Do I need to report a 1099-R rollover with no taxable amount to the IRS?

The money was sent directly to the IRA provider.

I'm on Social Security, and pay for Medicare B premiums which are based on income. Can this be considered as income, even though it's not taxable? If so, my premiums will skyrocket.

Thanks !

Part B premiums are based on AGI; only the taxable amount flows thru to AGI. Since yours is a direct rollover, it's ultimately non-taxable so it won't affect your Part B premiums.

Go ahead and report it, because the pension & annuity line on your 1040 calls for gross as well as taxable amounts; the IRS wants to see it in the gross box. Zero in box 2 usually means a 100% non-taxable "direct rollover" (paid directly to the IRA provider); if so, it won't affect your taxes at all. However, if the check was cut to you personally there can be taxes & penalties unless you deposited the GROSS amount of your 401(k)/pension distribution, INCLUDING taxes withheld (generally required unless it's a direct rollover), to your IRA within 60 days of payout.

No, if it was properly rolled over with a code G showing in Box 7, it won't be included in income.

That is incorrect for the reasons I stated in my original answer. If properly rolled over, the gross rollover amount should still be reported on the 1040, but the taxable amount will be zero; thus it won't increase the OP's Part B premium.