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Location: Was Midvalley Oregon; Now Eastside Seattle area
13,062 posts, read 7,497,585 times
Reputation: 9788
Quote:
Originally Posted by GWoodle
The big deal depends on your level of income. You have to add both a Part B and a Part D penalty to get the full cost.
For a single person to $97,000 income pay $160.90 + your Part D plan premium
For the same single person to $123,000 pay $230.80 + $12.20
Next bracket to $153,000 pay $329.70 + 31.50
Next bracket to $183.000 pay $428.60 + 50.70
Next bracket to $500,000 pay $527.20 + 70.00
Final bracket over $500,000 pay $560.50 + 76.40
All amounts PER MONTH
Brackets for 2024 have yet to be updated. We will know when 2024 COLA is announced.
I think you would agree from the sale of an asset you don't want anymore tax than you have to. Also in this discussion comes the surviving spouse. This is the government adding insult to injury.
What a deal.
In 2010, DW was RIF'd (64yo with Cobra to age 65) and I was taking care of my mother. Our Income went to zero. We survived on savings until DW reached Medicare and early SS (65). My (60yo) health insurance premiums under Oregon's Medical Plan (MedicAid exemption to Oregon), with pre-existing conditions, single, was ~$500/mn (~ $6000/yr, 2010 dollars, real) plus drug. We also maintained the LTCi policies (2002 purchase).
We accepted help from our son (24yo), who was living frugally in Seattle.
IRMMA's "Final bracket over $500,000 pay $560.50 + 76.40" is but ~1.6% of income. That's a robbery on US Medicare.
Our 2023, Medicare B + D plus copay (IRMMA for 2023, profit from rental sale 2021), + LTCi (73/76yo) runs ~13% of gross income. Dental expenses not included.
Hopefully 2024, our Medicare premiums will decrease as we will fall back to the 1st tier bracket. We were very careful taking 2022 Income.
Live within your means.
Do some tax planning. Avoid contributing too much into IRA's, 401k, etc, and avoid the QUACK.
YTMV
Last edited by leastprime; 10-01-2023 at 12:16 PM..
I didn't pay medicare taxes on the increasing value of my rental properties. Nor did I pay medicare on the rents.
So I am happy to pay irmaa in the years following sales. It's still less than Obamacare at 64. Even less than individual insurance in 2009.
At this point in time the proceeds from sales sitting in a CD at 5% pays for irmaa and more. Hard for me to complain, but then that's for just one person.
Last edited by creeksitter; 10-01-2023 at 10:52 PM..
For me it's kind of like taxes. IF you're going to bust the bracket, do it big. Don't just go over by $100. Then you lose. But if you earn enough that you're half-way -- or far enough --into the bracket, well then it's still worth it.
I don’t get this point. If you “bust” a bracket by $100 you only pay the higher rate on the $100. Why go further into the bracket and pay the higher rate on more money?
I don’t get this point. If you “bust” a bracket by $100 you only pay the higher rate on the $100. Why go further into the bracket and pay the higher rate on more money?
It doesn’t work like income tax brackets. You go over an IRMAA bracket, you pay the higher rate for that bracket whether you go over by only a $1 or are under the next bracket by only a $1.
2023 Married Filing Jointly
$194,000 or less - Part B $164.80.
$194,001 up to $246,000 - Part B $230.80
$246,001 up to $306,000 - Part B $329.79
Etc
It doesn’t work like income tax brackets. You go over an IRMAA bracket, you pay the higher rate for that bracket whether you go over by only a $1 or are under the next bracket by only a $1.
2023 Married Filing Jointly
$194,000 or less - Part B $164.80.
$194,001 up to $246,000 - Part B $230.80
$246,001 up to $306,000 - Part B $329.79
Etc
Yeah, that is really not fair. They should have marginal IIRMA brackets, and prorate higher payments only for the % of income that is above the income cutoff. But that would be too much work for the government workers, plus would bring in less $, so unlikely it will happen. Only about 15% Medicare recipients pay any IIRMA, and many of the remaining 85% are only too happy with "redistribution" of any $ from "the rich" to themselves :-).
Yeah, that is really not fair. They should have marginal IIRMA brackets, and prorate higher payments only for the % of income that is above the income cutoff. But that would be too much work for the government workers, plus would bring in less $, so unlikely it will happen. Only about 15% Medicare recipients pay any IIRMA, and many of the remaining 85% are only too happy with "redistribution" of any $ from "the rich" to themselves :-).
People of certain political inclination like to blame the government workers for everything but this seems like a particularly cheap shot. As you well know, the laws of this country are written by the politicians and voted on by our elected representatives. So, if you do not like IRMAA or how it works (I hate it), direct your anger at the lawmakers' poor framing of the IRMAA brackets developed, I think, to fund Obama-care subsidies that some here are enjoying. If you want to cast a wider net - blame it on how everything has become so tribal that bipartisan ideas to balance considerations have disappeared from the political discourse. The government workers are responsible for all other ills in the world, except this one.
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. Dental expenses not included
. 
