Medicare B premium supplements

[Peter]

[FONT=Courier New, Courier, monospace]I understand that calculation of Medicare B premiums is based on information from the IRS for 2 years before the current year. So, for 2015, it would be the 2013 tax return.

My wife is expecting to stop work later this year, so our 2015 MAGI will be less than it was in 2013, and lower again in 2014. But the SSA won't have documentation for 2015, from the IRS, until 2017. Does that mean that any reduction in Part B premiums won't be realized until 2017?

And will a refund for 2015 be issued then?[/FONT]

 

[iac1003]

I believe she will have to appeal it to Social Security and in person is best. That's what we did when DH went on Medicare B after he stopped working and had actually been on my Federal HI plan for a year or 2, because our income was vastly different from what it was 2 years prior while he was still employed. They did accept it and adjusted accordingly shortly thereafter.

I can't recall if the reduction was retroactive or just started going forward from the time they accepted it. DH can't recall either. The folks at the SS office are pretty helpful although sometimes they get it wrong.

We still pay more for Medicare Part B and D because I am w*rking and make $$$ according to them. That's changing very soon


Sent from my iPhone using Early Retirement Forum

 

[misanman]

Yes, we were advised to speak in person and everything went smoothly and we were granted the adjustment within a couple weeks.

Sent from my HTC6500LVW using Early Retirement Forum mobile app

 

[misanman]

Oops, should have said "appeal in person".

Sent from my HTC6500LVW using Early Retirement Forum mobile app

 

[kaneohe]

http://www.socialsecurity.gov/forms/ssa-44.pdf

 

[Peter]

Thanks for the replies. Actually, it's me that will be going onto Medicare. My wife will be buying an individual policy. Up until now, I've been on her work plan.

With an in-person interview, will they accept evidence of income reduction for the current year, i.e. before that year's tax return is done?

I'm familiar with the "Life-Changing Event" form, but all it refers to is the 2 year look-back.

 

[iac1003]

Thanks for the replies. Actually, it's me that will be going onto Medicare. My wife will be buying an individual policy. Up until now, I've been on her work plan.

With an in-person interview, will they accept evidence of income reduction for the current year, i.e. before that year's tax return is done?

I'm familiar with the "Life-Changing Event" form, but all it refers to is the 2 year look-back.

I think you should bring in all the data you have including tax returns and if you have a preliminary tax return and supporting documents for 2014, that too.

Since my DH was on my plan and was about 70 by that time (he retired at 68) they did not penalize him for applying later than 65 for Medicare Part B.


Sent from my iPhone using Early Retirement Forum

 

[misanman]

In our case, I retired in December and the surcharges were going to hit us (both) starting this year, so I took in a letter from my employer stating that I retired December 12th. That was sufficient documentation. However, we both had to compete a form where we estimated our income for 2015. We were really not prepared with detailed numbers but filled in our best guess as to what our income in retirement would be for this year. That turned out to be sufficient but if we had it to do over again I would be prepared with better estimates.


The completed appeal package (forms and whatever documentation you submit) is submitted for review. The rep at the SS office said approval could take a couple of months but it actually took less than two weeks.