Depending on your income your monthly Part B or D premiums can be adjusted. This is known as Income Related Monthly Adjustment Amounts (IRMAA). Here is a quick rundown on the details for IRMAA for 2024.

IRMAA Explained

• Depending on your income, your monthly Part B or Part D premiums may be higher due to an Income-Related Monthly Adjustment Amount (IRMAA)
• Part B IRMAA started in 2007 as a result of the Medicare Modernization Act of 2003
• Part D IRMAA started in 2011 as a result of the Affordable Care Act of 2010

Eligible Income

• The income used to determine IRMAA is defined by Medicare as “adjusted gross income plus any tax-exempt interest”
• Also known as Modified Adjusted Gross Income
• Examples include:
  • Wages
  • Social Security Benefits
  • Capital Gains
  • Dividends & Pensions
  • Rental Income
  • Tax-deferred distributions from 401(k)s or IRAs

Part B IRMAA

If your yearly income in 2022 was:			You pay each month (in 2024)
File individual tax return	File joint tax return	File married & separate tax return
$103,000 or less	$206,000 or less	$103,000 or less	$174.70
$103,000 up to $129,000	$206,000 up to $258,000	Not applicable	$244.60
$129,000 up to $161,000	$258,000 up to $322,000	Not applicable	$349.40
$161,000 up to $193,000	$322,000 up to $386,000	Not applicable	$454.20
$193,000 up to $500,000	$386,000 up to $750,000	$103,000 up to $397,000	$559.00
$500,000 or above	$750,000 or above	$397,000 or above	$594.00

Part B Immunosuppressive Drug Coverage Only IRMAA

Starting in 2023, high-income beneficiaries that qualify for Part B immunosuppressive drug coverage after a successful kidney transplant will pay the following premiums, depending on their income:

If your yearly income in 2022 was:			You pay each month (in 2024)
File individual tax return	File joint tax return	File married & separate tax return
$103,000 or less	$206,000 or less	$103,000 or less	$103.00
$103,000 up to $129,000	$206,000 up to $258,000	Not applicable	$171.70
$129,000 up to $161,000	$258,000 up to $322,000	Not applicable	$274.70
$161,000 up to $193,000	$322,000 up to $386,000	Not applicable	$377.70
$193,000 up to $500,000	$386,000 up to $750,000	$103,000 up to $397,000	$480.70
$500,000 or above	$750,000 or above	$397,000 or above	$515.10

Part D IRMAA

If your yearly income in 2022 was:			You pay extra each month (in 2024)
File individual tax return	File joint tax return	File married & separate tax return
$103,000 or less	$206,000 or less	$103,000 or less	$0.00
$103,000 up to $129,000	$206,000 up to $258,000	Not applicable	$12.90
$129,000 up to $161,000	$258,000 up to $322,000	Not applicable	$33.30
$161,000 up to $193,000	$322,000 up to $386,000	Not applicable	$53.80
$193,000 up to $500,000	$386,000 up to $750,000	$103,000 up to $397,000	$74.20
$500,000 or above	$750,000 or above	$397,000 or above	$81.00

Do You Owe IRMAA?

• You will be notified by Social Security if you are required to pay IRMAA
• How to pay IRMAA:
  • Deduction from your monthly Social Security check, or
  • You’ll receive a bill from Medicare or the Railroad Retirement Board
• You will never be asked by your Medicare Advantage or Part D carrier for IRMAA payments

IRMAA Appeals

If you feel like you should not owe a Medicare Part B or Part D IRMAA, or you’ve had a major life changing event and your income has gone down, you can submit an appeal

• Form SSA-44 “Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event”
• Schedule an interview with your local Social Security office by calling 800-772-1213
• Bring along proof of your current income sources

Sources

• https://www.medicare.gov/your-medicare-costs/part-b- costs
• https://www.medicare.gov/drug-coverage-part-d/costs- for-medicare-drug-coverage/monthly-premium-for-drug- plans
• https://www.healthcareretirementplanner.com/2021/01/0 4/medicare-irmaa-the-history-and-possible-future/
• https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles

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