Some social security beneficiaries that have lost income during the pandemic may be able to pay lower Medicare payments.
This is also helpful as the cost of inflation continues to increase greatly.
Many who may more money are seeing surcharges as high as $356.40, but income-related adjustment amounts allows for many to appeal them.
Related: Here are 5 major things you need to know if signing up for Medicare for the first time
Here’s how to decrease your payments
Income-related adjustment amounts, or IRMAA, is decided on by the Social Security Administration using the most recent tax returns of claimants. The issue with this process is that sometimes the most recent tax returns are years behind. In some cases they are no longer accurate.
IRMAAs go into effect for those with a gross income that reaches the threshold of $88,000.
If it’s for couples, the threshold is $176,000.
Related: How to find the best plan and save money with Medicare open enrollment
The greater your income goes above that, the higher the surcharge is going to be.
To appeal, fill out an SSA-44 form which asks the administration to reconfigure the surcharge they’re giving you. You also need to prove that you have a lower income than they think.
Proof includes paystubs or letters from employers that prove retirement, because many time the surcharge is based on taxes from when you were still working.
Related: Medicare open enrollment is here, find ways to save money while still getting the best plan
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].