I'm getting some conflicting information regarding IRMAA. I start Medicare next month, and due to an income over $88,000 in 2019, when I was working, I will pay an increased amount for Part B. My question concerns how to lower the Plan B amount back to the standard amount now that my income has lowered upon retirement.
I retired in January 2021, so my income is now reduced as of 2021. Here's the conflicting information I've received from several sources. One source told me the reduction in the Plan B amount would happen automatically, because each year the government looks at your income two years prior to that year and makes an automatic adjustment. Another source said I had to file an appeal, but should do only when I have my 2021 taxes done and can attach tax evidence (Note: my 2021 taxes will not be done until February or March 2022, so I currently don't have this evidence). Finally, I called the SS Federal Office today and the nice lady said I have 60 days starting now (I just got the IRMAA letter) to file a form to get an adjustment, otherwise the window is permanently closed. I told her I don't have tax evidence yet, and she said I just need to attach a retirement letter from my former employer indicating a major life change.
So I will follow the SS person's advice, but wonder if anyone can verify it from your own experience. Thanks!
I retired in January 2021, so my income is now reduced as of 2021. Here's the conflicting information I've received from several sources. One source told me the reduction in the Plan B amount would happen automatically, because each year the government looks at your income two years prior to that year and makes an automatic adjustment. Another source said I had to file an appeal, but should do only when I have my 2021 taxes done and can attach tax evidence (Note: my 2021 taxes will not be done until February or March 2022, so I currently don't have this evidence). Finally, I called the SS Federal Office today and the nice lady said I have 60 days starting now (I just got the IRMAA letter) to file a form to get an adjustment, otherwise the window is permanently closed. I told her I don't have tax evidence yet, and she said I just need to attach a retirement letter from my former employer indicating a major life change.
So I will follow the SS person's advice, but wonder if anyone can verify it from your own experience. Thanks!