WebMar 8, 2024 · Why Medicare Advisors Should Stay Up-to-date on IRMAA Thresholds. IRMAA, which stands for Income-Related Monthly Adjustment Amount, is the additional cost Medicare Beneficiaries pay on Medicare Part B and Part D premiums when their modified adjusted gross income is above a certain level. Chances are, no matter who your client is, … WebMedicare IRMAA is added to Part B & Part D premiums. IRMAA applies to individuals making more than $88,000 & couples making more than $176,000 a year in 2024. IRMAA has 5 …
Ask the Expert: Is Medicare surcharge threshold adjusted?
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WebFeb 17, 2024 · This is found by multiplying the current year’s standard Medicare part B premium by 4. We know this is true because the Medicare Board of Trustees has stated that the standard premium for part B is 25% or 1/4th of the Average expenditure. So for 2024, we take the standard premium of $148.50 and multiply it by 4 to get $594.00. WebSep 10, 2024 · If you land in one of the higher tax brackets during that time, you could pay extra Medicare Part B [ii] premiums to the tune of more than $4,000. If, at age 63, your adjusted gross income (AGI) is $88,000 or less for a single filer or $176,000 as a joint filer, you will pay the baseline Medicare Part B premium of $148.50 per person per month. WebApr 18, 2024 · Updates to 2024 Medicare IRMAA. Good news for retirees and Medicare recipients: For the first time in about a decade, premiums for Part B have decreased by about 3% in 2024. One area not often considered, however, is how much is paid into Medicare Part B and Part D monthly premiums. The amount you pay is based on your Modified Adjusted … bitstring bitarray python