{"id":144300,"date":"2021-11-10T18:07:03","date_gmt":"2021-11-10T18:07:03","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144300"},"modified":"2021-11-10T18:07:03","modified_gmt":"2021-11-10T18:07:03","slug":"heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/","title":{"rendered":"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums"},"content":{"rendered":"<ul>\n<li>Of Medicare&#x27;s 63.3 million beneficiaries, about 7% \u2014 4.4 million people \u2014 pay so-called income-related adjustment amounts, which translates into paying more for monthly premiums.<\/li>\n<li>Those extra charges affect premiums for Part B (outpatient care coverage) and Part D (prescription drug coverage).<\/li>\n<li>If you face so-called IRMAAs and your income has dropped, you can ask the Social Security Administration to reconsider.<\/li>\n<\/ul>\n<p>Some older Americans may be all too familiar with sticker shock when it comes to their Medicare premiums.<\/p>\n<p>That is, instead of paying the standard premium for Part B (outpatient care coverage) and Part D (prescription drug coverage), their income is high enough for monthly &quot;income-related adjustment amounts,&quot; or IRMAAs, to kick in. However, the surcharge is typically based on their tax return from two years earlier \u2014 which may not accurately reflect their current financial situation.<\/p>\n<p>&quot;For some clients, their income from two years prior is significantly higher than it is today or will be when they retire,&quot; said Elizabeth Gavino, founder of Lewin &amp; Gavino and an independent broker and general agent for Medicare plans.\u00a0<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/>Remarrying? Here are key financial considerations<br \/>Your financial advisor should have a succession plan<br \/>Here are 5 hidden benefits of health savings accounts\u00a0<\/p>\n<p>The good news for those beneficiaries is that they can appeal the IRMAAs.<\/p>\n<p>&quot;Most people don&#x27;t want to wait two years for their lower income to catch up to them in order to get the IRMAA adjusted downward or removed,&quot; said Danielle Roberts, co-founder of insurance firm Boomer Benefits.<\/p>\n<p>Of Medicare&#x27;s 63.3 million beneficiaries, about 7% \u2014 4.4 million people \u2014 pay those monthly surcharges, according to the Centers for Medicare &amp; Medicaid Services. This is due to various legislative changes over the years that have required higher-earners to pay a greater share of Medicare&#x27;s costs.<\/p>\n<p>The reason a tax return from two years earlier is used is that it&#x27;s usually the most recent one available when the Social Security Administration makes the IRMAA determination ahead of each new year.<\/p>\n<p>For this year, IRMAAs kick in for individuals if your modified adjusted gross income is more than $88,000 (details for 2022 have not yet been formally announced). For married couples filing joint tax returns, the surcharges start above $176,000 this year. The extra charges increase at higher income thresholds.<\/p>\n<p>The standard monthly premium for Part B this year is $148.50, which is what most Medicare beneficiaries pay. (Part A, which provides hospital coverage, typically comes with no premium.) The surcharge for higher earners this year ranges from $59.40 to $356.40, depending on income. That results in monthly premiums ranging from $207.90 to $504.90.<\/p>\n<p>For Part D, the surcharges this year range from $12.30 to $77.10. That&#x27;s in addition to any premium you pay, whether through a standalone prescription drug plan or through a Medicare Advantage Plan, which typically includes Part D coverage. While the premiums vary for prescription coverage, the average for 2021 is about $33.<\/p>\n<p>The process to prove that your current income is lower involves asking the Social Security Administration to reconsider their assessment. You have to fill out a form and provide supporting documents.<\/p>\n<p>&quot;The best way to appeal is to file your form with as much evidence as possible,&quot; Roberts said.<\/p>\n<p>Suitable proof may include a more recent tax return (if one is available), a letter from your former employer stating that you retired, more recent pay stubs or something similar showing evidence that your income has dropped.<\/p>\n<p>The required form includes a list of &quot;life-changing&quot; events that qualify as reasons for reducing or eliminating the IRMAAs, including marriage, death of a spouse, divorce, loss of pension or the fact that you stopped working or reduced your hours.<\/p>\n<p>If your efforts don&#x27;t work, you can appeal the decision to an administrative law judge, although the process could take time and you&#x27;d continue paying those surcharges in the meantime.<\/p>\n<p>Additionally, your situation is reevaluated every year, which means the IRMAAs (or whether you pay them) could change annually, depending on how volatile your income is.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/10\/heres-how-to-appeal-income-related-charges-for-medicare-premiums.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Of Medicare&#x27;s 63.3 million beneficiaries, about 7%<\/p>\n","protected":false},"author":3,"featured_media":144299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Of Medicare&#x27;s 63.3 million beneficiaries, about 7%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-10T18:07:03+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/11\/Heres-how-Medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/\",\"url\":\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/\",\"name\":\"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-11-10T18:07:03+00:00\",\"dateModified\":\"2021-11-10T18:07:03+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/precoinnews.com\/category\/business\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/","og_locale":"en_US","og_type":"article","og_title":"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums - Pre Coin News","og_description":"Of Medicare&#x27;s 63.3 million beneficiaries, about 7%","og_url":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/","og_site_name":"Pre Coin News","article_published_time":"2021-11-10T18:07:03+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/11\/Heres-how-Medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/","url":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/","name":"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-11-10T18:07:03+00:00","dateModified":"2021-11-10T18:07:03+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/business\/heres-how-medicare-beneficiaries-can-appeal-income-related-charges-that-result-in-higher-premiums\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/precoinnews.com\/category\/business\/"},{"@type":"ListItem","position":3,"name":"Here\u2019s how Medicare beneficiaries can appeal income-related charges that result in higher premiums"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/144300"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=144300"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/144300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/144299"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=144300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=144300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=144300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}