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We understand that certain retirees are tripping the income related threshold for Medicare Part D (Rx) premium. By way of background, Verizon Medicare retirees are enrolled in Medicare Part D through the company sponsored EGWP. Most retirees do not have to pay a Medicare premium associated with this coverage, like they do for Medicare Part B. However, retirees with reported income over a specified IRS threshold are assessed a premium based on their income level. This is known as IRMAA (Income Related Monthly Adjustment Amounts)
For retirees who are assessed this premium, Verizon reimburses the premium after the retiree contacts the Benefits Center and self-identifies. The retiree must then send or fax the letter from Social Security showing their IRMAA amount to the Verizon Benefits Center. The benefit will be reimbursed once IRMAA letter is received and IRMAA reimbursement eligibility is verified.
The paragraph below is from the EGWP pre-notification letter which is included with the age-in materials.
Will my income affect my Medicare Part D premium?
Some people may have to pay an extra amount because of their yearly income. If you are subject to this extra amount—Social Security, not your Medicare plan—will send a letter telling you what the extra amount will be and how to pay it. Note: If you have to pay an extra amount because of your yearly income, Verizon will reimburse you for that amount. Please contact the Verizon Benefits Center at 1.855.4VzBens (1.855.489.2367) for more information.
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