Well due to my being part of the 550 let go last year I was forced to start collecting Social Security and Medicare. I just received my COLA letter from them and guess what....Due to the severance I received from RJ I was bumped into a higher income bracket for 2020. This now has me paying $238 instead of $170 for Medicare part B and an additional $12.40 for part D for a total of an additional $80 a month. I am calling SS to appeal this but thought I would let everyone know what might be in store for you in case you are collecting SS. Another big thank you to Paul Reilly.
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I had the same situation. Complete a form SS44 (life change event and mark it as “reduced work hours) and attach a copy of your severance letter. I got a letter from social security 2 weeks later that my Medicare premium has been adjusted to
The previous lower amount.
You are doing the right thing to contact the Social Security Administration because:
"IRMAA are based on your 2020 income tax return."
"Some Special Situations That May Apply To You"
"If Your Income Has Gone Down"
"Contact us to request a new decision if your MAGI has gone down at least one range in the table above or has gone below the lowest amounts in the table since the 2020 tax year, AND the decrease in MAGI was caused by any of the following life-changing events:"
"You or your spouse stopped working or reduced work hours..." (among other events)
- from the notice that I received from the SSA dated November 24, 2021.
just catching up on reading all the under the cover headlines at RJ and thanks for this update. Isn't it great that Paul ruined over 550 families lives in the middle of the pandemic.