Last week we discussed the coming big article in our Q1 2018 Newsletter concerning the new Medicare Tiers and Means Testing. In that article we discuss the income levels that will trigger higher premiums.
If you have been targeted of higher means, you will receive an IRMAA letter! You have been IRMAATized
IRMAA Letter
Short for Income Related Monthly Adjustment Amount –
Definition – You have been Mean’s Tested and the Social Security Administration (SSA) is asking you to pay more for Medicare Premiums.
The SSA is likely looking at your income from two years ago.
Good News- There is a solution if this is an unusual income amount or you have had a life changing event. This SSA Form 44 from the SSA is what you will need.
Life Changing Events According to SSA:
- Marriage
- Divorce/Annulment
- Death of Your Spouse
- Work Stoppage
- Work Reduction
- Loss of Income-Producing Property
- Loss of Pension Income
- Employer Settlement Payment
There are literally check boxes with these subjects in it. Of course life has curve balls that may not allow you to “Check the Box” … We have had continued success with folks going to the SSA office and presenting their case directly to the agent.
We would suggest the timely but productive visit if there is anything out of the ordinary with your proving of “Life Changing Event”!
Bring Proof
“ I understand that signing this form does not constitute a request for SSA to use a more recent tax year information unless it is accompanied by:
- Evidence that I have had the life-changing event indicated on this form;
- A copy of my Federal tax return; or
- Other evidence of the more recent tax year’s modified adjusted gross income”
This information is stated just before a signature section on the SSA Form. Heed the warning and bring whatever proof in order to speed processing.
There you have it … many more options to correct the situation than a “Dear John” letter!
Have a Great “Non IRMAATized” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
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April 2018 Podcast Video, Financial Planning and Capital Market Update – By John Kvale
Hello and Welcome to our April 2018 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast format.
April 2018 Video
Financial Planning Tip (s) –
With Tax season finally over, here we mentioned how it seemed to never end…but we digress…
It appears the Cyber Thieves are back at it again, and have a new technique involving Social Security. Here in our Social Cyber Post, we discuss just how they are doing this.
Bottom line, if you see something suspicious, be sure to notify the appropriate agency.
Capital Market Comments
Early Discussions of the Interest Rate Yield Curve – Rates
This is going to be fun …. In the first of a multi-part series here, we discuss the basics of the yield curve.
Bottom line, at its most basic level the yield curve should go upward and outward just as our home made chart below (the starting point for our discussion.)
Have a Great Day! Talk to you at the end of May!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com
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Posted in Cyber, General Financial Planning, Interest Rates, Investing/Financial Planning, Market Comments, Monthly Review, Podcast, Tax Related, Video
Tagged Cyber, Social Security, Yield Curve