Are you paying more than the base Part B Premium of $144.60/month?
If so, this is most likely because your income is above the base level amounts for the Part B Premiums ($87,000 / year for single, or $174,000 /year for joint filers).
These Income Related Monthly Adjustment Amounts (IRMAAs) are intended to have higher income earners pay a higher portion of their Part B (and Part D) expenses to the government.
Here is a short video that helps explain the IRMAAs as well.
Since we haven't filed our 2019 Tax Returns yet, the government uses the 2018 Tax Return to determine the 2020 Premiums. For some individuals, they may be eligible to appeal the IRMAAs if they had a qualifying event since 2018. The types of life events that could qualify for an appeal are below:
Here is a link to the form SSA-44 that you can use to Appeal the IRMAAs if you had one of the key qualifying events in a prior year's income that was used to determine your IRMAA.
You must start the appeal process within 60 days of receiving the letter from the government about the IRMAA, so if you received the IRMAA letter in December, your appeal window may be running out.
You can give us a call if you have any questions and/or if you would like to review your Medicare Supplement Plans to make sure you have the most cost-effective options.
Call now -
908-272-1970 (Cranford Office) or
856-866-8900 (Moorestown Office)
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