IRMAA Medicare B and D
This post gives agents/brokers an opportunity to see what the current IRMAA Medicare B and D are. The letters IRMAA mean income-related monthly adjustment amount.
Although the document that is included in our link below is for 2018, the IRMAA limits are set to be the same for 2019. There is a good chance they will go up substantially in 2020.
If you have a client with a income higher than the chart specifies, the law requires that they pay an adjusted rate for both their Medicare Part B and their prescription drug coverage.
In reality, this higher rate effects only a very small percentage of people who are on Medicare.
Social Security will use your client’s most recent tax return to determine if they will pay the additional premium amount.
The IRS gives your tax return information to Social Security so they can determine your (MAGI). Your MAGI is your total adjusted gross income as well as your tax-exempt interest income. Clients who file married filing jointly who have a MAGI over $170,000 will have to pay more for both part B and Prescription drug coverage. Clients who are single have a MAGI of $85,000. Social Security sends out letter to anyone who will receive a higher premium amount.
If your client has a significant change in income, they can fill out a Form SSA-44 to request a reduction in payment amount. Some reasons for an income loss include; Marriage, Divorce, becoming a widow/widower as well as the loss of income earning property. You can find this form online at:
For more information, contact our office. You can reach us either by email at email@example.com or by phone at (203)796-5403.