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Your Quarterly Medicare Newsletter

Your Quarterly Medicare Newsletter

December 04, 2023

Understanding the Income-Related Monthly Adjustment Amount (IRMAA)

IRMAA is essentially a surcharge added to your Medicare Part B and Part D premiums if your income is over a certain amount. 

This adjustment is based on your prior, prior tax filing. That's two years back from the effective year. So for example, IRMAA surcharges that apply for 2024 will be based on your tax filing for 2022. 

If you are being charged an IRMMA payment, and you've experienced a "life-changing event", you may request a reduction using form SSA-44. Find a copy HERE

To learn more, visit the official Social Security website at

How to determine if you'll be subjected to IRMAA and estimating that surcharge

Click here for a flowchart!

What can you do to help avoid IRMAA, initially and/or in future years?

For clients whose assets we manage, and for clients currently engaged in advanced financial planning, we offer Tax Planning! IRMAA is one of the items we assess, as part of a 12-point tax review. We look to see if you are likely to be subject to IRMAA in a future year, and if there are any opportunities to avoid this surcharge. Learn more on our Tax Planning page, here: