Did your Medicare Part B premium go up this past year? Was it due to the sale of your house or business? Did you know that you can appeal your Medicare Part B premium amount if it is a one time increase?
Medicare Part B premium is based on what your taxes (MAGI) which you made 2 years BEFORE turning 65. Your Part B premium is referred to as - Income Related Monthly Adjustment Amount - IRMAA. After your initial enrollment with Medicare, your IRMAA is reevaluated each year and is still base on your income from 2 years prior. Your new Part B - IRMAA is reviewed each year. so, your Part B premium can go down or up, depending on your previous income from two years past. Most people will receive their IRMAA new amount in November and have to make their first new payment in December, for January first plan premium.
If one year you have a large amount of MAGI due to Capital Gains on the sale of your property or business, once you receive your IRMAA letter, KEEP IN MIND, you have about 30 days to appeal that amount since it is a one time amount. If it is a one time event, such as the sale of a business or personal property (capital gains) appeals have been granted in the past. If it is a on going income increase, then they will probably not accept the appeal. It doesn't hurt to try and appeal the amount if it is a one time adjustment to your income.
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