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
How Social Security Determines I Have a Higher Premium
Social Security uses the most recent federal tax return the IRS provides to us .
you must pay higher premiums
yes
we use a sliding scale to calculate the adjustments , based on your modified adjusted gross income MAGI . Your MAGI is your total adjusted gross income and tax - exempt interest income .
If I want to get more information regarding my Medicare, how can I contact the State Health Insurance Counseling and Assistance Program?
You can find your local SHIP contact information in the back of your Medicare & You 2020 Handbook online
I'd like to ask you another question about having a higher income. If I am a higher-income Medicare beneficiary with prescription drug coverage ?
you ll pay monthly premiums plus an additional amount , which is based on what you report to the IRS . Because individual plan premiums vary , the law specifies that the amount is determined using a base premium .
if I income isn t greater than the limits described above
this law does not apply to you
If I have higher income