Medicare Part B premiums are based on your income, but what many people don’t realize is that Medicare uses a two-year look-back period to determine what you’ll pay. That means your premiums for this year are based on your income from two years ago. If your income has changed dramatically since then—whether due to retirement, loss of income, or other life events—you may be paying more than you should.
The good news? You may be able to reduce your Medicare Part B premiums by filing an appeal. Contact us and we will make sure the form is filled out and submitted correctly.
Understanding IRMAA and the Two-Year Look-Back
Medicare uses what’s called the Income-Related Monthly Adjustment Amount (IRMAA) to determine if you’ll pay higher premiums. If your income was above a certain threshold two years ago, you’ll be charged an additional amount on top of the standard Part B premium. However, if your income has significantly dropped, you have the right to request a review and potentially lower your costs.
How to Request a Medicare Premium Reduction
If your income has changed due to specific life events, you can file an appeal using Form SSA-44 (Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event). Qualifying life-changing events include:
Retirement
Loss of income-producing property
Divorce or death of a spouse
Work reduction
When you submit the form, you’ll need to provide documentation proving your income has decreased. This could include tax returns, pay stubs, or a letter from your employer. Once processed, Medicare may adjust your premiums accordingly.
Let Us Help You Navigate the Process
Filing an appeal can be confusing, and submitting the right documentation is key to getting your premiums lowered. That’s where we come in. As a women-owned, friendly, and knowledgeable Medicare insurance agency, we specialize in helping beneficiaries understand their options and save money. We’ll guide you through the process step by step to ensure you get the reduction you deserve.
If you believe you’re paying too much for Medicare Part B due to outdated income information, don’t wait—contact us today. We’ll help you determine if you qualify for an adjustment and assist you in filing the necessary paperwork.
You’ve worked hard for your retirement—let’s make sure you’re not overpaying for your healthcare. Reach out to us today and let’s get started!
Comments