Mediare Part D
Hi Terry, Happy New Year! Thank you for all that you do. I love your newsletters & listening to you on the radio & your podcasts. I have learned so much. Looking forward to hearing you with Garry Meier tonight.
I started on Medicare last spring. I have Medicare Parts A & B, an AARP supplement & prescription drug coverage with Aetna. I received a letter from the Social Security Administration telling me that my Medicare Part D IRMMA based on my 2020 income tax return is $12.40. I called Medicare & asked why they are charging me when I do not have Medicare Part D. They told they made a mistake (image that!) & told me to talk to my local Social Security office. I called SS & they told me the letter was correct because the government subsidizes private prescription drug coverage. So now I have 2 different answers. Is it true what Social Security is telling me?
I’d appreciate your help on this. Thank you again, Terry.
Terry Says
Well, you said you have prescription drug coverage with Aetna. That IS Part D! And it is likely being taken out of your SS check, which is why they notified you that based on your income, you’ll pay a bit more. Remember when I wrote about Part D last fall, during open enrollment? That was the time to go to Medicare.gov, line up your prescriptions and see which plans are the least expensive given the drugs you currently take (or even if you don’t currently take ANY drugs).
So check your coverage by calling AETNA, and find out the cost plus the adjustment. I’m guessing they quoted the basic cost, and not the income-based adjustment!
