What is the Income Related Monthly Adjusted Amount?
The Income Monthly Adjusted Amount (IRMAA) refers to the additional cost attached to your monthly premium. The extra amount you pay is based on your Modified Adjusted Gross Income (MAGI) two years prior, as that directly relates to your annual earnings reported on your tax return. If you make less than a certain amount per year, then you will have no costs added to your monthly premium. This is targeted toward those who have a higher income.
What is it based on?
Your IRMAA is determined by your yearly income on your tax return the two years prior. Your MAGI is determined according to your annual earnings.
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What does it affect?
Your IRMAA affects your premium payments for Medicare Part B (outpatient coverage) and Part D (prescription drug coverage).
For further information about IRMAAs and how they impact premium costs, call me today at (407) 924-8109. You can also email me at firstname.lastname@example.org