I'm going to talk about the 2019 Medicare Part B and Part D premiums and
specifically the adjusted premiums if you're making too much money I'll also
show you how to appeal it if things have changed so stay tuned I'm going to talk
about 2019 premiums for Medicare Part B and Medicare Part D and it is certainly
an important topic most people don't realize that different people paid
different things for their Part B or their drug coverage Part D let me show
you exactly how it all functions I'm going to show you how to appeal it if
you don't agree with it and kind of what to understand so that you don't have any
surprises now this is more commonly known as Burma and Armas stands for
income related monthly adjusted amount so it's a determination based on your
income how much more you're gonna pay for your Medicare and it can be
significant so I'm gonna show you exactly how much it is I'm going to show
you how to handle it and if you stay with me at the end I'm going to show you
where to download a copy of what I'm gonna go over right now
I'll show you where to get a copy of the appeal form if things have changed for
you and a brochure that tells you exactly how to handle everything so
stick with me I'll show you where to get all that very easily you can download it
right now this is what we're going to go over right now and this is a form put
out by Social Security that shows us what arm is all about so it's pretty
interesting and certainly something we need to understand so rules for a higher
income beneficiary so if you are a victim of your own success and you're
making more than you should you're gonna pay more for Medicare and again it can
be significant so if you have higher income
the law requires adjustments to your monthly Medicare Part B and Medicare
prescription drug coverage which is Part D higher income beneficiaries pay higher
premiums for Part B and prescription drug coverage is this affects less than
five percent of people with Medicare so most people don't pay a higher premium
and then they kind of they're trying to be nice and this brochure on how they
present this I have not I don't know that that five percents an accurate
number or not but we're going to go with what they're telling us so how does this
affect me if you have higher income you'll pay an additional premium for
your Part B and your prescription drug coverage we call the additional amount
income related monthly adjustment amount here's how it works so Part B helps pay
for your doctor services and outpatient care so this is not the hospital this is
the Part B where you have a normal monthly premium it also covers other
medical services such as physical occupational therapy so forth and so on
and the government pays a substantial portion of the Part B premium now I have
not seen this percentage before but again we're going to go with what
they're telling us about seventy five percent so they're saying for most
everybody the government's going to pay 75% of the cost of Part B and we're only
paying 25% of the cost of Part B so if you're a higher income beneficiary
you'll pay a larger percentage than that 25% of the total cost of Part B based on
the income you reported to the IRS you'll pay monthly Part B premiums equal
to either 35 percent 50 percent 65 80 or 85 percent of the total costs as you can
see it's going to be significant it's going to be multiple times what the
average person is paying for their Medicare Part B depending upon what you
reported in the IRS Medicare prescription drug coverage helps pay for
prescription drugs most beneficiaries the government pays the major portion of
the total cost the beneficiary pays and rest doesn't give us a percentage here
prescription drug plans cost vary depending upon the plan so there are
different choices on drug plans that can change the premium as well so let's get
into the meat of it how does Social Security determine if I must pay higher
premiums and this is where it gets a little complicated so determine if
you'll pay higher premium Social Security uses the most recent federal
tax return that the IRS provides to them so if you must pay higher premiums we
use a sliding scale to make adjustments based on your modified adjusted gross
income so you're Maggie and if you don't know
to find your mag in your tax returns you can ask your accountant what is my
Maggie for what particularly R and your Maggie is your total adjusted income and
tax-exempt interest income if you file your taxes as married filing jointly and
your Maggie is greater than one hundred and seventy thousand dollars so if
you're married and you file jointly and your Maggie is more than hundred seventy
thousand dollars you're gonna pay higher premiums for your Medicare Part B and
your prescription drugs and it just goes up from there so if you're significantly
higher than 170 you're gonna pay significantly higher in your Medicare if
you file your taxes using a different status and your Maggie is greater than
eighty-five thousand so if not married filing jointly if it's single or
whatever else it may be the line is 85 thousand so you'll see where that breaks
down here in just a minute if you must pay higher premiums we'll
send you a letter with your premium amount and the reason for our
determination so they're gonna explain it to you on why you're going to do that
so which tax return does Social Security use and again this is where it gets a
little complicated to determine your 2019 income related monthly adjustment
amount we use your most recent federal tax return that the IRS provides to us
generally this information is from a tax return filed in 2018 for tax year 2017
so generally it's a two year look-back because that's all they have information
on so you obviously haven't filed likely your 2018 taxes in the beginning of 2019
so whatever they have the most accurate data usually it's a two year look-back
sometimes the IRS provides information return file to 2017 for 2016 so it might
be a three-year look-back if we use 2016 tax your data and you file a return for
2017 or did not need to file a tax return for tax year 2017 call us or
visit Social Security office and we'll update our records so they seem to
present that they make it very easy for you to kind of discuss with them changes
but it's not necessarily that simple I'll show you exactly how to do it
in just a minute if you amended your tax return and it changes the income we
count to determine the income related monthly adjustment amount let us know
and we'll make adjustments so they're there they're certainly presenting the
fact that they're easy to work with now keep in mind we're talking about Social
Security who's working with the Internal Revenue Service so may not be quite as
easy as what it's showing here what if my income has gone down and that's where
most people have a problem they made significant income two years ago now
you're retired and you're not making significant income that you were two
years ago but you're still gonna get hit with this increase in your Medicare
premiums because of what you made two years ago so if your income has gone
down due to any of the following situations and the change makes a
