LYNN BRENNER for Newsday writes: QUESTION: In two of the past three years, I've received fees
as executor of an estate. This income has pushed my Medicare
insurance premiums into a higher category. Will these premiums
eventually return to normal? Do I have to take action?
ANSWER: Based on what you say, you don't need to take any action. Your Medicare premium is based on
the most recent tax return available to the Social Security
Administration, which is typically 2 years old. In other words, your
2014 premium is based on information in your 2012 tax return. Two years
after your income returns to normal, so will your Medicare premium.
In some situations, however, readers should
ask the Social Security Administration to reconsider the income level
that determined their current Medicare premium. For example, you should
notify the agency if you amended your 2012 tax return; if you've
married, divorced or become widowed; if you or your spouse stopped
working or work fewer hours; if you lost income-producing property
because of a disaster; if your pension plan was terminated or
reorganized; or if you received a settlement from an employer or former
employer who went bankrupt, closed or reorganized.
In 2014, the monthly Part B Medicare premium
is $104.90 for individuals who had $85,000 or less of 2012 modified
adjusted gross income (MAGI), and married couples filing jointly with
$170,000 or less of 2012 MAGI. Individuals with between $85,001 and
$107,000 of 2012 MAGI and joint filers with between $170,001 and
$214,000 pay $146.90 a month. Thereafter, the premium rises on a sliding
scale. The highest charge is $334.90 a month, paid by individuals with
more than $214,000 of 2012 MAGI and joint filers with more than $428,000
of 2012 MAGI.
The bottom line Your Medicare premium is usually based on information in the income tax return you filed two years earlier.
Websites with more information 1.usa.gov/M52MAY and 1.usa.gov/1eaJ5SZ
Friday, February 7, 2014
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