medicare premium based on pre-retirement income?

#4 08-11-2007, 03:36 PM

On Fri, 10 Aug 2007 17:00:47 -0500, joetaxpayer
<joetaxpayer[at]nospam.com> wrote:

- quote -

> Thumper wrote:
> > Do they have to do this every year or only when first enrolling in
> > part B?
> > Thumper
> A change in income due to a short list of circumstances. So something to
> keep in mind, but no need to report each year unless one of the events
> occurred.
> JOE

That's what I thought. It doesn't seem to be too much work.
Thumper

#3 08-10-2007, 10:00 PM

Thumper wrote:
- quote -

> Do they have to do this every year or only when first enrolling in
> part B?
> Thumper

A change in income due to a short list of circumstances. So something to
keep in mind, but no need to report each year unless one of the events
occurred.
JOE

#2 08-10-2007, 08:10 PM

On Fri, 10 Aug 2007 11:33:20 -0500, joetaxpayer
<joetaxpayer[at]nospam.com> wrote:

- quote -

> Dave Dodson wrote:
> > On Aug 10, 8:55 am, rick++ <rick...[at]hotmail.com> wrote:
> > > > A financial columist (Brurns) got letters from new Medicare recipients
> > > many were being charged the medicare monthly surcharge which
> > > is $161 in 2007 (increases to $384 by 2009) automatically
> > > subtracted from your social security check. Apparently the SSA
> > > defaults your income at age 63 to determine your medicare premium,
> > > when you may or may not have retired yet.
> > > > > http://www.ssa.gov/pubs/10162.html
> > > > I'm not sure what you are whining about.
> > > They use your income on the last federal income tax return available
> > from the IRS. You can supply a later one if it is to your advantage.
> I didn't hear whining, what I heard was that my old people need to
> proactively supply numbers to the SSA each year. One more thing to add
> to the list of actions I visit each year. For many of these people who
> have no knowledgable planner, they may miss this altogether, and pay
> more than they need to. (Like the 'donate some of your IRA RMD in
> 06/07', which would have gone overlooked for those who would benefit)
> JOE

Do they have to do this every year or only when first enrolling in
part B?
Thumper

#1 08-10-2007, 04:33 PM

Dave Dodson wrote:
- quote -

> On Aug 10, 8:55 am, rick++ <rick...[at]hotmail.com> wrote:
> > A financial columist (Brurns) got letters from new Medicare recipients
> > many were being charged the medicare monthly surcharge which
> > is $161 in 2007 (increases to $384 by 2009) automatically
> > subtracted from your social security check. Apparently the SSA
> > defaults your income at age 63 to determine your medicare premium,
> > when you may or may not have retired yet.
> > > http://www.ssa.gov/pubs/10162.html
> I'm not sure what you are whining about.
> They use your income on the last federal income tax return available
> from the IRS. You can supply a later one if it is to your advantage.

I didn't hear whining, what I heard was that my old people need to
proactively supply numbers to the SSA each year. One more thing to add
to the list of actions I visit each year. For many of these people who
have no knowledgable planner, they may miss this altogether, and pay
more than they need to. (Like the 'donate some of your IRA RMD in
06/07', which would have gone overlooked for those who would benefit)
JOE

08-10-2007, 04:01 PM

On Aug 10, 8:55 am, rick++ <rick...[at]hotmail.com> wrote:
- quote -

> A financial columist (Brurns) got letters from new Medicare recipients
> many were being charged the medicare monthly surcharge which
> is $161 in 2007 (increases to $384 by 2009) automatically
> subtracted from your social security check. Apparently the SSA
> defaults your income at age 63 to determine your medicare premium,
> when you may or may not have retired yet.
> http://www.ssa.gov/pubs/10162.html

I'm not sure what you are whining about.

They use your income on the last federal income tax return available
from the IRS. You can supply a later one if it is to your advantage.

Only singles with modified adjusted gross income exceeding $200,000 or
marrieds with modified adjusted gross incomes exceeding $400,000 on
that federal income tax return will pay $161. This will be only a few
percent of people applying for Medicare Part B, and the extra cost
would represent less than about 0.4% of annual income.

- quote -

> There is a procedure to correct this in the SSA memo, but requires
> lots of paperwork.

Certain life events streamline the correction process. If you want to
appeal based on something else, the form is about a half page long.
You might call that a lot of paperwork, but I wouldn't.

Dave

#-1 08-10-2007, 01:55 PM

A financial columist (Brurns) got letters from new Medicare recipients
many were being charged the medicare monthly surcharge which
is $161 in 2007 (increases to $384 by 2009) automatically
subtracted from your social security check. Apparently the SSA
defaults your income at age 63 to determine your medicare premium,
when you may or may not have retired yet.

http://www.ssa.gov/pubs/10162.html

There is a procedure to correct this in the SSA memo, but requires
lots of paperwork.

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