A spike in income could result in costly IRMAA charges on your Medicare premiums. We ask financial planning experts for ...

The IRMAA surcharge may impact millions more Medicare retirees, making it important to understand and manage its financial ...

When it comes to Medicare, premiums don’t always stop at the standard rate. If your income exceeds certain thresholds, you may pay more through the income-related monthly adjustment amount, better ...

The income-related monthly adjustment amount (IRMAA) is a surcharge that Medicare adds to a person's premiums. It relates to their income. Learn more here.

IRMAA also applies if you’re enrolled in Medicare Part D, which is the separate drug prescription plan, though some Medicare Advantage plans fold in prescription coverage.

In 2024, the IRMAA for single taxpayers with incomes greater than $103,000 and less than or equal to $129,000 (between $206,000 and $258,000 for joint returns) will be $69.90 for Part B and $12.90 ...

The IRMAA surcharge is applied over the standard premium amounts for Part B and Part D, making it a key factor in the overall cost of Medicare for higher-income beneficiaries. This extra cost can ...

Sale of Residence IRMAA Planning As an example, let’s suppose you’re married, are considering selling your home in 2022 for $1.5 million, and will have a taxable gain of $600,000 after using ...

Meet IRMAA. This is not a senior’s dating site, but every senior on Medicare should be intimately familiar with IRMAA — the initials that stand for "income-related monthly adjustment amount." ...

Therefore, how much you pay for Medicare premiums, and IRMAA, is determined by your tax returns from two years prior. For instance, your 2024 premiums are based on your 2022 tax return, and so on.

Medicare IRMAA alone is a great reason to seek out proactive tax-planning guidance in retirement. Late last November, IRMAA notifications were mailed out by the Social Security Administration.

The IRMAA is a surcharge, derived from a person’s annual income, which Medicare adds to the basic Medicare Part B and Part D premiums. The IRMAA depends on someone’s income bracket and whether ...