If you don’t know the rules on IRMAA, these premium increases can take you by surprise and hit you hard! In today’s video, I want to go over how this works and then later I’m going to bring on an expert to tell us how, under certain circumstances, you can appeal the IRMAA and get the additional surcharge removed.
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Additional resources to continue learning about IRMAA:
Medicare Premiums: Rules For Higher-Income Beneficiaries
POMS Policy for MAGI
IRMAA Reconsideration
IRMAA Reconsideration Form
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In January 2022, millions of Medicare beneficiaries experienced an increase in their premiums due to the Income-Related Monthly Adjustment Amount (IRMAA). IRMAA is an additional amount that high-income individuals must pay on top of their standard Medicare premiums. This adjustment is based on the beneficiary’s modified adjusted gross income from two years prior.
For many seniors, the sudden increase in premiums can be a shock to their budget. However, there is a process in place to appeal these higher premiums and potentially reduce or eliminate the IRMAA charges.
The first step in appealing your IRMAA is to contact the Social Security Administration (SSA) and request a review of your income information. If there have been any significant life-changing events since the two-year period used to calculate your IRMAA, such as retirement, divorce, or the death of a spouse, you may be able to submit proof of these changes to have your premiums adjusted accordingly.
Additionally, if your income has decreased significantly since the two-year period used for IRMAA calculations, you may also be able to request a new calculation based on your current income. In some cases, beneficiaries may also qualify for a waiver of the IRMAA charges if they can demonstrate that paying the higher premiums would cause financial hardship.
It is important to note that the appeals process can be lengthy and complex, so it is advisable to seek assistance from a Medicare counselor or financial advisor who can help you navigate the process and ensure that your appeal is presented effectively.
In conclusion, while the increase in IRMAA premiums may be a burden for many Medicare beneficiaries, there are options available to appeal these charges and potentially reduce or eliminate them. By being proactive and seeking assistance when needed, you can ensure that your Medicare premiums are fair and reasonable based on your current financial situation.
My wife and I successfully filed our SSA-44 forms and got the IRRMA charges removed. I have one question that I can't seem to find the answer. The form, for 2024, basically requires you to list an income under $206k to have IRRMA completely removed. Since this amount is based on 2022 income, does this mean that this is the most I can make in 2024 without a retroactive charge for IRRMA? For example, if my income for 2024 is $212K (well under the projected estimates for the IRRMA limit for that year) will we be okay, or will we have a retroactive IRRMA charges since our income exceeded $206k? I can't find this answer anywhere and is very important to me since we are trying to maximize our ROTH conversions.
If SSA decides that IRMAA can be removed due to work stoppage; can they go back a year later and reverse that?
I got surprised last month (Nov 2023) because not being an accountant I misunderstood 'modified adjusted gross income' and thought it meant it was modified by me deducting my deductions. The problem was last year (2022) I sold my house and I had a good amount of capital gains. So, after the cap gains exclusions and such, my line 11 for the 2022 tax year had a big number. I had thought modified meant after I subtracted my itemized deductions which brought the number down to 5 digits. So, no, they looked at that 6-digit number and emailed me the notice about the IRMAA hit.
So, again, just to help folks who don't live and breathe tax forms and terms, the comparison is against line 11 of the 2022 tax year's 1040 form. They describe it as 'adjusted gross income.'
I will be working on my SSA-44 this weekend (they give you 60 days from the date of the letter to send in your form).
My husband gambled in 2022 and in the statement from the casino, it shows he won several hundred thousand dollars but he actually lost most of it. He had to declare what he won since he got the W2Gs from the casino, but in the win loss statement, it shows it lost most of it and ended up with much less. Is this reason enough the file an appeal? It is raising our Medicare payments over $400 each per month!