The amount you pay for Medicare is based on your income from 2 years ago (for example, your 2024 Medicare premiums are based on your 2022 tax return). The more income you made in 2022, the more you pay in 2024 as Medicare premiums. If you find that your income has gone down since filing the 2022 return AND you had a life-changing event (the most common life-changing event is retirement), then you can ask Social Security (who administers the Medicare surcharges) to base your 2024 premiums off of your lower expected current income. Other common life-changing events are the marriage, divorce, or death of a spouse, a work reduction or stoppage, the loss of pension income, or the non-voluntary loss of an income-producing property. So, for example, if you sold your business in 2022, which caused you to have large income in 2022, then retire and get a letter from Social Security telling you that you are going to pay more Medicare premiums in 2024, then tell Social Security that you retired and your income will be less in 2024 than it was in 2022 and they will base your 2024 premiums off of your expected 2024 income.
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