Some people are surprised when their Medicare premium is higher than the basic cost quoted in the press. IRMAA (Income-Related Monthly Adjustment Amount) is an additional premium based on your modified adjusted gross income (MAGI). It applies to Part B and D. It also applies if you belong to Kaiser’s Senior Advantage or any other Medicare Advantage plan (under Medicare C). This additional premium is not going to the insurance carrier but the government.
It is determined each year based on your MAGI from two years prior.
What is called “life changing events” may be used to dispute IRMAA charges. Examples are:
- Work stoppage (retirement)
- Death of a spouse
- Work reduction
- Employer pension plan fails
Be aware that you cannot have retroactive premium reductions. Documentation is also required. See: