Part B Income Adjustment Max

[vic120]

What is part B max cost due to Income, I am getting conflicting Info my client got 2 letters 1 saying $335, then got follow up letter stating $230.Now I looked on CMS it says $335 on SS it says $230? which is it?

Keep in mind It will be the max whatever it is

 

[Justin Bilyj]

This is from AHIP guide:
Beneficiaries enrolled in Part B must pay a monthly premium.
The standard monthly premium for Part B is $104.90 in 2015.
Individuals with income over $85,000, or filing jointly with incomes over $170,000, pay more, up to $335.70 a month in 2015 based on the income related monthly adjustment amount (IRMAA).

 

[vic120]

Yea I know that is what his first letter states and what is on CMS website, The confusion is in the follow up letter where it states it is $230 and that was also on a S.S. 2015 document

 

[WCMason]

What is part B max cost due to Income, I am getting conflicting Info my client got 2 letters 1 saying $335, then got follow up letter stating $230.Now I looked on CMS it says $335 on SS it says $230? which is it? Keep in mind It will be the max whatever it is

They are both right but they are describing it differently. The $335.70 is the standard Medicare premium of $104.90 plus an income related monthly adjustment of $230.80. CMS is giving you that combined total. Social Security is giving you just the adjustment amount to the standard premium.

It can be confusing to some beneficiaries because the IRMAA determination letter doesn't use the $335.70 number. It tells them what their adjustment amount is and requires them to add the two numbers together to get their total.

 

[vic120]

awesome now I understand

 

[somarco]

http://www.ssa.gov/pubs/EN-05-10536.pdf

 

[vic120]

http://www.ssa.gov/pubs/EN-05-10536.pdf

Yes I seen that before I ever started thread, WCMason made sense of it though

 

[somarco]

Page 8, "Standard premium +$230.80" seems pretty straight forward but glad WC Mason was able to help.

 

[kgmom219]

Yes I seen that before I ever started thread, WCMason made sense of it though

Its not confusing or anything....

Today I learned that IRMAA is both MAGI (line 37) AND tax exempt interest income (line 8b). So if you have tax free muni bonds (you know..bonds issued by the gov't) those can also be used in the calculation. So you can pay tax (penalty/whatever) on your hard earned money twice. Ugh.

 

[vic120]

Page 8, "Standard premium +$230.80" seems pretty straight forward but glad WC Mason was able to help.

You know what Bob if you want to hide something from me, Then put it right in front of me.

I got email from client had 2 letters from S.S. with 2 different amounts.I tried looking it up myself came up with same 2 dif amounts,Between everything else its not always that easy to see that fine print, right in front of me. That is why I value this forum tremendously