Beginning in 2007, married couples with “modified adjusted gross income†over $170, 000 began paying higher premiums for part B Medicare coverage (doctor visits and out patient services). For people with lower income, the standard monthly fee is $96.40 per months per patient.
Higher net worth individuals may pay up to $308.30 per month. For individual tax filers, this escalation begins with modified adjusted gross income of $85, 000 and higher. When you first fiel for Social Security, you will be billed at the default minimum rate. After a few months, when the Social Security Administration has had a chance to review your previous years’s tax return, you may be billed in arrears for additional Part B fees, if you exceed the income standard.
Of course, if your income declines after you begin paying the higher premiums, your Medicare Part B premium may be lowered. It does not hurt to contact Social Security if you think this applies to you.
For more information, you may want to take a look at Medicare’s web site:
http://questions.medicare.gov/cgi-bin/medicare.cfg/php/enduser/std_adp.php?p_faqid=2100
