Income

Income in retirement is not what you think when your health is on the line

Income in retirement is essential. The problem, thanks to federal regulations, is the fact that having too much of it will lead to surcharges (taxes) on top of your Medicare premiums. These surcharges are based on Medicare’s Income Related Monthly Adjustment Amount (IRMAA). What types of Income will Medicare look at?   Income is defined, […]

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Medicare is Means Tested (IRMAA)

Medicare is means tested thru IRMAA – The Income Related Monthly Adjustment Amount! What is it? As defined by Medicare: “If you have higher income, the law requires an adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums (Part D). Higher-income beneficiaries pay higher premiums for Part B and […]

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Planning for Social Security? Don’t forget the Government Regulations

Planning for Social Security? Don’t forget the government regulations. Form many Social Security benefits will be a good chuck of their income in retirement, but please consider that any benefit received must also cover the bulk of Medicare premiums. The relationship between Medicare and Social Security: The Social Security cost of living adjustment (COLA) is […]

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Medicare’s Hold Harmless Act: unfortunately, it’s not for everyone

Medicare’s Hold Harmless Act – An act written into Medicare by laws through the Medicare Catastrophic Coverage Act of 1988 and then revamped in 2009, by “Medicare Premium Fairness Act”, that has been designed to protect seniors’ Social Security cost of living adjustments (COLA’s) from being consumed by Medicare premium increases year by year.

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