Lincoln