What is IRMAA (Income-Related Monthly Adjustment Amount)?
The Medicare Income-Related Monthly Adjustment Amount is an amount you may pay in addition to your Part B premium and/or Part D premium, if your income is above a certain level.1
The Social Security Administration (SSA) makes initial determinations whether the income-related monthly adjustment amount (IRMAA) applies to Medicare beneficiaries with Part B, or Medicare prescription drug coverage Part D (or both if enrolled in both at the time a determination is made) using IRS data.2
The Social Security Administration (SSA) sets income brackets that determine your (or you and your spouse’s) IRMAA. SSA determines if you owe an IRMAA based on the income you reported on your IRS tax returns two years prior, meaning two years before the year that you started paying IRMAA. The income that counts is the adjusted gross income you reported plus other forms of tax-exempt income.1
To read more on the subject: Click on the 2 web links below:
Initial IRMAA Determination
Appealing a higher Part B or Part D premium (IRMAA)
1. Source: https://www.medicareinteractive.org/get-answers/medicare-denials-and-appeals/premium-appeals/appealing-a-higher-part-b-or-part-d-premium-irmaa
2. Source: https://www.medicare.gov/forms-help-resources/mail-you-get-about-medicare/initial-irmaa-determination
Note: Medicare Insurance information can be overwhelming and confusing to many people. As an independent licensed agent I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose and enroll in a plan that you feel fits your needs.
By the way, it doesn’t cost you any more if you enroll in a Medicare Insurance plan through me as an independent agent versus directly with an insurance company either over the phone or via the Internet, since I get paid by the insurance companies for your enrollment. Plus you will have personalized service by a local agent. If you would like my assistance, please call me at 941-404-5334.
By calling this number, I understand I will be directed to a licensed insurance sales agent.