SENIORITY | Medicare Premiums (Part B)
In order to be eligible for a Medicare Advantage Plan or Medicare Supplement, one must have both Medicare Parts A & B.
Part A is free for most individuals, requiring that they (or their spouse) have worked 10 or more years in the United States.
Part B, however, has a premium. This is separate from your Medicare Advantage Plan or Medicare Supplement premium.
The Standard Part B premium in 2023 is…
If you are currently taking Social Security Benefits, this amount is automatically deducted from your payment each month.
If you are not currently taking your Social Security Benefit, you will receive a quarterly bill in the mail directly from Medicare. In this scenario, you do have the option to setup Medicare Easy Pay. This allows you to have your Part B Premium deducted automatically from a checking/savings account.
Learn more about Medicare Easy Pay here: https://www.medicare.gov/basics/costs/pay-premiums/medicare-easy-pay
Depending on your income, you may pay more than the standard Part B Premium. The Income Related Monthly Adjustment Amount (IRMAA) is determined by one’s reported income two years prior.
This year, Social Security uses your reported income in 2021 to determine IRMAA applicability.
In many situations, one’s income drops significantly upon retiring. If you are impacted by IRMAA due to your income prior to retiring, you can complete and submit the Medicare IRMAA Life Changing Event Form found here: https://www.ssa.gov/forms/ssa-44-ext.pdf
It’s also important to note that IRMAA also applies to one’s Prescription Drug Plan premium (Part D).
Consult the chart below to determine if you are impacted by IRMAA:
All Medicare Premium and IRMAA-related questions are best handled by Social Security directly.
— Kerry Quick, Benefit Advisor
