Of course. First, you should know that the law requires an adjustment to your monthly Medicare Part B medical insurance and Medicare prescription drug coverage premiums. This affects less than five percent of people with Medicare.
Could this mean that I have to pay a higher premium?
Yes, but most people don't pay higher premiums.
I see. Well, what if I filed a federal income tax return for the year?
In that case you need to show us your signed copy of the return. Use Form Medicare Income-Related Monthly Adjustment Amount Life-Changing Event to report a major life-changing event.
Does Medicare help me to pay for my prescribed drugs?
Yes. Medicare prescription drug coverage helps pay for your prescription drugs. The government pays a major portion of the total costs for this coverage, and the beneficiary pays the rest.
Makes sense. What can you tell me about monthly Medicare premiums?
You should be aware that the standard Part B premium for 2020 is $ 144.60.
Are you single and filed an individual tax return, or married and filed a joint tax return?