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WHAT IS THE INCOME-RELATED MONTHLY ADJUSTED AMOUNT?
The Income Related Monthly Adjusted Amount (IRMAA) refers to the additional cost attached to your monthly premium. This policy is for individuals with a higher income who wouldn’t qualify for other plans based on income.
The extra amount you pay is based on your Modified Adjusted Gross Income (MAGI) two years prior, as that directly relates to your annual earnings reported on your tax return. Therefore, you will add no costs to your monthly premium if you make less than a certain amount per year.
HOW IS YOUR IRMAA PREMIUM CALCULATED?
Your IRMAA premium is determined by your yearly income on your tax return the two years prior. Your MAGI is determined according to your annual earnings.WHY IRMAA?
Your IRMAA affects your premium payments for Medicare Part B (outpatient coverage) and Part D (prescription drug coverage).
For further information about IRMAAs and how they impact premium costs, contact our Medicare Specialist today.
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