A family member got the IRMAA letter and its showing a $594 total monthly premium for Part B, which is starting in 2024. He is going on medicare in March of 2024.
He retired in 2022 and took a lump sum payment of funds from one of his pensions, and used that to purchase a house. As of now, he is only relying on social security and a small $200 pension, which puts him well under the $97,000 single filer threshold so he should not have to pay the IRMAA.
He has two questions if you will:
1. Under the life changing event on the SSA-44 form, would this be considered work stoppage? It also lists Employer Settlement but that seems like its for a employer bankruptcy. While he did stop work, the reason for the IRMAA is the lump sum payout so he's not sure which would be the correct choice, and they tell you only to choose one.
2. He hasn't contacted the Social Security office yet, but the form SSA-44 is asking for proof of the life change. What proof should he provide in this case? He has 10 days from receiving the letter to get this form in, so Im not sure if he would have enough time to get paperwork from the lump sum transfer after retiring.
If anyone has dealt with something similar Id love to hear what you did to have the IRMAA removed.
Thank you in advance, from both of us.
He retired in 2022 and took a lump sum payment of funds from one of his pensions, and used that to purchase a house. As of now, he is only relying on social security and a small $200 pension, which puts him well under the $97,000 single filer threshold so he should not have to pay the IRMAA.
He has two questions if you will:
1. Under the life changing event on the SSA-44 form, would this be considered work stoppage? It also lists Employer Settlement but that seems like its for a employer bankruptcy. While he did stop work, the reason for the IRMAA is the lump sum payout so he's not sure which would be the correct choice, and they tell you only to choose one.
2. He hasn't contacted the Social Security office yet, but the form SSA-44 is asking for proof of the life change. What proof should he provide in this case? He has 10 days from receiving the letter to get this form in, so Im not sure if he would have enough time to get paperwork from the lump sum transfer after retiring.
If anyone has dealt with something similar Id love to hear what you did to have the IRMAA removed.
Thank you in advance, from both of us.
Statistics: Posted by irasymn10 — Mon Dec 04, 2023 9:42 pm — Replies 0 — Views 15