It’s that time a year again….Beneficiaries start being notified if any income related monthly adjustment amount (IRMAA) will affect their monthly premium due for Medicare Part B. Please see the chart below to see if you’ll be paying more for Medicare this year.
|
Beneficiaries who file individual tax returns with income: |
Beneficiaries who file joint tax returns with income: |
Income-related monthly adjustment amount |
Total monthly premium amount |
|
Less than or equal to $87,000 |
Less than or equal to $174,000 |
$0.00 |
$144.60 |
|
Greater than $87,000 and less than or equal to $109,000 |
Greater than $174,000 and less than or equal to $218,000 |
57.80 |
202.40 |
|
Greater than $109,000 and less than or equal to $136,000 |
Greater than $218,000 and less than or equal to $272,000 |
144.60 |
289.20 |
|
Greater than $136,000 and less than or equal to $163,000 |
Greater than $272,000 and less than or equal to $326,000 |
231.40 |
376.00 |
|
Greater than $163,000 and less than $500,000 |
Greater than $326,000 and less than $750,000 |
318.10 |
462.70 |
|
Greater than or equal to $500,000 |
Greater than or equal to $750,000 |
347.00 |
491.60 |
The increase is based on your modified adjusted gross income, and all income is countable. What that means to you:
If you sell a home…
Exercise stock options….
Withdrawal from your 401…
Any other income that’s countable in your tax return, IS countable towards IRMAA.
The increased premiums due based on an IRMAA will last for the calendar year. IRMAA is recomputed annually.
If you have any of the following life changing events you can request a new determination. They are:
Marriage Work Reduction
Divorce/Annulment Loss of Income-Producing Property
Death of Your Spouse Loss of Pension Income
Work Stoppage Employer Settlement Payment
What to do if you have a life changing event??? Complete this form and submit it to your local SSA office and they will make a new determination. https://www.ssa.gov/forms/ssa-44.pdf
Maryellen Foley-Eckert
SSA Specialist
