Quote:
Originally Posted by kbace6
We are in the planning stages for some retirement income and watched a financial video on YT that alluded to an increase in the cost of medicare depending on your income.
The question I have for you more seasoned folks is, have any of you been on the edge of income where you paid a particular price for medicare one year and then more the next year due to a spike in your income, and then the cost of medicare went back down again the next year because the spike in your income may have been just a one-time thing?
I'm not talking about the government changing the costs, but rather where your individual situation was the catalyst.
Thank you in advance for your informed answers.
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When I got my letter this year, announcing the 8% increase in Social Security, it also contained an IRMMA determination, that my Medicare Part B increased to $560.50, because I sold some property last year. Capital Gains contribute towards your MAGI (Modified Adjusted Gross Income).
Medicare relies on the last 1040 you filed, to make the determination. When you have a "qualifying life event", you can request a modification and they're pretty good about that. I've had 2 modification in the last 3 years and it didn't take long to get an answer from them.