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I have a question about AGI. I'm pretty sure that my wife and I will exceed the AGI in 2018 for income for the lowest Medicare Part B bracket.
Does that last for only one year, as this income bump is a one year event? I assume the Medicare part B premium bump is the same (one year only) and would be a couple of years down the road.
Thanks for clarifying . . .
Erica gave you the link you need. The acronym is IRMMA.
The added premium amount is calculated annually and your 2018 MAGI (1040 AGI plus tax exempt interest) will determine your 2020 premium. There are premium addons for both Medicare part B and part D. If you have a one time event as described in the publication, I would appeal. If you are just making more money, then congratulations and welcome to the club. We'll be paying an additional $4+K in 2020 and $5+K in 2021.
We belonged to a stock club that disbanded, because most of us were now retired and moving on with life. The stocks have increased in value significantly since the early 1980s :-). Although I had officially retired from my fulltime job in 2011 I will be technically retiring from my part-time job in early 2020. Do you suppose that the same may be true for us? My wife who has the medicare retired due to disability I am not 65 yet. So that may put a kink in it.
I don't know the answer, but I think some of the responders on here missed the part that this only applies to your wife.
Wouldn't only half of the amount from the stock club be applied to her? If you are not on Medicare yet, it shouldn't affect you?
I don't know the answer, but I think some of the responders on here missed the part that this only applies to your wife.
Wouldn't only half of the amount from the stock club be applied to her? If you are not on Medicare yet, it shouldn't affect you?
If it is a joint return both get it . But Remember ,they go back two years .. so he may not be on Medicare next year but if he is on Medicare two years later then it hits both
I don't know the answer, but I think some of the responders on here missed the part that this only applies to your wife.
Wouldn't only half of the amount from the stock club be applied to her? If you are not on Medicare yet, it shouldn't affect you?
The surcharge is computed and applied individually, but based the MAGI in the joint return. If both filers are receiving Medicare, then each will have their individual surcharge applied. If one of two joint filers is on Medicare, then the individual surcharge will be applied to that one.
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