While Medicare Part A is free for most people, Medicare Part B (medical insurance) and Medicare Part D (prescription drug insurance) come with a standard Medicare premium that most people have to pay.
The standard monthly premium for Part B (in 2022) is $170.10. Part D monthly premiums vary by plan.
Income-related monthly adjustment amounts (IRMAAs) – or surcharges – are applied on top of these monthly premiums to individuals with higher incomes. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you will be subject to IRMAA.
For 2022, Medicare beneficiaries enrolled in Medicare Part B and/or Part D who earn over $91,000 will see an IRMAA surcharge.
If your income has changed significantly between 2020 and 2021, your IRMAA surcharge could increase your payments by hundreds of dollars more than your standard Medicare premium.
Fortunately, there is a way to appeal IRMAA. This option is available to individuals who have experienced a life-changing event that resulted in the change to your income. This could include a marriage, divorce, death of a spouse, retirement, or loss of a pension.
If you meet any of the above criteria and are currently subject to IRMAA, you can fill out this form. You will also need to provide supporting documentation and submit it to the Social Security Administration. The good news is most appeals are approved as long as the requirements are met.
Learn More About Medicare Premiums
Need help determining if you’re being subjected to an IRMAA surcharge or need help filling out the appeal form? Our Medicare advisors at Medicare Choice Group can help.
Give us a call at (855) 482-0574 or connect with our team of experts online.