Turning 65: What Medicare Supplement Plan Do Others Choose? benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
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Nearly one in four U.S. adults say they or someone in their household was laid off or lost their job because of the coronavirus outbreak. Among older workers, many remain unemployed, are working fewer hours or have simply chosen to retire early.
For individuals or couples where even one spouse is on Medicare, a change in income is one of several reasons to consider appealing the monthly premium for the governmental program. In 2021, the standard monthly premium for Medicare Part B enrollees is $148.50. However, surcharges are often added based on income.
Prior to Covid, if you earned more than certain levels, you likely are aware of the existence of these surcharges. The Medicare premium surtax, also known as the Income-Related Monthly Adjustment Amount (IRMAA), kicks in when your adjusted gross income exceeds $88,000 for single taxpayers and $176,000 for married couples filing joint returns.