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I thought everybody across the board paid the same premium…

Customer Question
I thought everybody across...

I thought everybody across the board paid the same premium for medicare

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 am 76 yrs. old and retired . My supplement health insurance is Humana my deduction for medicare is going to be $147.90 in 2018 everybody else I've talked is $132.00 so I would like to know why is mine more

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

What else do they have to know?

Submitted: 8 months ago.Category: Social Security
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Answered in 2 hours by:
12/22/2017
Social Security Expert: James Daloisio, Tax Attorney replied 8 months ago
James Daloisio
James Daloisio, Tax Attorney
Category: Social Security
Satisfied Customers: 881
Experience: 24 years of continuing education and experience.
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Hi, my name is ***** ***** welcome to Just Answer.

MediCare premiums can vary, depending on a couple of different factors. It looks like your situation results from a combination of the two: First, the MediCare premium for Part B coverage was increased in 2017 to $134.00. However, there is a provision that says your social security benefit payment cannot be reduced to a level less than the previous year, just because of a MediCare premium increase, so may people did not see that premium increase. In 2018, social security benefits will increase 2%. For many people, that 2% will go toward the Part B premium increase and they will see little, if any, actual increase in their benefit.

The other reason is something called "IRMA," the "Income Related Monthly Adjustment." The base rate of $134.00 per month applies if your modified adjusted gross income from your federal income tax return from two years prior is not more than $85,000 if you were a single filer and $170,000 if married. If your income exceeded those amounts, your Part B premium is increased to $187.50. But you wouldn't pay the full $187.50 if it would cause your benefit payment to be reduced to less than what it was last year. My guess is that your benefit payment for 2018 will be the same as it was in 2017 even though you received a 2% cost of living adjustment.

One other thing: If you have Part D prescription drug coverage, that will add to the base amount of $134.00. Now, if your subject to IRMA, your Part D premium will increase by $13.00 for 2018.

So you should check a few items: first, what was your income in 2016? If you are over the IRMA limits, you're paying more for Part B and D. Second, what is your plan premium for prescription drug coverage? If you have Part D, it adds to the $134.00.

And if you find all of this complicated, it's because it IS complicated. You can always call social security and have them explain it as they can look at your account and see everything right there. You can reach them at(###) ###-####Monday through Friday between 7 a.m. and 7 p.m. eastern time; just be prepared to wait on hold for a half hour to an hour before someone gets to you. Or, you can visit your local social security office. Use their office locator to find the address, hours, and directions: https://secure.ssa.gov/ICON/main.jsp

You can also create an online account with social security and see your premium costs in the comfort of your home. Just go to https://www.ssa.gov/myaccount/

and click on "Sgn In or Create an Account." It will walk you through the process.

Hope that helped. If so please don't forget to rate this answer, and thank you for using Just Answer.

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