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Originally Posted by l2ridehd
Yes, my monthly Medicare premium is about $460. It is based on prior years earnings and this year 2011 do to a couple unique things I had a couple windfalls that resulted in a high income. That will cause Medicare premiums to be that high for at least two years. I can then apply to have them reduced but it requires SS approved and proof of a lower income. Go to SSA.gov and select Medicare, go to cost and it shows how much you have to pay. And on top of that I still have to buy a Medi-gap policy.
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This is a good example of a policy that does not make sense. When you retire your earning from employment go to zero but the government takes your employee earnings from 2 years ago and says you can afford to pay more for your insurance.
Interesting that the government did not need proof of income to start the higher premiums but needs it to stop. The government uses your taxable income to start the higher charges and they should be able to use the same information to adjust your premiums each year. In fact it is just another tax based on income.