Medicare IRMAA (income-related monthly adjustment amount) is an important part of the Medicare program. It helps to ensure that people with higher incomes pay more for their Part B and Part D coverage. The IRS recently released the new IRMAA amounts for 2022, and there are some changes this year. In this blog post, we will discuss the new Medicare IRMAA amounts for 2022 and how they will impact your Part B and Part D coverage.
Medicare Part B Basics
Part B is one of two parts of Medicare. Also, Part B covers doctor visits, outpatient care, and some preventive services. Part B also covers some durable medical equipment (DME), like wheelchairs and walkers.
If you have Part B, you usually pay a monthly premium for your coverage. The standard Part B premium is $148.50 in 2021. Most people will pay the standard Part B premium in 2022 of $170.10
The Medicare IRMAA is an additional premium that some people have to pay for Part B coverage. If your yearly income is above a certain amount, you may have to pay the Medicare IRMAA. The Medicare IRMAA is based on your modified adjusted gross income (MAGI) from two years ago. For example, the Medicare IRMAA for 2022 is based on your 2020 MAGI.
The Medicare IRMAA for Part B in 2022
If your yearly income is above $88,000 (or $176,000 if you are married and file a joint tax return), you may have to pay the Medicare IRMAA for Part B. The Medicare IRMAA for Part B in 2022 is $54.90 per month. This is an increase of $13.40 from the 2021 Medicare IRMAA of $41.50 per month.
The Medicare IRMAA for Part D in 2022
If your yearly income is above $88,000 (or $176,000 if you are married and file a joint tax return), you may have to pay the Medicare IRMAA for Part D. The Medicare IRMAA for Part D in 2022 is $76.20 per month. This is an increase of $16.50 from the 2021 Medicare IRMAA of $59.70 per month.
How the Medicare IRMAA Affects Your Coverage
The Medicare IRMAA is an additional premium that you may have to pay for your Part B or Part D coverage. If your income is above a certain amount, you will have to pay the Medicare IRMAA. The amount of the Medicare IRMAA is based on your income from two years ago.
Is There Anything That Offsets IRMAA?
Yes, two things may offset the Medicare IRMAA:
The Part B Premium Adjustment – If your income decreases, you may be able to get a refund for some or all of the Medicare IRMAA that you paid.
With the Part D Low-Income Subsidy (LIS) – If your income is below a certain amount, you may be eligible for the Part D LIS. The Part D LIS will help to pay for your Part D premiums and other out-of-pocket costs.
If you have any questions about the Medicare IRMAA or how it affects your coverage, please contact us. We would be happy to help!
Can A Part B Give-Back Plan Help with IRMAA?
A Part B give-back plan is a type of Medicare Advantage Plan that helps to lower your monthly Part B premium. If you enroll in a Part B give-back plan, the plan will pay back some or all of your Medicare IRMAA. This can help to lower your monthly Part B premium and make it more affordable.
How Quick Would The Part B Give-back kick in?
The Part B give-back would typically kick in on the first day of your Part B coverage. So, if you enroll in a Part B give-back plan on January 15th, your plan will pay back some or all of your Medicare IRMAA for that month.
If you are interested in learning more about Part B give-back plans, please contact us. We would be happy to help you find a plan that meets your needs.
Thank you for reading! We hope this blog post has helped understand the Medicare IRMAA and how it may affect your Part B or Part D coverage. With the economy being as bad as it has been it is hard for people to stomach all the costs that are being added on with medicare. If you have any questions, please don’t hesitate to contact us.