I am wondering if anyone else, >65, has considered not taking either Medicare Part B or D. The deferral rules are tricky. As I understand it, each month of delay increases your premium by 1% for the rest of your life once taken.
However, if your income for the next several years is high, you pay the IRMAA. As I now know, I pay both the gov IRMAA and the Drug insurance premium. I still have a high deductible AND I am paying $100/mo for part D which I do not use. I found out that GoodRx provides you better pricing than using insurance. So part D is worthless at this point.
If your filing status and yearly income in 2018 was
File individual tax return File joint tax return File married & separate tax return You pay each month (in 2020)
$87,000 or less $174,000 or less $87,000 or less your plan premium
above $87,000 up to $109,000 above $174,000 up to $218,000 not applicable $12.20 + your plan premium
above $109,000 up to $136,000 above $218,000 up to $272,000 not applicable $31.50 + your plan premium
above $136,000 up to $163,000 above $272,000 up to $326,000 not applicable $50.70 + your plan premium
above $163,000 and less than $500,000 above $326,000 and less than $750,000 above $87,000 and less than $413,000 $70.00 + your plan premium
$500,000 or above $750,000 and above $413,000 and above $76.40 + your plan premium
If I delay part D next year for 5 years my premium would be 60% higher for the remaining years, but my premium would be so much less as income from capital gains will be almost none. Same or worse for Part B. I pay more now for less coverage than my platinum plan which included a good drug benefit.
Anyone else done this math? I should add that if you do not take Part B, you can't get Part A which is free otherwise....
However, if your income for the next several years is high, you pay the IRMAA. As I now know, I pay both the gov IRMAA and the Drug insurance premium. I still have a high deductible AND I am paying $100/mo for part D which I do not use. I found out that GoodRx provides you better pricing than using insurance. So part D is worthless at this point.
If your filing status and yearly income in 2018 was
File individual tax return File joint tax return File married & separate tax return You pay each month (in 2020)
$87,000 or less $174,000 or less $87,000 or less your plan premium
above $87,000 up to $109,000 above $174,000 up to $218,000 not applicable $12.20 + your plan premium
above $109,000 up to $136,000 above $218,000 up to $272,000 not applicable $31.50 + your plan premium
above $136,000 up to $163,000 above $272,000 up to $326,000 not applicable $50.70 + your plan premium
above $163,000 and less than $500,000 above $326,000 and less than $750,000 above $87,000 and less than $413,000 $70.00 + your plan premium
$500,000 or above $750,000 and above $413,000 and above $76.40 + your plan premium
If I delay part D next year for 5 years my premium would be 60% higher for the remaining years, but my premium would be so much less as income from capital gains will be almost none. Same or worse for Part B. I pay more now for less coverage than my platinum plan which included a good drug benefit.
Anyone else done this math? I should add that if you do not take Part B, you can't get Part A which is free otherwise....
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