Part B Premiums for Higher Income Individuals
QUESTION: How does the Income-Related Monthly Adjustment Amount (or IRMAA) affect me and my Medicare plan premiums?
ANSWER: Per the Social Security Administration, if you have higher annual income, you will pay an additional premium amount for your Medicare Part B (out-patient care) and your Medicare Part D prescription drug plan coverage. The Social Security Administration calls the additional monthly premium amounts the "income-related monthly adjustment amount".
QUESTION: What is the Income-Related Monthly Adjustment Amount (or IRMAA)?
ANSWER: If you are a person who has higher annual earnings, the Income-Related Monthly Adjustment Amount (or IRMAA) is an additional amount that you pay for your monthly Medicare Part D prescription drug plan premiums and your monthly Medicare Part B (out-patient or doctor visit coverage) premiums. See table below for adjustments.
Contact us if you have questions about Part B premiums.
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