Talk of The Villages Florida - View Single Post - Annual income vs Medicare costs
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Old 01-18-2023, 10:29 AM
Oldragbagger Oldragbagger is offline
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Quote:
Originally Posted by kbace6 View Post
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.
Yes, we did. The first year my husband was on Medicare he was still working. His employer required everyone of Medicare age to take Medicare and they provided a gap plan. His income was well above the threshold and he had to pay a higher premium to Medicare for his coverage. When he retired a year later his income dropped below the threshold and his Medicare premium dropped to the normal cost. We had to do some paperwork to show the reduction in income and that was it.