In today’s video we’ll cover the 2023 Medicare part B premium and talk about how this premium can increase drastically. If you don’t know the rules, these premium increases can take you by surprise and hit hard! So today, I’ll cover how this works and tell you how you can appeal the higher premiums and get the additional surcharge removed. Get your own written retirement income plan here Download the Retirment Planning Cheat Sheet here Here are some additional resources to continue learning about Medicare premiums: IRMAA Reconsideration Form Medicare Premiums: Rules For Higher-Income Beneficiaries POMS Policy for MAGI POMS section on IRMAA Reconsideration 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? -- 📊 Get a customized Social Security filing plan. Start with a 10-minute discovery call with my team of Registered Social Security Analysts → Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice -- 🧑💻 ➡️ Get a copy of my newly revised book here -- ➡️ Simple Questions? Join my FREE Facebook Group! ➡️ If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ ⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 -----------------------------------------------------------------------------------------------------...(read more)
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Medicare Part B Premium 2023: What You Need to Know As we move into a new year, it's essential to stay informed about any changes to Medicare premiums. With healthcare costs on the rise, many Americans rely on Medicare to provide them with affordable medical coverage. One crucial aspect of Medicare to consider is Part B, which covers doctors' services, outpatient care, medical supplies, and preventive services. In 2023, the Medicare Part B premium, which is the monthly fee paid by beneficiaries, is anticipated to undergo some changes. While the exact amount is yet to be released by the Centers for Medicare and Medicaid Services (CMS), it's crucial to understand what factors might influence the premium and how it could impact you. Every year, Medicare premiums are subject to adjustment based on several factors. These factors include inflation, healthcare costs, and legislative changes. The CMS announces the upcoming year's premium in the fall, giving beneficiaries time to plan or make any necessary adjustments to their budgets. It's worth noting that not everyone pays the same premium; rather, it is based on income. The standard premium amount for Medicare Part B in 2022 is $148.50 per month. While this is the base rate established for most beneficiaries, those with higher incomes might pay more. The income brackets that dictate higher premiums are known as income-related monthly adjustment amounts (IRMAAs). The IRMAA thresholds are subject to change each year, so it's important to stay updated on the latest information. To determine if you fall under an IRMAA, the Social Security Administration uses tax returns from two years prior. For the year 2023, the IRS tax return from 2021 will be utilized. If your individual tax return shows a modified adjusted gross income (MAGI) exceeding $88,000 or a joint tax return exceeding $176,000, your monthly Part B premium might be subject to an IRMAA. The higher your income, the higher the IRMAA amount you will pay on top of the standard premium. It's worth noting that applying for a Medicare Savings Program might help cover the Part B premium for individuals with limited incomes. These programs help beneficiaries who meet specific income and asset requirements, and application procedures may differ from state to state. It's advisable to inquire with your local Medicaid office to determine if you qualify for any assistance. To stay updated on the changes to Medicare Part B premium for 2023, it's recommended to visit the official Medicare website at www.medicare.gov. The website provides accurate and updated information on healthcare coverage, premiums, and enrollment periods. Planning ahead is crucial when it comes to managing healthcare costs, and Medicare Part B premiums are no exception. By staying informed, individuals can have a better understanding of their financial obligations and take the necessary steps to ensure their healthcare needs are met. In conclusion, the Medicare Part B premium for 2023 is yet to be announced, but it's essential to pay attention to any changes. The premium is subject to adjustment based on inflation, healthcare costs, and legislative changes. Higher-income individuals may also be subject to additional IRMAA amounts. Staying informed through the official Medicare website and exploring potential assistance programs will help beneficiaries plan and budget accordingly. https://inflationprotection.org/medicare-part-b-premium-for-the-year-2023/?feed_id=128451&_unique_id=64de9953b71b2 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
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