Michelle explains Medicare

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Michelle Buria, Certified Financial Planner for Choreo, explains what people need to know about Medicare. “Medicare is, of course, for anybody 65 or older. There is a standard a part B Medicare premium. It’s about $165 a month in 2023”

If you’re a single person with a $97,000 higher income or a married couple with $194,000 or more. “You do pay a surcharge this is based on your income.” It’s called Income Related Monthly Adjustment Amount- or IRMAA. “The higher the income the higher the surcharge.” This could be anywhere between $65- 400 per month for each person.

“What people may not realize is that income that issued for premium is based on your tax return from two years ago,” Michelle tell us that if you have had a qualifying life event you can file an appeal. These events can be marriage, divorce, loss of a spouse, or retirement.

“You don’t want to wait two years to have that income come down for the surcharge point.” You can find the form here.