{"id":1542,"date":"2022-09-15T19:48:26","date_gmt":"2022-09-16T02:48:26","guid":{"rendered":"https:\/\/krbenefits.com\/?p=1542"},"modified":"2022-09-15T19:48:26","modified_gmt":"2022-09-16T02:48:26","slug":"irmaas-into-b-d","status":"publish","type":"post","link":"https:\/\/krbenefits.com\/irmaas-into-b-d\/","title":{"rendered":"IRMAA&#8217;s into B &#038; D"},"content":{"rendered":"<style>.kt-sc_bfde74-f0 .kt-sc-imgcol, .kt-sc_bfde74-f0 .kt-sc-textcol{min-height:292px;}.kt-sc_bfde74-f0 .kt-sc-textcol{padding-top:24px;padding-right:24px;padding-bottom:24px;padding-left:24px;margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;}@media all and (max-width: 767px){.kt-sc_bfde74-f0 .kt-sc-imgcol, .kt-sc_bfde74-f0 .kt-sc-textcol{min-height:450px;}}<\/style>\n<div class=\"wp-block-kadence-splitcontent aligncenter kt-sc_bfde74-f0\"><div class=\"kt-split-content-wrap kt-sc-media-side-left\" style=\"grid-template-columns:57% auto\"><div class=\"kt-sc-imgcol kt-sc-imgcol-bg-auto kt-sc-img-side-left\"><figure class=\"kt-split-content-media-image wp-image-container-1545\"><img decoding=\"async\" src=\"https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060.jpg\" alt=\"\" width=\"1200\" height=\"1200\" class=\"kt-split-content-img wp-image-1545\" srcset=\"https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060.jpg 1200w, https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060-300x300.jpg 300w, https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060-1024x1024.jpg 1024w, https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060-150x150.jpg 150w, https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060-768x768.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/figure><\/div><div class=\"kt-sc-textcol kt-sc-text-valign-center kt-sc-text-halign-center\" style=\"min-height:292px\"><div class=\"kt-sc-innter-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading_eed652-31, .wp-block-kadence-advancedheading.kt-adv-heading_eed652-31[data-kb-block=\"kb-adv-heading_eed652-31\"]{line-height:30px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_eed652-31 mark, .wp-block-kadence-advancedheading.kt-adv-heading_eed652-31[data-kb-block=\"kb-adv-heading_eed652-31\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p class=\"kt-adv-heading_eed652-31 wp-block-kadence-advancedheading has-theme-palette-6-color has-text-color\" data-kb-block=\"kb-adv-heading_eed652-31\">Nothing Pops to mind when you hear the term IRMAA, does it?<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_be123d-ea, .wp-block-kadence-advancedheading.kt-adv-heading_be123d-ea[data-kb-block=\"kb-adv-heading_be123d-ea\"]{line-height:30px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_be123d-ea mark, .wp-block-kadence-advancedheading.kt-adv-heading_be123d-ea[data-kb-block=\"kb-adv-heading_be123d-ea\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p class=\"kt-adv-heading_be123d-ea wp-block-kadence-advancedheading has-theme-palette-6-color has-text-color\" data-kb-block=\"kb-adv-heading_be123d-ea\"><strong>IRMAA\u00a0<\/strong>was enacted in 2003 as a provision of the Medicare Modernization Act. The provision applied only to high-income enrollees of Medicare Part B. <\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_c2b499-f6, .wp-block-kadence-advancedheading.kt-adv-heading_c2b499-f6[data-kb-block=\"kb-adv-heading_c2b499-f6\"]{line-height:30px;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_c2b499-f6 mark, .wp-block-kadence-advancedheading.kt-adv-heading_c2b499-f6[data-kb-block=\"kb-adv-heading_c2b499-f6\"] mark{font-style:normal;color:#f76a0c;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p class=\"kt-adv-heading_c2b499-f6 wp-block-kadence-advancedheading has-theme-palette-6-color has-text-color\" data-kb-block=\"kb-adv-heading_c2b499-f6\">In 2011,\u00a0<strong>IRMAA\u00a0<\/strong>was expanded under the Affordable Care Act to include high-income enrollees of Medicare Part D as well.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<p>Since 2007, a beneficiary\u2019s Part B monthly premium is based on his or her income. These income-related monthly adjustment amounts affect roughly 7 percent of people with Medicare Part B. Most of them are the younger retirees who still are generating income.<\/p>\n\n\n\n<p>You&#8217;re turning age 65, you&#8217;ll have a 7-month window of time when you can <a href=\"https:\/\/www.ssa.gov\/benefits\/medicare\/\" data-type=\"URL\" data-id=\"https:\/\/www.ssa.gov\/benefits\/medicare\/\" target=\"_blank\" rel=\"noopener\">sign up for Medicare<\/a>. It&#8217;s called your Initial Enrollment Period \u2013 or IEP for short. Your IEP includes your 65th birthday month, the 3 months before and the 3 months after.