IRMAA Part B
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WHAT IS THE IRMAA FOR PART B?
IRMAA stands for Income Related Monthly Adjustment Amount that represents the additional costs added to your monthly premium.
The higher your income, the more you will pay for your Medicare Part B premiums. The extra amount you pay in monthly premiums corresponds to your income level.
With no IRMAA, the Part B premium will be $148.50 in 2021. *These rates are subject to change. Contact us today to learn more.
HOW DO INCOME LEVELS CORRESPOND TO THE IRMAA IN 2021?
For those who file independently, the income brackets are split into:
● Less than $88,000 (Part B premium is $148.50)
● More than $88,000 up to $111,000 (Part B premium is $207.90)
● More than $111,000 up to $138,000 (Part B premium is $297.00)
● More than $138,000 up to $165,000 (Part B premium is $386.10)
● More than $165,000 but less than $500,000 (Part B premium is $475.20)
● Beyond $500,000 (Part B premium is $504.90)
For those who file jointly, the income brackets are:
● $176,000 or less ($148.50)
● More than $176,000 up to $222,000 ($207.90)
● More than $222,000 up to $276,000 ($297.00)
● More than $276,000 up to $330,000 ($386.10)
● More than $330,000 but less than $750,000 ($462.70)
● Beyond $750,000 ($504.90)
WHAT ELSE YOU WILL BE PAYING FOR PART B
Your IRMAA premium does not reflect the total amount you will be paying for Medicare Part B or the Part B services. Under IRMAA, you will pay a deductible, which is $203 as of 2021. *Rates are subject to change. Get in touch with us today to get the latest rates.
Once you pay your premium, a combination of Medicare and out-of-pocket expenses will cover the remaining costs of your outpatient services.
For further information about IRMAA premiums, contact our Medicare Specialist today.
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