Medicare bases your premium on your latest tax return filed with the IRS. For example, when your 2024 Part B and D premiums were determined (likely occurred in October/November 2023), Medicare used your 2022 tax return to track income. If you are married...
IRMAA stands forIncome Related Monthly Adjustment Amount. It’s a surcharge on Medicare’s base premium for parts B and D. The government uses information from the IRS to determine if you must pay more for Medicare as well as IRMAA surcharges and how much to take out of your Social Sec...
THIS IS THE LAST year that my income won’t affect my Medicare premiums. At issue is IRMAA, or income-related monthly adjustment amount, which is the premium surcharge for Medicare Part B and Part D if you exceed certain income thresholds. The surcharge is based on your modified adjustment...