For a short period of time, the EUTF will reimburse Medicare Part B premiums. The reimbursement period is two years and begins on January 1st. However, there are some limitations and exclusions. You must meet specific criteria in order to receive a reimbursement.
The new program will improve the quality of care for retirees, while lowering the costs of the City. But a city spokesperson declined to respond to a request for comment. The UFT’s president met with the local retirees chapter on May 4 to discuss the new plan.
For those who have received Medicare Part B payments in the past year, the amounts will be adjusted. If you were a recipient of the payments last year, your payments will be increased by the amount you paid in 2019. The next Medicare Part B reimbursement is scheduled to be issued in April 2022, so plan ahead for a few years.
In 2023, the income thresholds for IRMAA surcharges will increase again. This is a substantial change from the levels required in 2019. The income thresholds in 2022 were $85,000 and $170,000 for a single individual. The MAGI requirements will continue to be adjusted based on the Consumer Price Index (CPI) and the MAGI thresholds will now start at $97,000 for a single person. This is a substantial increase from the $85,000 income thresholds in 2022.
For retirees, there are a variety of options for obtaining reimbursement of Medicare Part B premiums. Each retiree plan will have different eligibility requirements, but generally requires that you have Medicare Part B coverage. The reimbursement may be in full or partial amounts, depending on the program. Applicants must submit an application along with their Medicare cards and part B premium information.
As the government’s budget continues to shrink and retirees become more expensive, they may opt to join a Medicare Advantage plan. Many private insurance plans for retirees require referrals and may not be accepted outside of their state. However, retirees who choose to remain on a Medicare Advantage plan will benefit from a lower monthly cost due to the fact that Medicare covers 80% of the costs.
The IRMAA amounts are added to the regular premiums. Some of these premiums will be higher than the standard premium. The amount you pay after the surcharge depends on the plan you choose. To get the maximum reimbursement, make sure to enroll in a Medicare Advantage plan with prescription drug benefits.