Medicare’s monthly costs aren’t the same for everyone. Medicare accounts for the modified adjusted gross income an individual or couple has earned according to tax returns from two years before the current year. For those earning higher amounts, Medicare adds an Income-Related Monthly Adjustment Amount (IRMAA) surcharge to Part B and Part D premiums.
How Is IRMAA Determined?
You’ll initially pay the same amount in Part B and Part D premiums as those with lower earnings. Then, Social Security will get your income data from the IRS. Once it’s determined that your earnings are high enough, you’ll have to pay the IRMAA.
What Are The Part B IRMAAs?
Below are the Part B IRMAAs, along with the qualifying earnings by tax filing status:
What Are The Part D IRMAAs?
Below are the Part D IRMAAs, along with the qualifying earnings by tax filing status:
How Is It Billed?
The IRMAA will either be deducted from your Social Security or Railroad Retirement Board (RRB) income or as a separate bill.
How Can I Appeal?
You can contact the Social Security Administration and file an appeal if you believe you shouldn’t have to pay the IRMAA. Grounds for appeal include:
- Going through an event like a divorce
- Losing income
- Paying because of an IRS data error
Find Your Policy Today
At KBI Solutions, we bring you the best of Medicare. We strive to give you the most coverage for the least amount of money, and we’ll work hard to find ways to save you even more. If you’re ready to get more benefits and spend less, call us today at (254) 918-5444.