It is time again for my warning on W-2G income and Medicare. Will you be age 63 this year? If so you will be eligible for Medicare in 2 years. The number of W-2Gs you hit this year could more than double your Medicare Part B and D premiums in 2016. The increased premiums are refigured each year based on your Modified Adjusted Gross Income so you can lower your premiums by reducing your W-2G income. All the details are available in SSA Publication No 05-10536. You can view and print this pub at www.ssa.gov. Click on benefits>medicare>medicare info for beneficiaries with higher incomes.
Chris
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