Are you looking to apply for Medicare this year? If so, you should know about IRMAA. The Income Related-Monthly Adjustment Amount (IRMAA) is a surcharge in addition to the charges for Medicare Part B and Part D. The Social Security Administration (SSA) determines who pays IRMAA by looking at an applicant’s gross income and tax return from the past two years; specifically, if a Medicare applicant had a gross income of $87,000 or more since 2018.
Applicants or beneficiaries who are subject to IRMAA can appeal. Many changes can occur over two years, and the ‘Medicare Income-Related Monthly Adjustment Amount: Life Changing Event’ form will have to be filed with the SSA. Some reasons to file include the following life changes: marriage, divorce, death of a spouse, change of income, or job loss.
To learn more about Medicare IRMAA, click here.
Mary Alex Edmiston is a Marketing and Communications Coordinator at CIC in Charlotte, NC. Click here to learn more about Mary Alex.
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