Ryan Wheless discusses the stealth tax, Medicare IRMAA, and how it can impact your Premiums.
Medicare IRMAA stands for Income-Related Monthly Adjustment Amount. It is an additional premium that some Medicare beneficiaries are required to pay for their Part B (medical insurance) and/or Part D (prescription drug coverage) coverage.
Medicare IRMAA is based on the beneficiary’s modified adjusted gross income (MAGI), which is their adjusted gross income plus any tax-exempt interest income. If a beneficiary’s MAGI falls above certain thresholds, they may be required to pay an IRMAA.
The IRMAA amount is determined by the Centers for Medicare and Medicaid Services (CMS) and is based on a sliding scale. The higher a beneficiary’s MAGI, the higher their IRMAA will be.
IRMAA is an additional cost to Medicare beneficiaries and can be a significant financial burden for some. If you are required to pay IRMAA and are concerned about the cost, you may be able to request a hardship exemption or appeal the IRMAA determination.
It is a good idea to speak with a Medicare representative or a financial advisor for more information about IRMAA and your options for addressing it.
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