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Why Did My Part B Medicare Premium Rate Double This Month?
Good morning Larry, I am 70 years old and been collecting SS for some time. Can you tell me why my medical insurance premium for Part B doubled this month? It went from 170.10 in December 2022 to $329.70 in January 2023. I understand the new medical insurance premium for Part B should be $164.90 no??
Hi. Most likely your Part B premium went up due to the amount of income you reported on your 2020 or 2021 tax returns. The standard monthly Part B premium rate for 2023 is $164.90, but they can be higher than that depending on a person's income level. This is explained on the following Medicare website: https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly.
If your income spiked in a recent year due to what Social Security classifies as a life-changing event (LCE), then you may be able to qualify for a lower Part B premium rate. LCEs are explained on the following Social Security form, which can be used to request a lower premium rate if you qualify: https://www.ssa.gov/forms/ssa-44-ext.pdf.
Best, Jerry