change in medicare pemiums as a result of the 2003 medicare modernization act?
Question:
Answers:
Medicare premiums change every year anyway.
But
Section 1839 of the Social Security Act (as amended by section 811 of the MMA) creates an income-related reduction in Part B premium subsidies effective January 2007. Currently, the premium paid by a Part B beneficiary covers approximately 25% of the per-capita cost of Part B; the balance is subsidized by the Federal government. Section 1839(i) provides that individuals with modified adjusted gross income (MAGI) in excess of a threshold amount shall receive a lower premium subsidy. This has the effect of raising the Medicare Part B premium for such individuals by requiring that they pay an income-related monthly adjustment amount (IRMAA) in addition to the standard premium and any penalties for late enrollment or re-enrollment. Section 811 of the MMA also modified the Internal Revenue Code to authorize the Internal Revenue Service (IRS) to disclose information to SSA regarding a person's MAGI.
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