<\/p>\n\n\n\n<p>You&#8217;ve been paying for Medicare with every dollar you&#8217;ve earned through Federal Insurance Contributions Act <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc751\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.irs.gov\/taxtopics\/tc751\" rel=\"noreferrer noopener\">(FICA) wage taxes<\/a>. This year the government nabs 1.45% of your efforts to support Medicare. <\/p>\n\n\n\n<p>You would think that would suffice, but no. <a href=\"https:\/\/www.medicare.gov\/basics\/costs\/medicare-costs\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.medicare.gov\/basics\/costs\/medicare-costs\" rel=\"noreferrer noopener\">You\u2019ll pay the higher premium<\/a> if your income from 2 years ago, is more than:<\/p>\n\n\n\n<ul><li>\u00a0$91,000 in 2022, if you file an individual tax return or are married and file separately<\/li><li>$182,000 in 2022, if you are married and file a joint tax return<\/li><\/ul>\n\n\n\n<p>The Part B base premium is $170.10 each month\u00a0but can go as high as $578.30 for the top earners. These top earning folks will also pay an additional $12.40 &#8211; $77.90 for their Medicare Part D premium. <a href=\"https:\/\/www.urbandictionary.com\/define.php?term=yowzers\" data-type=\"URL\" data-id=\"https:\/\/www.urbandictionary.com\/define.php?term=yowzers\" target=\"_blank\" rel=\"noreferrer noopener\">Yowzers<\/a>!<\/p>\n\n\n\n<p>You won\u2019t have to take any additional action to pay the surcharges associated with the IRMAA. They will be automatically added to your premium bills! How cool is that!<\/p>\n\n\n\n<p>However, you can appeal IRMAA surcharges. The appeal is for <a href=\"https:\/\/store.gocomics.com\/wp-content\/uploads\/2020\/12\/crisis-clinic-product-image-scaled.jpg\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/store.gocomics.com\/wp-content\/uploads\/2020\/12\/crisis-clinic-product-image-scaled.jpg\" rel=\"noreferrer noopener nofollow\">certain life changing events<\/a>\u2014marriage, divorce, death, work reduction or stoppage, pension default, etc. If you have one of these events and an appeal is filed, you have a decent chance that your IRMAA will be readjusted and you won\u2019t have the government vacuuming your wallet. This is super important to know for the first year of retirement because your income may have considerably dropped.<\/p>\n\n\n\n<p>Now you know your way around the Income Related Monthly Adjusted Amount and it&#8217;s horrible effects on Medicare Part B and D premiums. If you&#8217;re walloped with an IRMAA and are good at telling tales of woe, maybe you can get out of it and get the extra charges dropped. Good luck.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IRMAA stands for Income-Related Monthly Adjustment Amount. Many  pay premiums for Medicare Parts B and D, but high income enrollees may pay more.<\/p>\n","protected":false},"author":1,"featured_media":1545,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[36,35],"tags":[34,32,33],"taxonomy_info":{"category":[{"value":36,"label":"IRMAA"},{"value":35,"label":"Medicare"}],"post_tag":[{"value":34,"label":"FICA"},{"value":32,"label":"IRMAA"},{"value":33,"label":"Medicare"}]},"featured_image_src_large":["https:\/\/krbenefits.com\/wp-content\/uploads\/2022\/09\/IMG_0060-1024x1024.jpg",1024,1024,true],"author_info":{"display_name":"Kevin Roberts","author_link":"https:\/\/krbenefits.com\/author\/kwebsite\/"},"comment_info":"","category_info":[{"term_id":36,"name":"IRMAA","slug":"irmaa","term_group":0,"term_taxonomy_id":36,"taxonomy":"category","description":"","parent":35,"count":1,"filter":"raw","cat_ID":36,"category_count":1,"category_description":"","cat_name":"IRMAA","category_nicename":"irmaa","category_parent":35},{"term_id":35,"name":"Medicare","slug":"medicare","term_group":0,"term_taxonomy_id":35,"taxonomy":"category","description":"","parent":0,"count":1,"filter":"raw","cat_ID":35,"category_count":1,"category_description":"","cat_name":"Medicare","category_nicename":"medicare","category_parent":0}],"tag_info":[{"term_id":34,"name":"FICA","slug":"fica","term_group":0,"term_taxonomy_id":34,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":32,"name":"IRMAA","slug":"irmaa","term_group":0,"term_taxonomy_id":32,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":33,"name":"Medicare","slug":"medicare","term_group":0,"term_taxonomy_id":33,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/posts\/1542"}],"collection":[{"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/comments?post=1542"}],"version-history":[{"count":3,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/posts\/1542\/revisions"}],"predecessor-version":[{"id":1548,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/posts\/1542\/revisions\/1548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/media\/1545"}],"wp:attachment":[{"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/media?parent=1542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/categories?post=1542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/krbenefits.com\/wp-json\/wp\/v2\/tags?post=1542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}