Madeline Martinez was widowed several years ago. Her husband worked for many years and contributed into the Medicare system. He also left a substantial estate which provides Madeline with an annual income of approximately $130,000. Madeline, who has only worked part-time for the last three years, will soon turn age 65 and hopes to enroll in Original Medicare. She comes to you for advice. What should you tell her?
Madeline Martinez was widowed several years ago. Her husband worked for many years and contributed into the Medicare system. He also left a substantial estate which provides Madeline with an annual income of approximately $130,000.
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Madeline is eligible for Original Medicare based on her late husband’s work history. However, due to her substantial annual income, she may be subject to higher premiums for Medicare Part B and Part D under the Income-Related Monthly Adjustment Amount (IRMAA). She should plan for these additional costs and consider enrolling during her Initial Enrollment Period around her 65th birthday.