Social Security Fairness Act Changes Rules on Medicare Premium Payments for Millions of Retirees
Snippet of Article: "...If your newly adjusted Social Security benefit is large enough to cover Medicare premiums, you may no longer need to pay those premiums out of pocket. Instead, the premium amount will be automatically deducted from your monthly Social Security check.
This includes:
Medicare Part B (Medical Insurance)
Medicare Part D (Prescription Drug Coverage)
This deduction process streamlines the payment method, reducing the chance of missed payments and ensuring uninterrupted coverage.
2. Direct Billing Will Continue for Some..."
If your annual income crosses certain thresholds due to benefit increases, you might fall into a higher IRMAA bracket, leading to higher premiums.