IRMAA for Part B
What is the IRMAA?
IRMAA stands for Income Related Monthly Adjustment Amount. This amount is added to your monthly premium.
What influences this?
The extra amount you pay in monthly premiums corresponds to your income level. The higher your income, the more you will pay for your Medicare Part B premiums.
With no IRMAA, the Part B premium is $148.50 in 2021.
How do income levels correspond to the IRMAA in 2021?
The following format will be – amount earned (cost for Part B premium in 2021)
For those who file independently, the income brackets are split into:
- Less than $88,000 (Part B premium is $148.50)
- More than $88,000 up to $111,000 (Part B premium is $207.90)
- More than $111,000 up to $138,000 (Part B premium is $297.00)
- More than $138,000 up to $165,000 (Part B premium is $386.10)
- More than $165,000 but less than $500,000 (Part B premium is $475.20)
- Beyond $500,000 (Part B premium is $504.90)
For those who file jointly, the income brackets are split into:
- $176,000 or less ($148.50)
- More than $176,000 up to $222,000 ($207.90)
- More than $222,000 up to $276,000 ($297.00)
- More than $276,000 up to $330,000 ($386.10)
- More than $330,000 but less than $750,000 ($462.70)
- Beyond $750,000 ($504.90)
What else you will be paying for Part B
Your IRMAA does not reflect the total amount you will be paying for Medicare Part B or the Part B services. You still pay a deductible, which is $203 as of 2021. Once you pay that, you will be paying the remaining costs from your outpatient services after Medicare has covered what it can.
For further information about IRMAA as it relates to Part B, call me today at (407) 924-8109. You can also email me at email@example.com