Q on Medicare High- Income Surcharge

By: Mark Mabaquiao

 

Dear Medicare Mark,

How high must my income be to get “hit” by the Medicare high-income surcharge?

– Tony M. from Libertyville, IL.

Answer: Thank you for your question. If the total of your adjusted gross income plus tax-exempt interest income from your last tax return on file (for 2017, that’s your 2015 return) is more than $85,000 (single) or $170,000 (joint), you must pay extra for Part B, with monthly premiums of $187.50 to $428.60 each in 2017, depending on your income.

You will also have to pay an extra $13.30 to $76.20 each month for Part D drug coverage. If your income has dropped since then because of a qualifying event, such as divorce, retirement, or marriage, you can request the Social Security Administration to base premiums on your more recent income by filing Form SSA-44 and providing documentation.

If you have limited resources and income, you may also be able to get Low Income Subsidy or Extra Help to assist you in paying for prescription drug coverage, such as premiums, deductibles, and co-pays.

If you have a Medicare question(s), please forward them to mark@centricins.com or text to 847.780.6028. Please include your first name, initial of last name, and city where you reside.