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If you’re single and your modified adjusted gross income is more than $91,000, or more than $182,000 if you’re married and filing jointly, then your monthly Part B premiums may be $238.10 to $578.30 per person, depending on your income. You may also have to pay an extra $12.40 to $77.90 per month if you have Medicare Part D prescription-drug coverage.
The Centers for Medicare & Medicaid services estimates that 7 percent of Medicare beneficiaries will have to pay the high-income surcharge in 2022, and they’ll receive a notice of the higher premiums in the next few weeks.
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You may be surprised to receive this notice if your income is lower now. That’s because the Parts B and D premiums are generally based on your last income-tax return on file (in most cases that means 2022 premiums are based on 2020 income). But if your income dropped since then because of certain life-changing events, you may be able to have the surcharge reduced or eliminated. But you need to submit paperwork to have the premiums reconsidered and provide evidence of the eligible change.
The IRMAA (income-related monthly adjustment amount) is based on your adjusted gross income plus tax-exempt interest income. If your income has decreased since you filed your last tax return, you can ask the Social Security Administration to recalculate your premiums based on a more recent tax year — but only if your income dropped because of an eligible life-changing event, such as retirement or job loss, divorce, marriage or death of a spouse. “If your financial situation has changed because you lost your job or retired, appeal the IRMAA,” says Tatiana Fassieux, education and training specialist at California Health Advocates.
Work reduction is also an eligible life-changing event, so you may be able to contest the surcharge if your hours were reduced because of COVID, says Diane Omdahl, president of 65 Incorporated in Mequon, Wisconsin, which helps people who have Medicare sign-up issues.