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. Most people don t pay higher premiums.
What if I suddenly earn a lot more at my work?
Do you have a higher income now?
No, I'm just asking.
What would you do if you determine that I'm a higher-income beneficiary, anyway?
You'd pay a larger percentage of the total cost of Part B based on the income you normally report to the Internal Revenue Service IRS. You'd pay monthly Part B premiums equal to 35, 50, 65, 80, or 85 percent of the total cost, depending on what you report to the IRS.
What if I amended my tax return?
In that case, if it changes the income to determine the income-related monthly adjustment amounts your MAGI, you should inform us about it.
And if I'm a higher-income beneficiary, what happens then?