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How is the cost for Medicare medical insurance determined.I…

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How is the cost...

How is the cost for Medicare medical insurance determined.I just got my 2018 charge for $134.00 /month deducted from my Social Security check when when my wife and I only have our Social Security check as only income which is under $42000,oo/year. My last tax return was in 2013,when I had a higher income,I think I am being charged for that vs where we are now. This has been going on since then but was brought to my attention by my insurance man ,he suggested I check it out,

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How is the cost for Medicare medical insurance determined . I get $134.00 deducted from my Social Security check when my wife and I only have Social Security as income,which is less than $42000./yr I think they may be looking at our last tax return which was 2013 when I was in a higher income bracket Ken

Submitted: 7 months ago.Category: Social Security
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Answered in 4 minutes by:
12/12/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,626
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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$134 is the base premium for 2017 (increase greatly from 2016 due to the cost of immunotherapy and other healthcare costs being run through the system by those with Medicare part B)

...

There ARE premium increases to amounts GREATER that that amount but wouldn't apply to you, based on what you've said. You can read more about that here: https://www.ssa.gov/pubs/EN-05-10536.pdf

...

If you'll look at page 5 pof that document you'll see that the base rate is now $134 for Individuals with a MAGI of $85,000 or less Married couples with a MAGI of $170,000 or less

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