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.

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

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

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.

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.

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

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.

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

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.

Steven Maicus II · Answer

If your income drops after retirement, you may be able to lower your Medicare Part B premium by requesting a review of your Income-Related Monthly Adjustment Amount (IRMAA) through form SSA-44. This form allows you to report a life-changing event, such as retirement, that has affected your income, potentially leading to a lower IRMAA and a reduced Part B premium.

Answered by Steven Maicus II on May 19, 2025

Agent Licensed in NY

Answered by Steven Maicus II 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.

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.

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

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

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

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