Before someone arbitrarily decides to not enroll in Medicare Part B, I suggest they go in person to a Social Security Office and speak in person to someone about the ramifications of that decision. Be aware that if you don't enroll in Part B within 6 months of your qualifying event (65th birthday is one of these), you must wait until the open enrollment period to enroll. After that, it becomes effective 6 months later. Additionally, even if you are healthy and have good group insurance--you never know when you suddenly might not be so healthy--and many private insurance policies require that if you are eligible for Medicare, you join. I have a physician friend who is still practicing full time and did not enroll in Medicare Part B lat summer and is now faced with physician bills for his own care just for this reason. I'm sure there are more little tidbits that a knowledgeable person at Social Security will relate.
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From: kcace1024 cy4873@hotmail.com>
To: vpFREE@yahoogroups.com
Sent: Monday, January 21, 2013 11:50 AM
Subject: [vpFREE] W-2G and Medicare premiums
If you will be 63 this year you need to know that your W-2Gs can increase your Medicare Part B and D premiums when you turn 65 in 2015. Social Security uses your modified adjusted gross income (MAGI) from 2 years ago to determine your current year premiums. Your Social Security benefit is not affected, but most people have Medicare premiums taken out of their SS check.
The basic Part B premium for 2013 is $104.90 and I will list the higher levels below.
Level 1 - $146.90 (104.90 + 42.00)
single income $85,000 - $107,000
married income $170,000 - $214,000
Level 2 - $209.80 (104.90 + 104.90)
single income $107,000 - $160,000
married income $214,000 - $320,000
Level 3 - $272.70 (104.90 + 167.80)
single income $160,000 - $214,000
married income $320.000 -$428,000
Level 4 - $335.70 )104.90 + 230.80)
single income over $214,000
married income over $428,000
Part D is for the drug plan and is also affected, but you may not need Part D and the premiums are much smaller.
A friend of mine just turned 65 and found out he is well over the Level 4 cutoff. You can take a chance and refuse Medicare Part B if you are healthy and enroll after you reduce your gambling income. There is a penalty for every year you delay.
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