How can I lower my Medicare Part B premium if my income drops after retirement?

Question

John L Herman Jr · Accepted Answer

Depending on your personal situation you may qualify for a State Medicaid Program…and in certain situations have the State pay for the PART “B” premium.

Larry Dalton · Answer

The medicare part B premium can be reduced in a few ways.  

If you’re on a Medicare supplemental plan, you can always move to another one if you pass the health issue questions.  All Medicare supplemental plans are identical if you’re discussing a Plan G with one company or another.  The premiums are the only changes between companies with the same Plan.

If you’re on a Medicare Advantage plan, you may qualify for low-income help in several areas. This will depend up on the state you live in and your ZIP Code.  A trustworthy agent can help you locate the best possible plan to meet your financial needs.

Tasha Riggs · Answer

You can apply for LIS. Limited Income Subsidy. 
Some Medicare advantage plans will help pay for part B if you really need it.

Michael Denniston · Answer

When your income drops below certain levels you can apply for help with your part B premium payment, its called the Medicare Savings Plan, also part of LIS and extra help. There is help there for people with low means. I can help. Michaels Insurance Solutions (888) 589-4403

Answered by Michael Denniston on June 9, 2025

Agent Licensed in FL, AL, AR & 11 other states

Answered by Michael Denniston Medicare Insurance Agent

Paul Potter · Answer

Medicare will adjust your Part B premium and Income Related Medicare Adjustment Amount (IRMAA) automatically each year.  You can appeal their decision if you have mitigating circumstances.  

I have a IRMAA schedule if you would like me to send it, please send an email to me at PaulPotter@Email.com.

Robert Moore · Answer

Unfortunately you cannot lower your part B premium. There are ways to reduce the burden of part b. If you fall below a certain monthly income you may qualify for medicaid and they will pay your premiums in some scenarios. Also you can enroll in certain medicare advantage plans that can reimburse you for portions of your part B premium.

Answered by Robert Moore on May 19, 2025

Broker Licensed in IN, AL, IL & 11 other states

Answered by Robert Moore Medicare Insurance Agent

Steve Thornton · Answer

If your income has recently decreased due to retirement or another qualifying life event, you may be eligible to lower your Medicare Part B premium in two ways. First, you can request an IRMAA (Income-Related Monthly Adjustment Amount) reconsideration through Social Security. Medicare bases your Part B premium on your tax return from two years prior, so if your income has dropped significantly since then, you can file Form SSA-44 to request an adjustment based on your current income.

Second, you can explore Medicare Advantage plans that offer a Part B premium “giveback”. These plans, offered by private insurance carriers, provide a monthly rebate — also known as a Part B premium reduction — which lowers the standard $174.70 monthly Part B premium for 2025. The giveback is applied directly to your Social Security check, reducing the amount withheld each month.

Lauryn Ivey · Answer

You can use Form SSA-44, Medicare Income-Related Monthly Adjustment Amount (Life-Changing Event) and file that with your Social Security Office with the supporting documentation that shows your income reduction. Also, if you have an accountant or tax professional that you already work with, they can assist you with this form because they do this on a regular basis. You should also be able to Google the above referenced form, or go to SSA.gov and navigate their website to locate the form.

Answered by Lauryn Ivey on June 7, 2025

Broker Licensed in AL

Answered by Lauryn Ivey Medicare Insurance Agent

Jason Hark, CMIS™ · Answer

If your income goes down after you retire, you can ask Medicare to lower your Part B premium by reporting your new income. You do this by filling out a form called the “Extra Help” or “Income-Related Monthly Adjustment Amount (IRMAA) appeal.” This can help make your monthly costs cheaper based on what you earn now.

Answered by Jason Hark, CMIS™ on June 4, 2025

Broker Licensed in IL, AL, AR & 16 other states

Answered by Jason Hark, CMIS™ Medicare Insurance Agent

Joseph Ritter · Answer

Key Steps:
Download Form SSA-44
You can find it on the Social Security website.

Choose “Work Stoppage” or “Work Reduction” as your life-changing event.

Provide Proof
Include documentation such as:

A letter from your employer confirming retirement
Your final pay stub
A copy of your severance agreement or pension documents
Submit the Form to Social Security:
By mail
In person at your local SSA office


Why This Matters:
Your Part B premium is based on your modified adjusted gross income (MAGI) from 2 years ago. But if your current income is much lower due to retirement, you can often get your premium reduced immediately — no need to wait two years.

