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The Savings Game: How to Avoid a Medicare Premium Hike

Started by Epoch-Times-Bot, Jan 03, 2023, 08:15 PM

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Epoch-Times-Bot

Jan 03, 2023, 08:15 PM
The Savings Game: How to Avoid a Medicare Premium Hike

By Elliot Raphaelson
From Tribune Content Agency
Many people are surprised when they find that the cost of their monthly Medicare premium has increased because of an increase in their Modified Adjusted Gross Income (MAGI).
The increase in cost can be significant. For example, in 2022 if your MAGI on a joint return in 2020 was greater than $182,000, even by one dollar, your income-related monthly adjustment amount (IRMAA) increased from $170.10 to $238.10. That is an increase of 40 percent. If your MAGI was over $228,00, then your monthly premium increased to $340.20. In 2022, the total monthly premium can be as high as $578.30 if your joint return MAGI is as high as $750,000....

Source: The Savings Game: How to Avoid a Medicare Premium Hike

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