FOR BREAKING NEWS VISIT WWW.QNS.COM NOVEMBER 9, 2017 • HEALTH • THE QUEENS COURIER 39
health
The Elder Law Minute TM
Understanding Medicare Part B Premiums
BY RONALD A. FATOULLAH, ESQ.
AND JOSEPH BRENINGSTALL
It is important for those enrolling, or
already enrolled, in Medicare to understand
how the premiums work and when
they may be adjusted. All benefi ciaries
of Medicare Part B are required to pay a
monthly premium. Th e standard Part B
premium in 2017 is $134 monthly, however
the premium rises when the benefi ciary’s
income passes certain thresholds. Th e standard
Part B premium applies to benefi ciaries
with a modifi ed adjusted gross income
(MAGI) of $85,000 or less ($170,000 if
married and fi ling a joint return), but the
premium can rise by an additional $294.60
for benefi ciaries that have an MAGI of
$214,000 or more ($428,000 if married and
fi ling a joint return). Medicare refers to
these higher premiums as Related Monthly
Adjustment Amount (IRMAA). Th e Social
Security Administration uses the MAGI
reported on a benefi ciary’s IRS tax return
two years prior to determine whether he or
she must pay a premium surcharge. Th us,
the income reported on a benefi ciary’s 2015
tax return determines the 2017 premium.
Most benefi ciaries of Medicare Part B pay
ELDER LAW
the standard premium; however, an issue
arises when a benefi ciary who is paying a
premium surcharge experiences a life event
or change in circumstances that results
in a signifi cant drop in income. Whether
an individual can request an adjustment
to his or her premium would depend on
the specifi c nature of the event. Th e Social
Security Administration allows a benefi ciary
to request a review of his or her income
when the individual experiences any of the
following circumstances:
Th e individual married, divorced or
became widowed;
Th e individual or his/her spouse stopped
working or reduced his/her work hours;
Th e individual or his/her spouse lost
income-producing property because of a
disaster or other event beyond his or her
control;
Th e individual or his/her spouse experienced
a scheduled cessation, termination
or reorganization of an employer’s pension
plan;
Th e individual or his/her spouse received
a settlement from an employer or former
employer because of the employer’s closure,
bankruptcy or reorganization.
Th e Social Security Administration will
require the benefi ciary to complete Form
SSA-44 and provide documentation verifying
the change in circumstance and the
resulting reduction in income. Several
examples of the required documentation
include a death or marriage certifi cate, a
divorce decree, a letter from an employer
regarding a benefi ciary’s retirement, or an
insurance company adjuster’s statement of
loss. If the benefi ciary fi led a tax return for
the year in question, he or she will need to
provide that as well.
Th ere are many instances in which a benefi
ciary may experience a signifi cant loss of
income but unfortunately would not be eligible
for an adjustment to his or her premium.
A bad investment or major downturn
in the stock market would be one example
of this situation.
Th ere is, however, one case in which
the Social Security Administration will
review income even though it does not
fall into one of the enumerated categories,
and that is when a benefi ciary fi led
his taxes as “married fi ling separately”,
but lived apart from his spouse at all times
during the year. Given that this is a slightly
more complex situation, the Social Security
Administration directs that a benefi ciary
who fi nds himself in this circumstance
should contact the SSA directly rather than
fi ling the standard Form SSA-44.
Anyone who feels that one or more of
the circumstances above applies to him or
someone they know can locate Form SSA-
44 with the accompanying instructions at
https://www.ssa.gov/forms/ssa-44.pdf.
Ronald A. Fatoullah, Esq. is the principal
of Ronald Fatoullah & Associates, a law
fi rm that concentrates in elder law, estate
planning, Medicaid planning, guardianships,
estate administration, trusts, wills,
and real estate. Joseph Breningstall is a
law clerk with the fi rm. Th e law fi rm can
be reached at 718-261-1700, 516-466-
4422, or toll-free at 1-877-ELDER-LAW
or 1-877-ESTATES. Mr. Fatoullah is also
a partner with Advice Period, a wealth
management fi rm, and he can be reached
at 424-256-7273.
RONALD FATOULLAH
ESQ, CELA*
If you
Rock ‘n Rolled,
you’re you’re ready for
you re r
AgeWell New York.
Yk
THE WAY TO AGE WELL
IN NEW YORK
Personalized, easy to understand,
easy to live with Medicare
Advantage Prescription Drug Plans
$0 OR LOW COST PLAN PREMIUMS
agewellnewyork.com
718-696-0206
TTY/TDD 800-662-1220
AgeWell New York, LLC is a HMO plan with Medicare and Medicaid contracts. Enrollment in AgeWell New York, LLC depends on contract renewal. This information
is not a complete description of benefits. Contact the plan for more information. Limitations, copayments, and restrictions may apply. Benefits, premiums and/
or co-payments/co-insurance may change on January 1 of each year. You must continue to pay your Medicare Part B premium. Premiums, copays, co-insurance
and deductibles may vary based on the level of Extra Help you receive. Please contact the plan for further details. AgeWell New York complies with applicable
Federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability, or sex. AgeWell New York complies with applicable
Federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability, or sex. AgeWell New York cumple con las leyes
federales de derechos civiles aplicables y no discrimina por motivos de raza, color, nacionalidad, edad, discapacidad o sexo. AgeWell New York 遵守適用的聯
邦民權法律規定,不因 種族、膚色、民族血統、年齡、殘障或 別而視任何人。ATTENTION: If you do not speak English, language assistance
services, free of charge, are available to you. Call 1-866-586-8044 (TTY: 1-800-662-1220). ATENCIÓN:si habla español, tiene a su disposición servicios gratuitos
de asistencia lingüística. Llame al 1-866-586-8044 (TTY: 1-800-662-1220). 注意:如果使用繁體中文,可以免費獲得語言援 助服務。請致
電 1-866-586-8044 (TTY: 1-800-662-1220)H4922_4002 Accepted 0