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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.
yes it is just for the year . but they go back two years so 2018 may not effect you for another year . each years premium is based on your income going back two years .
You should check this form to see if if any of the allowable life changing events applies to this income bump. If it does, you can appeal your 2018 IRMA assessment
Form SSA-44 - Medicare Income-Related Monthly Adjustment Amount Life-Changing Event
back in 2014 we were not retired yet and my wife did not go on medicare until 2015 ..
in 2016 we hit the max surcharge level since in 2014 we sold some commercial lease rights we owned which produced a large gain and we still were working . by 2015 we retired and income was now a fraction , so they reset us back .
they called the fact we retired and sold the asset pre-retirement a life changing event . if we had sold the asset after we retired we would not have been so lucky .
back in 2014 we were not retired yet and my wife did not go on medicare until 2015 ..
in 2016 we hit the max surcharge level since in 2014 we sold some commercial lease rights we owned which produced a large gain and we still were working . by 2015 we retired and income was now a fraction , so they reset us back .
they called the fact we retired and sold the asset pre-retirement a life changing event . if we had sold the asset after we retired we would not have been so lucky .
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.
You should check this form to see if if any of the allowable life changing events applies to this income bump. If it does, you can appeal your 2018 IRMA assessment
Form SSA-44 - Medicare Income-Related Monthly Adjustment Amount Life-Changing Event
When I went from disability to social security retirement, I found myself wondering how I'd pay my bills with the big chunk of part B they would take. After a frustrating time with many phone calls, I got hold of someone in 'special needs' I think, who started the mess of applying. They finally approved it just before I went into medicare, then as it was 'new' it held up a month or so when another office had to 'evaluate'. Then, as the year end came up, yet another 'verification'. So be patient and keep in touch but keep checking.
If you have someone from the county you can ask, see if you can get an advocate to help sort out the mess. And I think there will continue to be 'reviews' at least once a year. Frustrating, but if its causing real problems, like bills you can't pay, don't sit quietly either.
Be civil, but not invisible seems to be the best approach. If you get refused, refile immediately too. And if you can find an advocate and let them do the talking.
Which tax return does Social Security use?
To determine your 2019 income-related monthly
adjustment amounts, we use your most recent federal
tax return the IRS provides to us. Generally, this
information is from a tax return filed in 2018 for tax year
2017. Sometimes, the IRS only provides information
from a return filed in 2017 for tax year 2016. If we use
the 2016 tax year data, and you filed a return for tax
year 2017 or did not need to file a tax return for tax year
2017, call us or visit any local Social Security office.
We’ll update our records.
I worked fulltime for the first six months of 2018, then retired, and then resumed work, but only part-time and only make a fraction of what I made full time.
My 2017 MAGI put me in the category where I had to pay 57.80 for IRMAA (= income related monthly adjustment amount), so my Medicare B premium was about 202.00 per month.
I just got my letter and I am again one step up (57.80) due to my IRMAA which, of course, is based on the latest return the IRS has, which is for 2018.
However, in 2019 the full impact of my working part-time is felt, and when I fill my 2019 return, I will move one step down.
Isn't this precisely the case where I can fill out my SSA-44, share with the SSA that my 2019 income will drop me where I won't have to pay any IRMAA, and probably win an appeal? I figure I not only do I need to fill out the form, but for the "live-changing" event of reduction of hours, get my employer to vouchsafe that this is the case? Yes?
We got a big surcharge the end of the first year we were on Medicare ...two years earlier we were not retired , not on Medicare yet and sold an asset maxing out the surcharges .
We appealed and won based on the fact we were not retired yet
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