Medicare

Medicare’s income-related monthly adjustment amount, commonly referred to as IRMAA, is an additional premium that applies to higher income individuals enrolled in Medicare. The purpose of IRMAA is to have higher-income beneficiaries pay more toward their healthcare coverage than lower-income beneficiaries.This article explains what it is, when it applies, and what you can do about it. What is IRMAA? IRMAA is an additional premium charge added to your Medicare Part B and Part D premiums when your income exceeds certain thresholds.  When Are You Subject to IRMAA? The Social Security Administration (SSA) uses a Modified Adjusted Gross Income (MAGI) to…