It depends. This is govt. site

https://www.hhs.gov/answers/me...-medicare/index.html

^^^ Thanks for the link ZS.

Medicare has a site of its own - https://www.medicare.gov

This is the official website for Medicare, I find answers to every Medicare question there.

One of the biggest surprises I encounter for people that are affected by it is the Income Related Monthly Adjustment Amount (IRMAA).

This tax is based on income and affects both Part B and Part D premiums. If your income is greater than $97,000 for an individual tax return or $194,000 joint tax return (2023 figures), your Part B and Part D premiums will be adjusted; the higher your income, the higher this amount will be. From $164.90 to $560.50 for Part B and $12.20 to $76.40 for Part D monthly premiums.

An additional gotcha comes into play in that a two-year look back is applied. This means your 2021 income will be used to determine your IRMAA amount for 2023.

Suppose you are entering Medicare eligibility, and your income is above these levels. In that case, I suggest you work with your financial advisor to figure out ways to prepare for those two years leading up to Medicare.

Medicare is actually excellent insurance as we see it today. Medicare Advantage and Medigap are the choices available to augment this insurance; each has pros and cons.

Medicare Advantage often has a $0 monthly premium, but you will face cost-sharing for services received. Medigap, on the other hand, will cover your Part A expenses completely and, depending on which plan you choose, will cover most of the Part B cost-sharing.

The comparison I like to make is to restaurants: Medicare Advantage is like going to Bob Evans; Medigap is like going to an all-you-can-eat joint, such as Golden Corral.

When I go to Bob Evans, I can get in the door at no cost, but the bill goes up as I order more items, similar to Medicare Advantage. On the other hand, going to Golden Corral, I pay $24.95 to get in the door but can get basically everything I want to eat for no additional cost (Medigap).

One component Medicare Advantage brings to play that is not included in Original Medicare is a Maximum Out of Pocket limit for your Part A and B in-network expenses of $8,300 at most (most plans are less than this). With original Medicare alone, these costs can climb into 6 or 7 figures quite quickly.

My suggestion is to work with an independent insurance agent that can offer you plans from various carriers rather than a captive agent that offers plans from only one carrier.

Sounds like you're in the biz, MC. Thanks for your thoughts.

Yes, I am 6guns. I am not here to sell anything. I just wanted to share some insights. Hopefully, my previous posts in this thread are beneficial.

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Another thing to beware of. I pulled out some cash from an IRA. That bumped up our Medicare monthly payments. Now they won't lower it, even though taxable income returned to normal

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Means testing. Hate it. You are rich so you can pay for those who failed to plan and provide for themselves. Your Medicare payment will decrease if your income stays the same. They are slow with this.