Lost Your Job, But Have a High Medicare Premium?
Over 16 million Americans have filed for unemployment benefits over the last few weeks, and many of those are seniors, And to a senior citizen, loss of job at this age might be enough to push them into permanent retirement. But, there’s a gremlin lurking out there in the form of a higher than standard Medicare Part B premium, which may not be warranted if the pandemic has caused your income to tank. The Income Related Medicare Adjustment Amount (IRMAA) adds a supplement to the standard premium for higher income beneficiaries, and if you’re no longer a higher income beneficiary it’s time to let Medicare know so they can adjust your Medicare premium downward. This is done using form SSA-44 and claiming a life changing event, as fully explained in this Forbes article by Diane Omdahl. Click here to read more.
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