IRMAA Planning

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PFM Elite

If you're a higher-income Medicare beneficiary, you may have heard of IRMAA. It's a surcharge added to your monthly Medicare premium based on your income. IRMAA stands for Income-Related Monthly Adjustment Amount. It's an extra fee tacked onto your Medicare Part B and Part D premiums if your modified adjusted gross income (MAGI) exceeds certain thresholds. Think of it as a "wealth tax" on Medicare.

IRMAA applies to both Medicare Part B (medical insurance) and Part D (prescription drug coverage). If you're hit with IRMAA, you'll pay a higher monthly premium for these parts of Medicare. The surcharge is based on a sliding scale - the more you make, the more you pay. 

The Social Security Administration (SSA) determines your IRMAA each year. They look at your tax returns from two years prior to make the IRMAA determination. Your MAGI is compared to the income brackets set by Medicare. If it's above the base amount you'll owe an IRMAA surcharge on top of your regular monthly premium. The surcharge amount depends on which income bracket you fall into.

Use the links below to schedule a brief initial consultation, access our IRMAA calculator, attend our IRMAA workshop or download the IRMAA overview. Let's keep more of your hard-earned cash where it belongs – in your pocket.

This is the future of Medicare...

There is no fee for this introductory consultation. An advisory relationship is established only through a written agreement.