Ask Larry

Can My Estimated 2018 Income Be Used To Determine My Part B Premium Rate?

If I retire in 2018 and my Modified Adjusted Gross Income decreases significantly from 2017, can I request that my Part B Income Adjusted Premium be based upon my 2018 estimated income provided I can substantiate that my estimated income will indeed be significantly lower? I understand that I would have to provide Medicare with my 2018 tax return when filed to substantiate that my estimate was accurate. Thank you.

Hi,

I'm not an expert on Medicare premium determinations, but my understanding is that your 2018 Modified Adjusted Gross Income (MAGI) can't be used to determine your Part B premium rate until 2019. Your Part B premium rate for 2018 would normally be based on your 2016 MAGI, but you're 2017 MAGI could be used if your income dropped due to a life-changing event (https://www.ssa.gov/pubs/EN-05-10536.pdf).

Best, Jerry

Best, Jerry

Category: 
Posted: 
Mar 6 2018 - 9:58am
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