Sandra Teel · Answer

If you have incurred a higher Part B premium because you were considered a high-income earner, you can ask Medicare for a reconsideration if your income has dropped significantly.

Every year Medicare looks at your Adjusted Gross Income from 2 years previously to determine what you will pay for Part B.  If you were a high-income earner, then you received a letter letting you know that your Part B premium would be adjusted. In that letter there is an explanation of how to apply for a reconsideration.

If your income has decreased significantly and takes you to a lower premium bracket, Medicare will automatically decrease your Part B premium to match the new lower premium level when they look at your filed income taxes.

Sean Willingham · Answer

Income-Related Monthly Adjustment Amount: Life-Changing Event (Form SSA-44) can be used to reduce or eliminate the additional premium adjustments charged to those with higher income. There are 8 Life-Changing Events: Marriage, Divorce/Annulment, Death of Your Spouse, Work Stoppage, Work Reduction, Loss of Income-Producing Property, Loss of Pension Income, and Employer Settlement Payment. If you have one of these events that results in a reduction of income, this form will reduce or eliminate the IRMAA immediately rather than waiting for it to happen automatically 2 years later.

Answered by Sean Willingham on May 27, 2025

Broker Licensed in TX, AL, FL & 8 other states

Answered by Sean Willingham Medicare Insurance Agent

Shane Bullock · Answer

There are programs called Medicare Savings Programs (MSP) that can help folks with lower income and limited assets pay for their Medicare Part A and Part B premiums as well as penalties (if there are any). Certain MSPs even help with cost-sharing, meaning they can help pay out-of-pocket costs for medical services.

If you think you may qualify, your state Medicaid office will be able to help determine if you qualify for assistance with your Medicare premiums and/or cost-sharing through an MSP. They can also help you submit an application.

Steven Maicus II · Answer

If your income drops after retirement, you could lower your Medicare part B premium by applying for state Medicaid.

If you are eligible for state Medicaid, apply, and then are approved for state Medicaid, your state will pay 100% of your Medicare part B premium.

If you are not eligible for state Medicaid, there are other ways to reduce your part B premium but that would require you to speak to a licensed medicare agent who can help you.

Tyler Dalton · Answer

Congrats, you did well. High income, strong career, and now you're seeing that IRMAA surcharge show up on your Medicare premium. 

That’s the government’s way of saying, “Thanks for your success. Here’s a little extra to pay each month.”

But here’s what most people don’t know.

Medicare bases your premium on your income from two years ago. So if you’ve just retired or had a big drop in income, you might be getting charged based on outdated info. And that means you could be overpaying.

The fix? It’s called an IRMAA appeal. You fill out a form SSA-44 and tell Social Security what changed. Retirement, income loss, divorce, work stoppage there’s a list of life events they recognize. If your income now is lower than what they’re using, they’ll often adjust your premium.

We help people with this all the time. The form is free. The savings are real. And the process is more straightforward than you'd think once someone shows you how to do it.

Don’t pay more than you should. If this sounds like your situation, give us a call or swing by the office. We’ll walk you through it step by step.

Patricia Lewis · Answer

If you have been subjected to the IRMAA charge and your financial situation changes, you can appeal that IRMAA charge and hopefully get it reduced or removed. Since they look back 2 years, a lot could have changed, and you have to let them know. 

The only other way I know to lower your Part B premium is to pick a Medicare Advantage plan that offers a giveback.

Steven Bleicher · Answer

Once the IRS’ data checks in with the Medicare data, if the Adjusted Gross Income has lowered significantly, the Part B monthly premium will change. You have the right to call 1-800-Medicare to notify them of this major income change and your obligation will be decreased.

Answered by Steven Bleicher on May 30, 2025

Broker Licensed in AZ

Answered by Steven Bleicher Medicare Insurance Agent

Diana Garner · Answer

You can request an adjustment from the Social Security Administration by filing Form SSA-44. This form allows you to demonstrate a life-changing event, such as retirement, that has affected your income and may qualify for a reduction or elimination of the increased premium.

If your income drops significantly, you may qualify for the Medicare Savings program, which can help cover the Part B Premiums.

Timothy Brown · Answer

Contact Social Security at (800) 772-1213 to report a change income and they will adjust your Medicare Part B premium accordingly.

Gregg Matheny · Answer

All states have a threshold for “state Assistance” that if you are under then it will pay for your Medicare part B as well as some deductibles and some RX costs. If you don’t meet the financial criteria then your only other option to lower the part B cost is with a benefit called a “part B reduction”. Be careful when looking at plans that offer this because a few of them are “MA ONLY” plans which means they don’t include RX coverage. If you will be relying on your plan to get medications, then you want an MAPD with a part B premium reduction.

