What is an IRMAA?
An IRMAA is Medicare's additional costs associated with premiums for Part B & D that some individuals may face. It is the income related monthly adjustment amount that Medicare determines you may potentially face if your income falls within one of the five sliding scale brackets for 2024. Medicare and Social Security will look at your household tax return from two years prior to the current year in order to determine if you will face an IRMAA for the current year. Social Security will then send you a notice to explain your IRMAA charges.
Below are the brackets for Medicare's 2024 IRMAA for Medicare both Parts B & D:
Requesting A IRMAA Redetermination:
When Social Security sends you your initial IRMAA determination notice, they will also include information explaining how to a redetermination. In order to receive a redetermination of your IRMAA Part B & D premiums you must provide accurate and current documentation of your current income and what life changing event took place that caused your income level to change. Some examples of life changing events include; death of spouse, divorce, loss of pention, retirement from work.
Conclusion:
The IRMAA concept can be confusing to some and hard to get a grasp of, if you need assistance assessing your situation and how the IRMAA can or is affecting you, reach out to a Poindexter representative today.
