2023 Medicare “Income Related Monthly Adjustment Amount” to Part B and Part D Premiums
The 2023 standard monthly premium for Medicare Part B beneficiaries is $164.90.
However, it seems from the number of client calls we have received this week many will be charged an additional Income Related Monthly Adjustment Amount (IRMAA) for Parts B and D and are learning about this now for the first time.
Simply put, your 2023 Medicare Parts B and D premiums can be higher or lower than the standard $164.90 based on your income.
- Higher? Yes. If the Adjusted Gross Income on your 2021 tax filing exceeded $97,000 ($194,000 joint) your 2023 Medicare Parts B and D premiums are increased. This will be withheld from your 2023 Social Security benefit or, as in my case, reflected in the paper bill.
- Lower? Yes. If your 2023 annual income is below 186% of the Federal Poverty Level you will be eligible for the Medicare Savings QI Program, regardless of assets, and will not be paying any Part B premium.
Some tips:
- If you are being charged IRMAA and had a life-changing event that resulted in a reduction in your income, you may be eligible for a reduction in IRMAA. Call Social Security at 1-800-772-1213 for the SSA-44 form.
- Check with your financial planner and/or tax preparer to confirm whether your 2022 tax filing will include income and gains that will trigger a 2024 IRMAA.
- Or, if your 2023 monthly income is below $2260 individual / $3057 couple schedule a telephone or Zoom call with me and we can review whether you are eligible for the Medicare Savings QI Program.
- And, share this post with family or friends who may be unaware of IRMAA or NY Medicare Savings QI Program.
Questions?
Our licensed, independent and certified agents are available to answer your questions about Parts A, B, IRMAA and other Medicare topics. Send us a note below to request an individual consultation.
Some related links:
1) https://www.medicare.gov/your-medicare-costs/part-b-costs
2)https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/monthly-premium-for-drug-plans
3) https://dgalcorn.com/faq/irmaa/
4) New York State Medicare Savings Program https://www.health.ny.gov/health_care/medicaid/program/update/savingsprogram/
5) Medicare Savings QI Program
https://www.medicareinteractive.org/get-answers/cost-saving-programs-for-people-with-medicare/medicare-savings-programs-qmb-slmb-qi/medicare-savings-programs-in-new-york