Answered by Gregg Matheny on March 26, 2025

Agent Licensed in AZ & UT

Answered by Gregg Matheny Medicare Insurance Agent

Deb Haley · Answer

In Massachusetts if your income drops below $2,824 a month for an individual for $3,833 for a married couple you can apply for a Medicare savings program that will pay your Medicare Part B premium and potentially some of your copays.

Answered by Deb Haley on May 1, 2025

Broker Licensed in MA, CT, FL & 10 other states

Answered by Deb Haley Medicare Insurance Agent

Glenn Quinn · Answer

If you are paying ERISA and your income drops to the Norma range due to retirement, you can appeal to Social Security and as for a review. 
If you are low income as a result of lost incomyou can apply for Low Income Subsidy.

Christie Bondos · Answer

The IRMAA Look back period is 2 years from the year we are in so for 2025 it's 2023. You should also consult with your Accountant for more information pertaining to your particular situation.

Vachik Chakhbazian · Answer

ou can request a reconsideration of your Income-Related Monthly Adjustment Amount (IRMAA) by filing Form SSA-44 with the Social Security Administration (SSA). This form reports a life-changing event like retirement, which can significantly impact your income.

Answered by Vachik Chakhbazian on June 8, 2025

Agent Licensed in CA, AL, AR & 22 other states

Answered by Vachik Chakhbazian Medicare Insurance Agent

Sam Silva · Answer

To lower your Medicare Part B premium after retirement due to income drop, contact our Medicare Specialists. They stay updated with the latest plan options and regulations.

Michael Kim · Answer

Call Social Security office and let them know. Or just walk in with proof like you income tax papers, or anything else showing a drop in your income.

Richard Balistreri · Answer

Medicare uses your IRS tax return from two years ago to determine if you owe more than the standard Part B premium. If your income has dropped significantly since then (especially due to retirement), you may be eligible to have your premium reduced.

Your Part B premium is based on the average of your previous two years' adjusted gross income, so when that average drops, you are encouraged to contact Medicare to reduce your Part B premium.

Louanne Allison · Answer

There is a form available to submit a request to lower the Medicare Part B premium to Social Security and Medicare.  Check with me or your insurance agent for details and help to submit the request.

Christopher Stewart · Answer

The standard Medicare Part B premium for 2025 is $185 per month. Now, if you make over a certain threshold ($106,000 for individuals and $212,000 for joint tax payers for 2025) you will incur an increased Part B and Part D premium, this is called IRMAA. Based on how much over the $106k/$212k threshold you make, you can incur increased premiums of 1.4x up to 3z4x the standard amount. So, in order to "lower" your part B amount under the standard $185, you would have to qualify for Medicaid through your state.

Answered by Christopher Stewart on May 12, 2025

Broker Licensed in FL, AL, AZ, CO & KS

Answered by Christopher Stewart Medicare Insurance Agent

Justin Hundley · Answer

Retirement, reduced work hours, or other income-reducing events can trigger a review of your Medicare premium. You will need to report a "life-changing event" to the Social Security Administration. 

You will also want to connect with your local Medicaid office to see if you can qualify for a Medicare Savings Program (MSP) to assist with not only the cost of your premiums, but potentially the costs for copays, prescriptions, etc.  

If you do happen to qualify for assistance through Medicaid, you may potentially be eligible for different plan options in your area. It is advised to work with a licensed Medicare agent to determine what options are available for you.

Susan Winters · Answer

Giveback Plans: Some Medicare Advantage plans offer a “giveback” — they reduce your monthly Part B premium by giving back part of it. This can help lower your overall costs.

Medicaid: If your income and assets are very low, you may qualify for Medicaid, which can help cover Medicare costs, including premiums, deductibles, and copays.

Low-Income Subsidy (LIS) / Extra Help: This program helps pay for your Medicare Part D prescription drug costs if you qualify based on income and resources.

Krystal Hampton · Answer

If your income drops after retirement, you could lower your Medicare part B premium by applying for state Medicaid. 

If you are eligible for state Medicaid, apply, and then are approved for state Medicaid, your state will pay 100% of your Medicare part B premium.

If you are not eligible for state Medicaid, there are other ways to reduce your part B premium but that would require you to speak to a licensed medicare agent who can help you.

How can I lower my Medicare Part B premium if my income drops after retirement?

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