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.
|
Because we both worked in 2022 and had significant income we were assessed an IRMAA penalty for our Medicare premiums for 2023. We appealed that assessment because we no longer have that income and we’re successful in getting it reduced. It was a fairly simple process just filled out some paperwork and dropped it off at Leesburg Social Security office.