Ask Larry

i am to receive a settlement from Monsanto going back to 1999-2000 when i was 50 yrs for getting lymphoma i was able to get disability at age 56 but in 2014 i turned 65 went on standard ss will this settlement affect me in any way in ss or medicare i am now 73 yrs old is the settlement taxable or not as i was injured... i live in mn

Hi. My expertise is limited to Social Security benefits, not income tax regulations. What I am able to tell you is that your settlement won't have any adverse effect on your Social Security benefits or your Medicare coverage. However, the premium rates for Part B of Medicare can vary depending on your yearly income levels.

Normally, Part B premium rates for the current year are based on a person's income level 2 years prior to that. So, for example, if your settlement results in an unusually high income level in 2022, then your Part B premium rate may spike to a higher monthly amount in 2024. But, assuming that your income level drops in the following year, your future Part B premium rate will likely also be reduced accordingly. For more information on how Part B Medicare premiums are calculated, refer to the Medicare website: https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly.

Best, Jerry