Did you know you could may nearly 3 times what other people are paying for Medicare? Medicare surcharges can eat away at your nest egg.
In this video Ryan talks about how to Reduce Medicare Premiums with SSA-44 Form.
Medicare Part B and Part D premiums are not static, and they are based on income. The premiums for Medicare Part B and Part D are expected to increase in 2023, and if you’re not careful, you may end up paying more than your neighbors for the same benefits and coverage. In this article, we’ll discuss how to reduce Medicare premiums by filing the ssa-44 form and combatting work stoppage.
Medicare Part A is already paid for through taxation during your working years. However, Medicare Part B and Part D are paid for during your golden years. For example, the 2023 Medicare Part B premiums are based on income. If your modified adjusted gross income is $97,000 or less per year, your Part B premium will be $164.90 per month. If you are a married couple, your income can be up to $194,000, and your Part B premiums for both spouses will equal $164.90 a month times two.
If you were making up to $366,000 a year in income before you retired as a married couple, your Medicare Part B premiums would be $426.80 a month times two. Additionally, you will be paying an additional $50.70 per month for Medicare Part D premiums in addition to your Medicare Part D prescription drug plan.
If you had a windfall, such as a stock sell, you will have to pay a surcharge on top of your Medicare Part D premiums and Medicare Part B premiums. The surcharge is called Income-Related Monthly Adjusted Amount, or Aunt Irma. To combat Aunt Irma, you can file the ssa-44 form, which allows you to plead to Medicare and Social Security and say that you shouldn’t be paying additional premiums due to a work stoppage or a windfall.
If you retire, you can file the ssa-44 form and tell Medicare that you stopped working, and your income is expected to decrease over the next 12 months. That will allow you to pay a lower premium. If you sell a home, a piece of property, or some highly appreciated stock, you can also file the ssa-44 form and seek to lower the cost of your Medicare premiums.
Navigating Medicare can be challenging, especially if you’re not familiar with the process. In addition to Medicare Part B and Part D premiums, you also have your Medicare supplemental insurance policy and your prescription drug plan. However, by following these tips, you can reduce your Medicare premiums and keep your costs as low as possible. Remember to file the ssa-44 form and combat work stoppage to ensure that you’re not paying more than necessary for the same benefits and coverage as your neighbors.
Remember, there may be other factors that can impact your Medicare premiums, so it’s always a good idea to do your research and speak with a professional for personalized advice.
Also read: How To Pay NO TAXES In Retirement Income In 2023
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