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Medicare premiums are income-based for some individuals. If your income exceeds certain thresholds, you may pay an additional amount known as IRMAA—the Income-Related Monthly Adjustment Amount.
🌿 What Is IRMAA?
IRMAA is an extra charge added to your Medicare premiums based on your income reported to the Social Security Administration.
It applies to:
- Medicare Part B (medical insurance)
- Medicare Part D (prescription drug coverage)
This means higher-income individuals may pay more than the standard premium.
⚙️ How IRMAA Works
For Medicare Part B:
- IRMAA is added directly to your monthly premium
- You’ll see the total combined amount billed
For Medicare Part D:
- IRMAA is paid separately to Medicare
- It is not included in your plan’s premium
This distinction is important and often misunderstood.
💡 When IRMAA May Apply
IRMAA is based on your income from two years prior (for example, your 2026 premium is based on your 2024 income).
If your income exceeds certain thresholds, IRMAA will automatically be applied.
🔄 Can IRMAA Be Reduced?
Yes—if your income has changed due to certain life events, you may qualify for a reconsideration.
Common qualifying events include:
- Retirement
- Loss of income
- Divorce
- Death of a spouse
You can request a review through the Social Security Administration, which may lower or remove your IRMAA.
🌟 Why This Matters
IRMAA can significantly increase your Medicare costs if you’re not prepared.
Understanding how it works allows you to:
- Plan ahead financially
- Avoid surprises
- Take action if your situation changes
Not sure if IRMAA applies to you?
We’ll review your income, explain your costs, and help you explore ways to reduce your Medicare expenses.
