Hey, life changes fast. If you're like many retirees looking into initiating your Medicare benefits, you may have been presented with the dreaded IRMAA table to determine a higher premium than the standard rates. Why? Because the Medicare system wants those who have made higher incomes to pay more for their benefit. That's the rule, but the catch is Medicare looks back 2 years prior at your reported income levels.
Well, if you're retiring, it's likely you are experiencing a "life-changing event" that will result in reduced household income. If that's the case, you can ask to lower the additional amount you'll pay for Medicare Part B and Part D through form SSA-44, using your current estimated household income instead of what you were making 2 years ago.
Other life-changing events include marriage, divorce, the death of a spouse, and an employer settlement payment. Understanding and using form SSA-44 could literally save you thousands of dollars in premium costs per year.
Give me a call or shoot me an email and I can explain how this income reduction review works as well as how to fill out the form correctly.
Call me at (760) 473-0071 or email at Stew@MedicareAgentStew.com
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