Medicare Part B – Applying, Paying, Getting State to Reimburse Your Premium, and Adjusting Your Premium
A few family and friends requested me to write on this topic to together important information for everyone to read and share about some of the most common questions regarding Medicare Part B, ways to save, and help in getting your Medicare Part B premiums adjusted amidst this Covid-19 situation.
Are you currently paying your part B Premium?
Each month, States pay Medicare Part B premiums for over 10 million individuals. The process promotes access to Medicare coverage for low-income older adults and people with disabilities. In New York, on average, if your individual income fall below 87,000 or Joint income fall under 174,000, the part B premium cost is 144.60 a month ( standard premium amount).
Brief Overview of Topics, Questions and Answers
Here’s a brief overview of the topics surrounding some of the most frequent questions asked about Medicare Part B that I will be answering in the most simplest terms:
• Getting Part B
• Paying for Part B
• How the Part B premium is calculated / Cost
• Part B Late Enrollment Penalty
• How the state can pick up your Part B Premium & New York State’s Buy-In program.
• If Part B premium can be adjusted
Do some people get Medicare Part B automatically or do you need to sign up?
• Some people get their Medicare Part B (Medical Insurance automatically) and some people need to sign up for it.
Do I have to pay for my Medicare Part B?
• Yes. You have to pay a premium each month for your Part B ( unless you qualify for Medicare Savings Program MSP)The part B premium can be automatically deducted from your
• Social Security
• Railroad Retirement
• Office of Personal Management
• If you don’t get these benefit payments, you’ll get a bill.
How much does Medicare Part B cost? And how does Social Security Determine the Medicare Part B Premium Amount I have to pay?
• The standard part B cost for 2020 is 144.60, but not for everyone.
Check the chart below to see how Medicare Part B premiums are calculated. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS ( Chart is in the post picture or Source link: https://www.medicare.gov/your-medicare-costs/part-b-costs
If there a penalty if I don’t sign up for Part B when first eligible? And how is the penalty determined?
• Yes, you may have to pay a late enrollment penalty for signing up late
If you didn’t get Part B when you’re first eligible, your monthly premium may go up 10% for each 12-month period you could’ve had Part B, but didn’t sign up. In most cases, you’ll have to pay this penalty each time you pay your premiums, for as long as you have Part B. And, the penalty increases the longer you go without Part B coverage (https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-late-enrollment-penalty)
Can the State ( New York State) help me pay for my Part P premium, or pick up my part B premium?
• If you income falls within certain low income guidelines, The State your residing in – in this case we will use New York State- can cover you Part B Premium. Here’s more info on that: https://www.health.ny.gov/health_care/medicaid/program/update/savingsprogram/
Is there a way that my Part B Premium amount can be adjusted?
Yes, there is a way your Part B Premium can be adjusted
• If your paying above the Standard Premium of 144.60, and experienced a “life changing event”, you can fill out a special form provided by the Social Security Administration called SSA-44. Here’s the link https://www.ssa.gov/forms/ssa-44-ext.pdf
• Some examples of “life changing events” listed on the from are Work Reduction, Loss of Income-Producing Property, Loss of Pension Income, Employer Settlement Payment, Marriage, Divorce, Annulment, Death of Your Spouse, Work Stoppage. If you had more than 1 “life changing event” contact Social Security at 1-800-772-1213.
I hope this information answers some of the questions you had about Medicare Part B, and extend my hand to you if you need any assistance or further guidance
The information provided above is for educational purposes, and expresses my knowledge and experience working in the New York City Metropolitan area. The intention of this post is to help equip seniors, family, and friends with resources and information that can help you live a better and healthier life.