Ask Larry

Are There Waivers Available For Recalculation Of My Medicare Premium Rate?

I went over the max amount and now my and my spouse deductions for Medicare has doubled. The extra money came from my 401 for home repairs.Are there waivers available for recalculation and if not will SSI recalculate next year. Thanks

Hi. I'm not sure what you mean by "waivers". You can ask Social Security to reevaluate your Medicare premium amount, but unless the increase in your income was due to what they define as a 'life changing event' (LCE) you're probably stuck with the higher premium rate for at least a year. LCEs are explained on the following Social Security form (i.e. SSA-44), which is also the form you would need to complete and submit to Social Security if you think that you meet the requirements for a lower premium rate: https://www.ssa.gov/forms/ssa-44-ext.pdf.

Medicare premium rates are reevaluated annually based on the income reported on a person's tax returns. So, even if your Medicare premiums are higher than the standard rate next year, they could go back down to a lower rate the following year if your taxable income drops.

Best, Jerry

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Posted: 
Nov 27 2022 - 10:13pm
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