What is IRMAA and How Does it Affect My Medicare Premiums?
Entrusted Legacy Law
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Jan 27, 2023
Pennsylvania - Greater Pittsburgh Area
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As we near retirement, we may assume that once Medicare kicks
in, our medical insurance premiums will be fixed. However, many people may not
realize there are special rules regarding how much they pay for Medicare Parts
B and D if they’re in a higher income range.
What Is IRMAA?
If the Social Security Administration (SSA) determines you
have a higher income, you’ll have to pay more for your Medicare Part B or
Medicare Part D coverage. This surcharge is referred to as the
income-related monthly adjustment amount (IRMAA). It’s paid in addition to
your monthly premium amount.
Note that Medicare Part B pays for doctor visits, outpatient
care, and related services. Medicare Part D is related to your prescription
drug coverage.
How Is IRMAA Calculated?
To determine whether you must pay higher Medicare Part B or
D premiums, the SSA bases the decision on your most recently filed tax return.
Because of timing issues, this can often be your tax return from two years
prior, as your most recent one may not yet be filed or in the IRS system.
If the SSA finds that you must pay a higher premium, they
use a sliding scale based on your modified adjusted gross income (MAGI) to
determine by how much. MAGI equals your total adjusted gross income and any
tax-exempt interest income you’ve received in a tax year.
2023 IRMAA Brackets
The IRMAA 2023 threshold for married couples is $194,000.
For any other filing status, the threshold is $97,000.
Once you cross these thresholds, you’ll pay more for
coverage. How much more depends on how much you exceed these numbers. The SSA
provides a chart to show you what you can expect in 2023.
The SSA calculates your IRMAA every year. So, while you may
be subject to IRMAA for one year, you may not be subject to it the following
year. If the SSA determines you’ll be subject to IRMAA, they inform you of this
and its effect on your premium in writing.
How Will IRMAA Affect My Premiums?
Let’s start by understanding how IRMAA may affect your
Medicare Part B and D premium. Usually, the split between SSA and you is 75
percent/25 percent. In other words, Medicare pays 75 percent of the premium,
and you pay 25 percent. If you exceed the income thresholds, the split changes,
and you may pay anywhere from 35 percent to the total cost, depending on your
income level.
Again, refer to the SSA’s 2023 chart for your situation. So,
for example, if you’re filing taxes as a married couple and make between
$194,000 and $228,000 in 2023, you’ll see on the 2023 chart that your
Part B premium will increase by $65.90. Your Part D premium will go up by
$12.20.
What If I Don’t Think I Should Be Subject to IRMAA?
What happens if your income listed on your most recently
available tax return was much higher than what you’re currently making or
receiving? There is a way for you to inform SSA of the change in your
finances.
For example, if you divorced, were laid off, or are making
less money and you can document this, you can complete the Medicare
Income-Related Monthly Adjustment Amount - Life-Changing Event form. This
will inform SSA and ask them to reassess any imposition of IRMAA in your
case.
You can also appeal the SSA’s decision where there was a
change in your income but not necessarily in the form of a life event. For
example, if you filed and IRS accepted an amended tax return for the year that
is being used to calculate your IRMAA, you may be able to get the SSA to change
its decision. Sometimes the SSA gets erroneous information about you from the
IRS, and this may also be a basis to appeal.
There are a few different ways to appeal the SSA’s IRMAA
determination. The appeal can be submitted in any of the following ways:
- online,
- in
writing by completing a Request for Reconsideration, or
- through
your local SSA office.
Speak With a Professional
If you have questions about IRMAA and your particular circumstances, it's best to speak with a professional. Timing matters, so seeking professional guidance as soon as possible after you receive notice of the IRMAA surcharge is essential.
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