In many of my client meetings, the term IRMAA comes up. It stands for Income Related Monthly Adjustment Amount. A lot of times, it can be avoided but many times it “is what it is”. What is it? Most people pay a monthly premium for their Medicare Part B. which this calendar year is $144.60/month. Higher income folks pay more. The first threshold (of several) to be subject to Irmaa begins at $174,000 for joint filers and $87,000 for single filers on their 2018 tax return.
The good news is that there are several valid reasons one can appeal and be successful. One of those is if one is retiring and will have a reduced income. This is what most people are doing when they decide to go to Medicare. The appeal form can be downloaded and filed at no cost.
I help people understand and navigate Irmaa most days. Feel free to call if any questions regarding Irmaa or Medicare. I came across a recent article that provides more detail on Irmaa and you can access via the following link.
If you have questions about your Choices in Medicare, please contact me at David@ChoicesInMedicare.com or go to www.ChoicesInMedicare.com