Letters will go out soon for those who will have to pay extra next year for their Part B and D premiums.
If you have a question about IRMAA or recently got a letter from Social Security about it, let me know. You can write to [email protected]. He runs a consulting company that analyzes whether an individual’s financial situation is going to trigger surcharges on Medicare Parts B and D called Income-Related Monthly Adjustment Amounts .
The brackets are set each year and there are six tiers for each filing type. For 2023, the standard Part B premium is $164.90 per individual. The first IRMAA tier adds an additional $65.90 per month, adding up to $230.80. For Part D it’s an additional $12.20 on top of the premium, which can vary. The highest income tier pays $560.50 for Part B and $76.40 extra for Part D.
“You don’t know where the goal post is,” said Sit. “Your Medicare premium in two years is based on your income this year but the thresholds won’t be published until late next year. You can only shoot in the dark. The cliffs make it worse. If you overshoot an unknown threshold by a small amount, you get into the next tier and that will cost you $1,000 or more.”
“When you see the 2023 batch of IRMAA letters go out this fall, it’ll be staggering,” Cheney said. “People have no idea they’re coming.” Another fix is to file an appeal with form SSA-44 if your circumstances have changed or your income was temporarily high. There are a handful of circumstances that qualify, such as a divorce, death of a spouse, job loss and illness. Roberts helped her own mother file an appeal. “She retired, and we were able to show them documentation of her retiring and got that lowered sooner,” Roberts said.
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