Medicare-age planning
IRMAA, the income-related monthly adjustment amount, is a surcharge added to Medicare Part B and Part D premiums for beneficiaries whose income exceeds set thresholds. The Social Security Administration determines it from modified adjusted gross income on the tax return filed two years earlier, using brackets that are updated each year.
IRMAA catches many new retirees by surprise, because the income that triggers it is from their final working years. A beneficiary whose income has dropped because of a life-changing event, such as retirement or the death of a spouse, can ask the Social Security Administration to reconsider using form SSA-44.
The Medicare IRMAA calculator does this math with the prospect's own numbers. For brokers, IRMAA questions are a strong signal of a higher-income prospect who may also be weighing annuity income, long-term care funding or HSA spending strategy, all of which have live calculators today.
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