Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

How your Income Impact Medicare Premiums

24 Aug 2024 · 1 min

Watch on YouTube

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A short YouTube video by Craig Wear, CFP® explaining how different parts of Medicare are funded and how income affects certain premiums. It distinguishes that Parts A and C have standard premiums set by law, while Parts B and D have income-related premiums — higher reported income can increase the premiums for Parts B and D.

Chapters

So Medicare, Obviously, when you're 65 years old, you can sign up for all the different parts of Medicare. Parts A and part C, as in Charlie, are just standard Medicare premiums. They're dictated by law and they can change anytime Congress wants them to change. However, parts B and D, Boy and David, are income based premiums. So the more income you show on your tax return, the more potential premiums you'll pay for those benefits.