If your adjusted gross income is more than $88,000 if you’re single, or $176,000 if you’re married and filing jointly, you may have to pay a high-income surcharge, which adds $12.30 to $77.10 to your monthly premiums in 2021. In 2022, the income threshold will rise to $91,000 for singles and $182,000 for married couples filing jointly, and the surcharge will range from $12.40 to $77.90.
The high-income surcharge is paid to Medicare. These premiums can be deducted automatically from your Social Security benefits, or Medicare can send you a bill. Another option is to sign up for Easy Pay and have the premiums automatically paid from your checking or savings account.
Mark your calendar for Medicare’s annual open enrollment period from Oct. 15 to Dec. 7. This is the time you can switch Part D plans.
Even if you’re satisfied with your coverage, it’s a good idea to go to Medicare.gov to compare the plans available in your area. Plans can change their coverage, costs and provider networks every year.