“Health is not valued till sickness comes.” – Thomas Fuller
Did you know there are some life-changing exceptions that could reduce your Medicare cost?
First, let’s go over how the cost is calculated.
Medicare cost is means tested. Meaning that the more you make, the more you pay.
Two things to keep in mind:
First, what you make today affects your Medicare cost TWO YEARS from now, not the following year.
Second, if you exceed the next income threshold by only one dollar, your Medicare cost goes up for the entire year. You want to make sure when you are taking IRA withdrawals or taking a capital gain, you want to see how it can affect your Medicare cost.
Here are the brackets for 2023:
Notice that the costs are affected by the income in 2021 (two years prior).
You may appeal your Medicare cost if you had one of the following life-changing events:
- Marriage
- Divorce
- Death of your spouse
- Work Stoppage
- Work Reduction
- Loss of income-producing property
- Loss of Pension Income
- Employer Settlement Payment
Due to the life-changing event, you need to file Form SSA-44 and show your income for this year and the next year.
You can call the Social Security Administration at 1-800-772-1213 and let them know you want to lower your Medicare Income-Related Monthly Adjustment Amount (IRMAA).
Riverbend Wealth Management was mentioned on CNBC.com again. I talk about the 401k match.
I told Elliott to write a poem about what he is learning.
“The world revolves around money,
With none, life can be a bit crummy.
But on the other side, it’s really sunny,
That’s why you come to us to invest your money.
We keep you free from financial burden,
So you can enjoy life,
We work for you behind the curtain.
We help people retire and stay retired,
Our advice is to keep you successful,
Not because it is required.
We are legally bound to put your interest first,
We make sure you are financially well,
Even if worst comes to worst.
Create peace of mind today,
So you can enjoy tomorrow,
Pay a small fee today,
To avoid financial sorrow.”
-By Elliott Finger
Of course, this is just his poem. No promises are being made for any compliance people reading this. 😊
On the lighter side, there is a chess club meeting on Monday nights. We have gone to it once. I asked Elliott if he wanted to go, and he said, “Yo Dad, Monday is chest day at the gym. I am going to crush chest instead of chess.” It was funny how he said it.
Let me know if you have any questions. Call me at 843-970-1049 or email me at Jeremy@Riverbendwm.com.
Hope all is well with you and your family,
Jeremy
Finger Financial Five – 5 points in 5 minutes or less – is to provide you with a weekly shot of useful financial information. My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions.
Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities.
This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
Riverbend Wealth Management does not compensate existing or former clients for testimonials or endorsements.
