in 2018 I had about $58K earned income so Social Security charges me more for Medicare Part B in 2019 and 2020. I was in a health crisis most of 2019 so had far less earned income and this year was only able to work for about 4 months. I had to retire for health reasons and now am just "surviving" on Social Security alone as I lost all my retirement nest egg in the last Recession. Can I: (a) get Social Security to reduce my Medicare Part B premium to a level appropriate to my new financial situation and (b) if not can I DISCONTINUE Medicare Part B? I looked into getting a zero premium Medicare Advantage Plan and those look rather useless. I'm thinking get rid of Part B, no Advantage Plan, and if I have another health crisis just file medical bankruptcy as I'm pretty much judgment proof financially anyway. Never thought I would be in this place but Great Recession loss, followed by recent two years of health issues changed everything.

Hi,

You may be able to get your Medicare Part B premium rate reduced if you're paying more than the standard premium rate and if your annual income dropped due to what Social Security classifies as a life-changing event. Life-changing events (LCE) are listed in the following section of Social Security's operations manual: https://secure.ssa.gov/apps10/poms.nsf/lnx/0601120005#c. If you had an LCE that caused your 2019 income to be lower than your 2018 income, then Social Security could potentially use the 2019 income amount on which to base your 2020 Part B premiums. If you had an LCE, you can contact Social Security and ask for a new determination of your Part B premium rate.

You could also discontinue Part B coverage (https://faq.ssa.gov/en-us/Topic/article/KA-02713), but I would suggest that you think long and hard before doing so. Part B premium rates are automatically adjusted each year, so if you are paying a higher than standard premium rate in 2020 due to your 2018 income that doesn't mean that you'll always pay a higher rate. If you drop Part B coverage, you likely won't be able to re-enroll except in a general enrollment period (GEP). GEPs occur each year from January through March, and if you enroll in a GEP your Part B coverage starts effective July 1st of the year of your enrollment. And, if you re-enroll, you'll likely be subject to a 10% premium penalty for each year that you elected not to have Part B coverage.

Best, Jerry