difference in the income level we consider contact us to explain you have
new information and may need a new decision about your income related
monthly adjustment amount your herma so if you in the last couple of years got
married divorced or became widowed you or your spouse stopped working or
reduced your hours which is most of the cases where you retire you no longer
work you or your spouse lost income producing property because of disaster
or event beyond your control not really sure if you sold the income property
that that would play any part in it you or your spouse experienced a scheduled
cessation termination reorganization of an employers pension plan so if your
pension plan blew up you know that income anymore you or your spouse
received a settlement from an employer or former employer because of employers
close your bankruptcy or reorganization so in other words if your income
significantly changed from the two year ago tax return to now you do have some
ability to get things done so if any of the above applies to you we need to see
that documentation so I'm gonna show you exactly how to do that here in just a
second and again you can download this brochure
as well so you'll have all this with you so let's talk about the actual
adjustments and what they mean to your pocketbook so monthly Medicare premiums
2019 the standard Part B 2019 is a hundred and thirty five dollars and
fifty cents that's pretty good deal that is absolutely a pretty good deal so that
is if you are below that 170 number or if you're below that 85 number if you're
not married filing jointly so you can see here the first one is that one
hundred thirty five fifty if you're below those numbers now the first
increase is if you are not filing jointly and you're between 85 and 107 or
if you're filing jointly and you're 172 214 it's gonna add fifty four dollars
and ten cents to your Medicare Part B it's going to add twelve dollars and
forty cents to your drug plan individuals in the next category we're
not filing Jolie 107 to 133 or filing jointly 214 to 267 it's gonna add one
hundred and thirty five forty two your Part B premium can add 3190 to your drug
plan that that's pretty significant that's almost doubling the cost of your
drug plan and next category not filing Jolene 133 five to 160 or jointly 267 to
320 it's going to add two hundred and sixteen dollars a month to that 135
fifty premium significant you can add fifty one forty to your drug plan so we
don't stop here got a couple more tears and we need to go through so not filing
jointly 162 500 or jointly 320 to 750 it's gonna add to ninety seven ninety
two your Part B premium seventy dollars and ninety cents to your drug plan and
the final category is if your equal to or above a half a million dollars not
filing jointly or 750 or above filing jointly it's gonna $325 to your Part B
premium seventy seven forty two your drug plan so you can see so it's gonna
take your if you max out here and above 750 filing jointly it's gonna take your
135 and AD 325 to it so 460 is what your Part B premium so it is significant but
again it's not you know outrageous it's just a significant increase versus other
folks paying less than that which is a whole different story
so if you married and lived with your spouse at
some time during the taxable year but filed separate tax returns this chart
would apply to you so you're welcome to look through this if that's the case
that you might be in but what we need to do now is what if I disagree so if your
income has changed or they send you a letter that you don't think is correct
based on the information that they have from two years ago or maybe even three
years ago then we need to appeal it and very easy to do so I have all this
information for you and I've got a lot of other information on my website so
make sure you know how to get back here because there will be other things that
you're going to need in the future if you go to Medicare on video.com you're
simply first thing you can do here and obviously what I do is I help people
with their Medicare supplement plans that's how I make my living I'm an
insurance broker I'm in 49 states and I have access to pretty much everything
out there so I'm happy to help you with your Medicare supplement I'd appreciate
it if you allow me to help you with your Medicare supplement and then I'll help
you with all this other stuff as well as we keep going so you can get an easy
quote right off the bat for a Medicare supplement you can also get a free
discount prescription drug card you just click right there download right on the
computer I get great feedback on this so it can absolutely save you some money on
your prescriptions on a regular basis and then if you go into the Resource
Center it's gonna drop down you click on guides and forms and it's gonna bring
you into guides and forms and I have pretty much everything that you might
need here and I have categories so you can see on starting Medicare drug plans
karma if you click on arma it's gonna bring up those three brochures that you
need going forward and there's other things you can find here if you're still
working and you're past 65 and you're gonna retire and come into Medicare a
lot of people don't know this either you need to show proof of credible coverage
that you have currently so there's this form which is right here the employer
coverage form that your employer needs to fill out that you need to give to
Social Security when you're starting Medicare you need to do this early
because it can take some time to get back at force and all wait till two
weeks before you're gonna retire to Medicare get this done two months
ahead of time and while you're also in here you can get a copy of my book I
have a book that pretty much covers every topic in Medicare and then
everything else that's here is for you to use so you can get that thermo
reimbursement form you can get the brochure that shows you how to appeal
everything and then the whole breakdown on everything that you need to know
about the monthly adjustment for your Part B premiums now if you'd like to see
more of my videos and I have tons of videos I try to make it easy for you to
find it so if you go to WWE Studios comm brings you right to my youtube channel
makes it very easy to find whatever topic you're looking for whatever you're
looking for just use the magnifying glass at the top put it in it'll bring
up the videos that relate to that topic so whether it's supplements drug plans
Part B Part A Part C and whatever it may be
it'll bring up whatever videos relate to that topic makes it easy for you to use
so I hope you found this information helpful anything I can do is send me an
email I'm happy to answer any questions get you through whatever you may need to
get through and again I certainly would appreciate it if you allow me to help
you with your Medicare supplement plan and we will absolutely get you the best
value in whatever zip code that you live in and that's what we do all day long is
just help people get through Medicare so I hope you found this helpful
and I hope you have a fantastic day