Medicare Surcharges

 What you need to know about medicare surcharges by

Fact checked by Emily Ernsberger

  • You’ll pay Medicare surcharges, as well as premiums for Part B and Part D coverage, if your household has more than $182,000 in income combined, or $91,000 if you’re single.1
  • Medicare surcharges are also called “Income-Related Monthly Adjustment Amounts” (IRMAA).
  • The Social Security Administration determines your Medicare surcharges based on your modified adjusted gross income (MAGI) from two years ago.
  • You can enroll in a Medicare Advantage plan (Part C) or a Medigap policy, or you might do some tax planning to reduce your MAGI to avoid paying some Medicare surcharges.

Read the details: https://www.thebalance.com/what-you-need-to-know-about-medicare-surcharges-4173033

Source: Financial Planning for Women