IRMAA For Part D

WHAT IS IRMAA FOR PART D?

IRMAA, whether it be for Part B or Part D premiums, is assigned based on your yearly income on your tax return in the two years before the current year.

The amount added is given according to the same income brackets for Part B. Also, note that you will have an IRMAA for Part B premium because your income applies to both circumstances.

HOW DO INCOME LEVELS CORRESPOND TO THE IRMAA IN 2023?

Medicare Part D premiums vary depending on the plan. There is no standard premium like there is for Part B. So, the additional costs will be given in reference to the amount paid extra, not including the Part D premium.

For those filing independently, the income brackets are:   

• Less than $97,000 (Nothing added to your Part D premium)
• More than $97,000 up to $123,000 (You pay an additional $12.20)
• More than $123,000 up to $153,000 (You pay an additional $31.50)
• More than $153,000 up to $183,000 (You pay an additional $50.70)
• More than $183,000 but less than $500,000 (You pay an additional $70.00)
• Beyond $500,000 (You pay an additional $76.40)

For those filing jointly, the income brackets are:     

• Less than $194,000 (Nothing added to your Part D premium)
• More than $194,000 up to $246,000 (You pay an additional $12.20)
• More than $246,000 up to $306,000 (You pay an additional $31.50)
• More than $306,000 up to $366,000 (You pay an additional $50.70)
• More than $366,000 but less than $750,000 (You pay an additional $70.00)
• Beyond $750,000 (You pay an additional $76.40)

To get your questions answered and learn more, reach out to our Medicare Specialist today.