Medicare Part B premiums


M

MyVeryOwnSelf

Medicare Part B premiums for 2009 depend on one's 2007 modified AGI.

But according to
http://www.medicareadvocacy.org/PartB_IncomeRelatedPremium.htm
it's possible to use 2008's modified AGI if one experiences a "major life-
changing event;" for example, loss of income from income-producing
property.

Does anybody out there have first-hand experience with this? I don't see
anything on Medicare's web site about it.

Lots of retirees have experienced financial losses from the current market
upheaval. Does this qualify use 2008? Is there anything on this topic in
recent legislation?
 
Ad

Advertisements

R

rick++

I agree tax-planning for means-tested retirement benefits will be
important for retirees soon. Currently is just Medicare part B.
It affects just 7% current retirees, but since its NOT COLA-index
it will affect the majority of retirees by the 2020s.
There have been several abortive legislative attempts to means-test
part-D.
I wouldnt be surprised if ALL medicare and social security pension
is means-tested as revenues tighten. This would basically mean
that people living solely on government benefits would pay less than
those who have pensions and IRAs in addition.

The type of retirement account may matter with Roth being the best.
Its appreciations withdrawals dont count as income at all.

The rate of withdrawal may matter. if you delay until age 70 when you
are required to take out about 7% per year, this may increase your
medicare premiums more than if you started withdrawing at 59 which
is about 4%. I havent done these calculations myself yet.
 
Ad

Advertisements

M

MyVeryOwnSelf

Wrong web site - see http://www.ssa.gov/online/ssa-44.pdf

Thanks. That's the relevant form.

According to the form, it appears that "loss of income-producing property"
doesn't include loss of investment value in a market upheaval. It includes
(page 5), "loss of income from real property in a Presidentially or
Gubernatorially-declared disaster area, destruction of livestock or crops
due to natural disaster or disease, or loss of income from property due to
arson."

Evidence has to be submitted to support the form, specifically (page 8),
"An original or certified copy of an insurance company adjuster’s statement
of loss or a letter from a State or Federal government about the
uncompensated loss of income-producing property."
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top