Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

How will the income from the sale of my house affect my

Customer Question
How will the income...

How will the income from the sale of my house affect my Medicae payment. It will indicate a much higher "income" than is normal.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more, so we can help you best.

I sold my house in November 2016 for a very good price. I am fearful that that will cause a spike in my monthly premium for Medicare. How do I avoid that?

Submitted: 8 months ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 16 minutes by:
9/23/2017
Social Security Expert: SSA.Help4u.168, Accountant replied 8 months ago
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,641
Experience: Tax Accountant
Verified

Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

Q: How will the income from the sale of my house affect my Medicae payment.

A: In brief, your medicare premiums for Part B and prescription drug coverage will increase. SEE BELOW:

--------------------------

Rules for higher-income beneficiaries

If you have higher income, the law requires an adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums. Higher-income beneficiaries pay higher premiums for Part B and prescription drug coverage. This affects less than 5 percent of people with Medicare, so most people don’t pay a higher premium.

How does this affect me?

If you have higher income, you’ll pay an additional premium amount for Medicare Part B and Medicare prescription drug coverage. We call the additional amount the income-related monthly adjustment amount. Here’s how it works: • Part B helps pay for your doctors’ services and outpatient care. It also covers other medical services, such as physical and occupational therapy, and some home health care. For most beneficiaries, the government pays a substantial portion — about 75 percent — of the Part B premium, and the beneficiary pays the remaining 25 percent. If you’re a higher-income beneficiary, you’ll pay a larger percentage of the total cost of Part B based on the income you report to the Internal Revenue Service (IRS). You’ll pay monthly Part B premiums equal to 35, 50, 65, or 80 percent of the total cost, depending on what you report to the IRS. • Medicare prescription drug coverage helps pay for your prescription drugs. For most beneficiaries, the government pays a major portion of the total costs for this coverage, and the beneficiary pays the rest. Prescription drug plan costs vary depending on the plan, and whether you get Extra Help with your portion of the Medicare prescription drug coverage costs.

REFERENCE SOURCE:

https://www.ssa.gov/pubs/EN-05-10536.pdf

Social Security Pamphlet titled Medicare Premiums: Rules for Higher-Income Beneficiaries.

If you do not require further assistance with this matter, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is most appreciated. Thank you in advance.

Ask Your Own Social Security Question
Social Security Expert: SSA.Help4u.168, Accountant replied 8 months ago

Info explaining how the increase is determined:

If you’re a higher-income beneficiary with Medicare prescription drug coverage, you’ll pay monthly premiums plus an additional amount, which is based on what you report to the IRS. Because individual plan premiums vary, the law specifies that the amount is determined using a base premium. We tie the additional amount you pay to the base beneficiary premium, not your own premium amount. If you’re a higher-income beneficiary, we deduct this amount from your monthly Social Security payments regardless of how you usually pay your monthly prescription plan premiums. If the amount is greater than your monthly payment from Social Security, or you don’t get monthly payments, you’ll get a separate bill from another federal agency, such as the Centers for Medicare & Medicaid Services or the Railroad Retirement Board.

Ask Your Own Social Security Question
Was this answer helpful?
Ask SSA.Help4u.168 Your Own Question
SSA.Help4u.168
SSA.Help4u.168
SSA.Help4u.168, Accountant
Category: Social Security
Satisfied Customers: 4,641
4,641 Satisfied Customers
Experience: Tax Accountant

SSA.Help4u.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,441 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,565 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,065 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,234 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
I've been married for 10 years and 1 month. My husband and
I've been married for 10 years and 1 month. My husband and are divorcing, and he has never put into social security. I am retiring in 4 years. does he get my social security when I apply for it? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife is drawing SS on monies she made while working. Can
My wife is drawing SS on monies she made while working. Can she change and draw spousal benifits which pay more? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do I register a change in the account that my SS is
how do I register a change in the account that my SS is deposited? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
Can I doenload aSSA-1099 Social Security benefit statement
Can I doenload aSSA-1099 Social Security benefit statement for 018? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
I want to collect my deceased wife benefits. i am 90 years
i want to collect my deceased wife benefits. i am 90 years old. she died in 2008 … read more
Christopher B, Esq
Christopher B, Esq
Attorney
Juris Doctor
1,343 satisfied customers
How do i get my award letter. I am 75 and retired for 19
how do i get my award letter JA: What is your current age and retirement age? Customer: I am 75 and retired for 19 years JA: Anything else you want the Retirement Accountant to know before I connect y… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do I have a right to continued Social Security payments
Do I have a right to continued Social Security payments after my green Card has expired? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I was married in 1958 and divorced in 1969 after 4 children.
I was married in 1958 and divorced in 1969 after 4 children. I was given $400. per month for child support and no allimony. I worked to put my husband thru school and he is now a multi-millionaire. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
Requesting a Social Security Attorney please) My spouse and
Requesting a Social Security Attorney please) My spouse and child were recently added to my SSDI to receive auxiliary benefits. After our appointment with a very kind, and knowledgeable SSA office emp… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,234 satisfied customers
My spouse and child were recently added to my SSDI to
My spouse and child were recently added to my SSDI to receive auxiliary benefits. After our appointment with a very kind, and knowledgeable SSA office employee. We were given documents that contained … read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,234 satisfied customers
If I have lost my social security card what should I do? I
If I have lost my social security card what should I do? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
Second opinion] I live in Ma.. I was married for 16 yrs.. I
Second opinion] I live in Ma.. I was married for 16 yrs.. I am on SSDI- I remarried briefly - but remained living at my mothers etc am I still entitled to anything… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
How do I find out what my benefits would be now. And I am
69 and I am drawing half of my husbands at the present. Just want to know if mind own would be better? … read more
Carter McBride
Carter McBride
LLM
1,052 satisfied customers
In 2017 I received Social Security benefits for November and
In 2017 I received Social Security benefits for November and December and then again in January 2018 which I did not ask for. I put in writing to stop my payments because I was working full-time and d… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,234 satisfied customers
Divorcing. Can I obtain some funds from spouse's SS account?
divorcing. Can I obtain some funds from spouse's SS account? … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
3,857 satisfied customers
SSA has been given incorrect information on my residential
SSA has been given incorrect information on my residential address by the USPS. On a lengthy stay at my daughter's home in Arlington, VA while undergoing medical treatment, I requested USPS to forward… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
Doctoral Degree
3,234 satisfied customers
I usually receive my SS direct deposit the fourth Thursday
I usually receive my SS direct deposit the fourth Thursday each month. There are 5 Thursday's this month. When will I receive my check? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Where can I go to dispute the SS I get. I am retired
Where can I go to dispute the SS I get. I am retired government and worked 14 years before I went to work for the government. I earned my SS but when I retired I found out I fell under the Wind Fall P… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x