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Appealing Income Related Monthly Adjustment Amounts (IRMAA) can result in your clients paying lower Part B and Part D premiums IF their income has changed.

11/12/2021

1 Comment

 
Over 4 million Medicare beneficiaries pay income-related adjustment amounts (IRMAA) for their monthly Part B and Part D premiums due to their higher income levels. Most beneficiaries don't pay Part A premiums because they (or their spouse) worked for at least 10 years and paid Medicare taxes. However, people who do buy Part A will pay a premium of either $274 or $499 each month in 2022 depending on how long they or their spouse worked and paid Medicare taxes.

The standard monthly Part B premium for 2022 will be $170.10, which is what most Medicare beneficiaries will pay. For higher earners, that amount will range from $238.10 - $578.30, depending on their income level.

​Part D surcharges next year will range from $12.40 to $77.90 (that’s in addition to any Prescription Drug Plan premium they may pay as well).
These surcharges are based on your clients' tax returns from two years prior - which may not accurately reflect their current financial situation.
Medicare clients with agent
If your clients' income has changed significantly, they can appeal those income-related adjustment amounts by completing the Social Security Administration's Life Changing Event form AND by providing proof that their income has changed, which can include:
  • A more recent tax return
  • A letter from their former employer stating they've retired
  • Current pay stubs

​Talk to your clients if they've recently retired or had a change in income. They may qualify for lower Part B and Part D premiums.

Learn more about Medicare costs by visiting Medicare.gov/
your-medicare-costs
By Carolyn Portanova
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1 Comment
Thom Styron link
12/15/2021 11:41:49 am

This is great information, for those high income workers, that have now retired on a lesser income, but having to pay the high income premium adjustment for Medicare Part D Rx.

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    Carolyn Portanova is the Director of Marketing at The Brokerage Resource and has been with the firm since 2012. 

    She oversees all marketing and communications for the organization and works closely with the firm's independent agents and advisors to help them promote their own brands.

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