IRMAA – What It Is and What to Do About It

IRMAA stands for "Income-Related Monthly Adjustment Amount." It is an additional charge that some Medicare beneficiaries must pay for their Medicare Part B (medical insurance) and/or Part D (prescription drug coverage) premiums.

The IRMAA is based on your income as reported to the Internal Revenue Service (IRS) on your tax return from two years prior. If your income is above a certain level, you may have to pay an additional premium each month on top of your standard Part B and/or Part D premiums.

The IRMAA is designed to help Medicare cover the costs of providing benefits to beneficiaries. It is important to note that the IRMAA is not a penalty or a tax, but rather an additional cost of Medicare coverage for those who can afford to pay more.

If you are required to pay the IRMAA and your income or financial situation changes, you may be able to have the IRMAA amount adjusted or eliminated by submitting a request for reconsideration to the Centers for Medicare and Medicaid Services (CMS). This form is called the SSA-44 and can be located here.

We have a podcast episode dedicated to this topic, so please listen in.

And, if you prefer to read, we wrote this article for Advisor Perspectives.

Here are the 2024 charts showing you the income levels and related IRMAA surcharges:

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