2. Medicare Premiums
One of the great things about retirement, but also one that could become part of the reasons for reduced Social Security benefits, is Medicare benefits. While you decide to leave the workforce behind and enter your golden years, you might be eligible for plenty of Medicare benefits, and some of them might be free.
As long as you’ve paid a sufficient amount of qualifying Medicare taxes while you were hustling and working, the cost of hospital care is typically free and is covered under Medicare Part A.
Unfortunately, not everything’s free, so if you want extra coverage for diagnostic services and outpatient care, you’ll have to gather some information about Medicare Part B. This generally costs a premium and is taken from your SS check, so it could become a reason for reduced Social Security benefits.
Of course, the amount of the Medicare Part B premium totally depends on your income, so it can be different from one individual to another.
For example, when it comes to single filers who earn $97,000 or less or joint filers who earn $194,000 or less, the amount of money for a monthly premium is around $165.
Of course, as your income increases, the premium increases too, and you could notice large amounts like $230.80, $329.70, $428.60, $527.50, or $560.50 for single filers who earn $500,000 or above, or $750,000 or more for joint filers.
Long story short, one of the reasons for reduced Social Security benefits is the Medicare premium, so keep that in mind and click on the next page for more!
