Medicare IRMAA 2024
Agents need to understand what the Medicare IRMAA 2024 will be in order to advise their clients accordingly.
IRMAA explained
IRMAA is an additional charge that may be added to a beneficiaries Medicare Part B and or Medicare Part D premium. An IRMAA applies to certain individuals whose income level is above a pre-determined amount. Income amounts are decided annually on a sliding scale and include 5 different income brackets. If the Social Security administration determines a client must pay an IRMAA, they will send a premium notice that includes an explanation of the charge.
The IRMAA amounts are based on the beneficiaries’ income from 2 years before the present year. For example: a 2024 IRMAA is based on the beneficiary’s income from 2022. Because income changes from year to year, the IRMAA amount can also change accordingly.
Determination of both Part B and Part D total premiums can be calculated by adding the current Part B premium ($174.70 in 2024) to your IRMAA amount. This works the same way for your current Part D IRMAA amount and premium.
Part B & Part D IRMAA income brackets & surcharge amounts 2024
|
Single
|
Married Filing Jointly
|
Married Filing Separately
|
Part B Premium
|
Part D IRMAA
|
|---|---|---|---|---|
|
$103,000 or less
|
$206,000 or less
|
$103,000 or less
|
$174.70
|
$0 + your plan premium
|
|
$103,000 up to $129,000
|
$258,000 up to $322,000
|
N/A
|
$349.40
|
$12.90 + your plan premium
|
|
$129,000 up to $161,000
|
$246,000 to $306,000
|
N/A
|
$329.70
|
$33.30 + your plan premium
|
|
$161,000 up to $193,000
|
$322,000 up to $386,000
|
N/A
|
$454.20
|
$53.80 + your plan premium
|
|
$193,000 and less than $500,000
|
$386,000 and less than $750,000
|
$103,000 and less than $397,000
|
$559.00
|
$74.20 + your plan premium
|
|
$500,000 or above
|
$750,000 and above
|
$397,000 or above
|
$594.00
|
$81.00 + your plan premium
|
Please note: The IRMAA for married Medicare beneficiaries who file separate tax returns are higher if they lived together for any amount of the year.
How to make your Medicare IRMAA 2024 payment
Because there are 2 separate IRMAAs (Part B & Part D) the payments are handled differently. The IRMAA for Part B is added to your monthly premium bill automatically.
Part B IRMAA
Here are a few ways to pay your Part B IRMAA
- Send your payment to Medicare through the mail. You can send either a check, money order or credit or debit card information by filling out the coupon attached to the bottom of your bill. If you are sending payment without the coupon, be sure to put your Medicare number in the memo of the check. Send payments in the return envelope that comes with your invoice and mail payments to Medicare Premium Collection Center, P.O. Box 790355, St Louis , MO 63179-0355.
- The quickest way to pay is online with your secure Medicare account. You can use a credit or debit card or pay through either your checking or savings account.
- Use Medicare Easy Pay to have Medicare deduct your premiums from your savings or checking directly each month. Please note; it can take up to 8 weeks for automatic deductions to begin. Be sure you pay the premiums another way until it is set up. You can also use your bank’s online bill payment service if they offer one.
Part D IRMAA
On the other hand, you must pay the IRMAA for Part D directly to Medicare. The beneficiary must pay it even if their employer or a third party (e.g., retirement system) pays their Part D premiums. They receive a monthly bill from Medicare for the Part D IRMAA. This amount can be paid using the same method used to pay for their Part B premium.
Usually, beneficiaries receive the bill the same month it is due. The premiums are always due on the 25th of each month. In the event that you miss a payment, or it is sent in late, it will be included with the next bill.
Medicare IRMAA 2024- how to request a redetermination
The SSA (Social Security Administration) bases their determination of who owes an IRMAA on the income reported on tax returns from the 2 years before you pay the IRMAA. If SSA does decide you owe an IRMAA, they send you an initial determination notice. When you receive this notice, you will also get information explaining how to request a new initial determination.
If Social Security receives a new initial determination, they may revise the amount owed or take the IRMAA away all together. To request the redetermination, either schedule an appointment with your local Social Security office or submit the following form:
Medicare IRMAA Life-Changing Event form
You need to provide documentation of your correct income or of the life-changing event that has affected your income level in a negative way.
Here are examples of acceptable life-changing events:
- Death of a spouse, a divorce or annulment or a marriage
- If either spouse stops or reduces the number of hours they work
- When either spouse loses a pension
- Loss of income due to income producing property loss because of a natural disaster, fraud or similar circumstances
If you had an amended tax return, you can call the representatives at SSA +1 800-772-1213 and say you want to lower your (IRMAA) Medicare Income-Related Monthly Adjustment Amount. Use the fact that Social Security used outdated or incorrect information when calculating your IRMAA.