Home    News & Publications    Additional Medicare Premiums

Additional Medicare Premiums

March 06, 2019

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
  • Marriage
  • Divorce
  • Work reduction
  • Employer pension plan fails

Be aware that you cannot have retroactive premium reductions. Documentation is also required. See:

https://www.ssa.gov/forms/ssa-44.pdf

https://www.ssa.gov/pubs/EN-05-10536.pdf

IN THE MEDIA

Financial Connections makes its staff available to journalists to share knowledge.

READ MORE

ABOUT FEE-ONLY SERVICES

No Hidden Costs. No Referral Fees. No Commissions.

As a fiduciary, we put our clients' interests first. Our compensation comes exclusively from you. If we don't directly provide a particular service, we can serve as a resource for referrals to other professionals.

Download the fee schedule Download Disclosure Form ADV Parts 2 & 3