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What is IRMAA? A Female Name? A Hurricane?
No, this is a term that Medicare beneficiaries dread to see in a letter from the Social Security Administration (SSA). IRMAA stands for Income-Related Monthly Adjustment Amount, which is an additional charge added to your Medicare Part B and Part D premiums if your income exceeds a specific threshold.
What Exactly is IRMAA?
IRMAA is designed to ensure that higher-income beneficiaries pay a larger share of Medicare program costs. This surcharge is based on your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years prior. For 2024, this means the SSA will use your 2022 tax return to determine your IRMAA.
- Medicare Part B: Covers outpatient services like doctor visits, preventive care, and some medical equipment.
- Medicare Part D: Covers prescription drugs.
The standard premium for both Medicare Part B and Part D changes annually, and the IRMAA surcharge is calculated based on your income level.
2024 Income Brackets for Part B and Part D IRMAA
For 2024, the income brackets for determining the IRMAA surcharges for both Part B and Part D remain aligned. Below is a chart showing how income affects your premiums:
| Single | Married Filing Jointly | Married Filing Separately | Part B Premium | Part D IRMAA |
| $97,000 or less | $194,000 or less | $97,000 or less | $174.70 | $0 + your plan premium |
| $97,001 – $123,000 | $194,001 – $246,000 | N/A | $243.10 | $12.70 + your plan premium |
| $123,001 – $153,000 | $246,001 – $306,000 | N/A | $340.20 | $32.10 + your plan premium |
| $153,001 – $183,000 | $306,001 – $366,000 | N/A | $438.50 | $51.70 + your plan premium |
| $183,001 – $500,000 | $366,001 – $750,000 | $97,001 – $403,000 | $545.20 | $71.00 + your plan premium |
| $500,001 or above | $750,001 or above | $403,001 or above | $578.30 | $77.90 + your plan premium |
(Please note that these numbers are subject to adjustments and should be confirmed with SSA or a trusted broker.)
How to Appeal an IRMAA Decision
If you disagree with an IRMAA notice, don’t worry—appealing is possible, and there are valid reasons for doing so:
- Incorrect or Outdated Tax Information: The SSA may have used incorrect or outdated tax information when calculating your IRMAA.
- Life-Changing Events: If you’ve had a significant life event, such as the loss of income, marriage, divorce, or death of a spouse, your income may have changed, warranting a re-evaluation.
Steps to Appeal an IRMAA:
- You have 60 days from the date you receive your IRMAA notice to file an appeal.
- Contact the Social Security Administration (SSA) at 800-772-1213 (TTY: 800-325-0778).
- To formally appeal, complete the SSA-44 form (officially called the “Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event”) and submit it to your local SSA office.
For more information on appealing IRMAA or to access the form, visit the SSA website: https://www.ssa.gov/forms/ssa-44.pdf
Understanding How IRMAA Affects Your Medicare Premiums
It is important to stay informed about how IRMAA impacts your Part B and Part D premiums:
- Part B Premium: The base amount changes annually, but if you fall into a higher income bracket, IRMAA will increase your premium accordingly.
- Part D Premium: In addition to the plan premium you pay for prescription drug coverage, IRMAA adds an extra charge based on your income bracket.
Planning Ahead for IRMAA
Understanding how IRMAA is determined can help you plan ahead. Here are some tips:
- Keep Track of Your Income: If you’re close to an income threshold, consider consulting with a financial advisor to help manage your income in retirement. For example, delaying Social Security withdrawals or using tax-advantaged accounts might help you stay within a lower bracket.
- Review Your Tax Return: Since IRMAA is based on your tax return from two years prior, be aware of any changes in income that may affect your future Medicare costs.
Need Help Navigating IRMAA?
If you’re unsure about how IRMAA might affect your Medicare premiums, consider consulting a licensed health insurance broker. They can review your situation, explain how income might impact your Medicare costs, and help you plan your healthcare budget effectively.