Q: How Much More Does Medicare Cost (IRMAA) for “High-Income” Recipients?
A: In 2021, most people on Medicare will pay a monthly premium of $148.50 per month for part B. However, high income seniors will pay more. This higher premium affects around 7% of Medicare beneficiaries. The increased premium is known as an Income Related Monthly Adjustment Amount (IRMAA).
Individuals who earn more than $88,000 (Modified Adjusted Gross Income) filing individually or $176,000 married filing jointly are assessed an IRMAA. Here is a chart that details the current Medicare Premiums and IRMAA thresholds.
These premiums are based on your income from two years prior. Sometimes, beneficiaries have now retired and are earning less than they were two years ago. In this scenario, they can file a reconsideration request with Social Security to appeal that higher Part B premium. Beneficiaries must provide proof of retirement and their new lower income.
Beneficiaries can check their estimated Medicare premiums by logging into their MyMedicare.gov account.