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Can you pay less for Parts B & D?

If your income is above a certain threshhold, you may be required to pay higher Medicare Part B and/or Part D premiums. 

Is it possible to lower your Medicare Part B or Part D premium? In some situations, the answer may be yes.


If your income is above a certain threshhold, you may be required to pay higher Medicare Part B and/or Part D premiums. 


The Social Security Administration (SSA) determines if you owe an Income-Related Monthly Adjustment Amount (IRMAA) or not. The determination is based on the income you reported on your IRS tax return two years prior. 


In some cases, you may request that Social Security revisit its decision if you are paying a higher premium due to IRMAA and have experienced a qualifying life‑changing event, such as the death of a spouse, marriage, divorce, a spouse stopping work or working fewer hours. Social Security may reconsider its determination and any change is determined by Social Security and is not guaranteed.


If you don’t qualify for a premium adjustment based on a life-changing event but disagree with Social Security’s determination, you have the right to file an appeal. All appeals and final decisions are made by the SSA and are not guaranteed.


If you aren’t sure how to go about requesting a new initial determination, or you aren’t sure if you qualify, give me a call to set up a time for us to meet and I can explain the process. As always, there is no charge for my guidance.


HealthMarkets Insurance Agency is located at 9551 Vista Way in Garfield Hts. To reach Scott McEvoy or a member of his team, call 216-815-1850. Virtual, phone and office appointments are available.

 

This article provides general information about Medicare Part B and Part D premiums and IRMAA. All determinations and appeals are made by the Social Security Administration.


HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency nationwide except in MA. Not all agents are licensed to sell all products. Service and product availability may vary by state. Agents may be compensated based on enrollment. No obligation to enroll. 53119-HM-0426.


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