What does IIRMA stand for?
IRMAA stands for Income-Related Monthly Adjustment Amount. It is a surcharge added to Medicare Part B and Part D premiums for beneficiaries with higher incomes, based on tax return data from two years prior. It acts as a means-test, requiring wealthier retirees to pay a larger share of their coverage costs.
· What it Covers: IRMAA applies specifically to Medicare Part B (medical insurance) and Part D (prescription drug coverage) premiums.
Can you appeal IIRMA
Yes, you can appeal an Income-Related Monthly Adjustment Amount (IRMAA) determination if you have experienced a life-changing event that reduced your income (such as retirement, marriage, divorce, or death of a spouse) or if the Social Security Administration (.gov) used incorrect or outdated tax information. You must file Form SSA-44 to request a new decision.
Do you have to pay IIRMA as long as you are on Medicare?
No, an IRMAA (Income-Related Monthly Adjustment Amount) surcharge does not stay on forever. It is reevaluated annually based on your tax return from two years prior. If your income drops below the threshold in a future year, the surcharge will decrease or be eliminated
More questions John Potter at 425-381-2901 or john@holmesharborinsurance.com