THE REVERE ADVOCATE – FRIDAY, MAY 20, 2022 Page 17 MEDICARE PART B AND D INCOME-RELATED ADJUSTMENTS M ost Medicare benefi ciaries pay the standard Part B premium. Medicare benefi ciaries may also pay a premium for Medicare Part D, which covers prescription drugs. The standard premium for Medicare Part B for 2022 is $170.10 per month. The average premium for a standalone Part D prescription drug plan for 2022 is $47.59 per month. Medicare recipients will pay higher Part B and Part D premiums if their income exceeds a certain amount. This is known as the IncomeRelated Monthly Adjusted Amount (IRMAA). In order to determine your 2022 Medicare Part A and B premiums, the Social Security Administration reviews the income on your 2020 tax return, not your 2021 return. Your 2023 Medicare premiums will be based upon your 2021 tax return. The number they review is called your modifi ed adjusted gross income. The 2022 Medicare Part A standard premium of $170.10 would increase to $238.10 if your 2020 modifi ed adjusted gross income was between $182,000 and $228,000 for a married fi ling joint income tax return. For a single person, the $238.10 premium kicks in for income between $91,000 and $114,000. Starting in 2020, the IRMAA is indexed to the Bureau of Labor Statistics Consumer Price Index for Urban Consumers (CPI-U). The IRMAA income brackets were not previously indexed in this fashion. Over the last several years with sales of appreciated real estate investment property and stocks, many Medicare recipients have been assessed these higher Part A and Part B premiums. It pays to at least consider the impact that a signifi cant capital gain will have on your Medicare premiums. It might make sense to split the sale of appreciated stock over a consecutive two-year period. For example, in December of one year and in January of the next year. Of course, economics and good fi nancial strategies should always be kept in mind when determining when to sell any investment. Many of the capital gains realized on the sale of investment property have been so large in recent years, it is impossible to avoid the Medicare premium adjustment. The good news is that the Medicare premiums will drop in a following year based upon the tax return actually filed two years earlier. For many, the increase in Medicare premiums is a one-year deal. For those retirees with substantial income year after year, the increased premiums they will just have to live with. I suppose if a married couple has a modifi ed adjusted gross income of $182,000, an additional $68 per month in premiums is not too heavy of a price to pay. I fi nd that many Medicare recipients are surprised when they get the notice from Social Security informing them of the increase in premiums. It’s a good thing to keep in mind that higher income levels, regardless of the source, will result in greater Medicare premiums. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. Like us on Facebook advocate newspaper Facebook.com/Advocate.news.ma Baseball Pats top unbeaten Jets, make playoffs By Greg Phipps T he Revere High School baseball team has rediscovered some of its off ense over the past few games. That discovery helped lead to a playoff -clinching 5-2 road win over the previously undefeated East Boston Jets Monday. East Boston entered the game at 15-0 before the Patriots were able to put an end to the Jets' bid for a perfect season. Domenic Boudreau pounded out three hits to lead the Patriots, who improved to 10-6 overall. Among his three hits, Boudreau had two doubles and drove in a run. Chris Cassidy ended up with two knocks, a walk, and scored twice. Chris Cecca and Kyle Cummings collected an RBI each. The win catapulted Revere into the postseason tournament for the second season in a row. The Patriots host Medford in a Greater Boston League (GBL) game on Saturday, and travel to play Boston Latin next Monday evening. Revere faced off against Everett in a league matchup on Monday and came away with a 4-0 shutout road victory. Boudreau was once again the off ensive leader with two hits and a run driven in. Also contributing to the offensive cause were Chris Cecca ELECTION | FROM Page 1 “Santos” Rosa was a city councillor for six years and on the school committee for four years. Revere’s Brendan Sack got the pitching start against Everett Monday and hurled a complete-game win. with a hit and an RBI and Cummings with a hit and a run batted in. Brendan Sack got the start on the mound for the Patriots and performed very well to earn the shutout win. He went the distance, allowing just three hits and fanning fi ve hitters. She was the fi rst woman elected citywide to the council in Revere’s history. The last day residents who are not registered to vote can register to vote in the Special ElecHead Coach Mike Manning praised the team's defensive play after Monday's victory. "[The] defense was on point. [There were] run saving plays made all over the diamond," he said. Revere committed no errors in the game. tion is Wednesday, June 29, by 8:00 p.m. Political insiders believe the voter turnout will be low given the timing of the Special Election in July.
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