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?
"Don't you draw the queen of diamonds, boy, she'll beat you if she's able.
You know the queen of hearts is always your best bet" -- The Eagles, Desperado