Senior Advisors
  • Home
  • FREE Quotes
  • About YOU
    • Turning 65, Ready to enroll?
    • Working Past Age 65?
    • Already on Medicare, Looking to Save Money?
    • Currently on a Retiree Plan?
  • About Us
  • Products
    • Medicare Supplements & Medicare Advantage >
      • Medicare Supplement - Plan F >
        • Plan F (2022)
        • Plan F (2023)
      • Medicare Supplement - Plan G >
        • Plan G (2022)
        • Plan G (2023)
      • Medicare Supplement - Plan N >
        • Plan N (2022)
        • Plan N (2023)
    • Medicare Part D - Prescription
    • Medicare & Dental
    • International Travel
    • Long-Term Care Insurance
    • Cancer and Heart Attack or Stroke Insurance
    • Medigap Plans
  • Workshops
    • Register for Workshop
    • Watch Workshop Now
  • Carrier Partners
  • Medicare Blog
  • Testimonials
  • Contact Us
  • Become an Agent
  • Areas We Serve
    • Basking Ridge, NJ
    • Livingston NJ
    • Medford, NJ
    • Mountainside, NJ
    • Mount Laurel, NJ
    • Philadelphia, PA
    • Phoenix, AZ
    • Scotch Plains, NJ
    • Scottsdale, AZ
    • Short Hills, NJ
    • Summit, NJ
    • Westfield, NJ
    • Princeton, NJ
    • Washington Township
    • Monroe Township, NJ
  • Medicare FAQs
  • Coffee with Justin
  • Medicare Minute

Important: 2018 IRMA Changes could cost you thousands!

8/16/2017

1 Comment

 
Picture
Back in March of 2015, the government passed a bill called, H.R.2 - Medicare Access and CHIP Reauthorization Act of 2015 which is intended to help sustain the long-term viability of the Medicare Program.  There were numerous changes in this bill which impacted how physicians get paid on Medicare.  The number of changes that impacted Medicare beneficiaries directly was minimal.

One of the changes in this bill (Section 401 of the MACRA of 2015) which does impact Medicare Beneficiaries (Changes to Medigap Plan F in 2020) has already been heavily documented and reviewed.

Another change (Section 402 of the MACRA of 2015) will impact those individuals whose annual income is between $133,501 and $214,000 (as an individual) or $267,001 and $428,000 (married, filing jointly).

Income Related Monthly Adjustments (IRMAs) are required for individuals to pay to the government for their Part B & D premiums if they make more than $85,000 (as an individual) or $170,000 (as a couple).  

Section 402 of the MACRA of 2015 changed the income thresholds that are used to determine which Tier of IRMA amounts an individual has to pay, effective January 1, 2018.

Picture
Picture
Example of Impact to a Married Couple - increase of $2,400+ in Medicare Premiums! 
Based on the current IRMA table being used in 2017, a couple making $270,000 (in 2015) would be aligned with the third tier for their Part B and Part D IRMAs in 2017, thus Premiums to the government are below:

Illustrative 2017 Premiums:
  • Part B Premiums + IRMA = $267.90/mo
  • Part D IRMA = $34.20/mo
  •  Total (for each person) = $302.10/month 
  • Total for both = $604.20/month

Based on the IRMA income threshold changes coming in 2018, this couple will likely see an increase of $2,400+ per year in Medicare premiums!*   

Illustrative 2018 Premiums*:
  • Part B Premiums + IRMA = $348.30/mo
  • Part D IRMA = $55.20/mo
  •  Total (for each person) = $403.50/month 
  • Total for both = $807.00/month... increase of $200+/month... or $2,400+ per year


* We can't know for sure what the actual increase will be since the 2018 Medicare premium amounts have not been released yet, so this example assumes the Part B Premium & Part D IRMA amounts for each income tier do not increase in 2018.

Income levels impacted by the IRMA Threshold changes

YOU ARE IMPACTED BY THESE IRMA CHANGES, If you're income is:
  • between $133,501 and $214,000 (as a single) ...OR 
  • between $267,001 and $428,000 (married filing jointly)
​
YOU ARE NOT IMPACTED BY THESE IRMA CHANGES If you're income is:
  • below $133,500 (as a single) or $214,000 (married filing jointly )... OR
  • above $214,000 (as a single) or $428,000 (married filing jointly)

If you have any further questions about how these ​changes to the IRMA tables in 2018, you can give us a call at 908-272-1970 to learn more.
1 Comment
O'Fallon Irrigation link
9/29/2022 07:06:54 am

Intteresting read

Reply



Leave a Reply.

    Justin Lubenow

    See bio here

    CLICK HERE TO SEND US A TEXT!

    Archives

    January 2023
    November 2022
    September 2022
    August 2022
    June 2022
    April 2022
    March 2022
    January 2022
    November 2021
    September 2021
    July 2021
    April 2021
    March 2021
    February 2021
    January 2021
    November 2020
    October 2020
    September 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    October 2019
    September 2019
    August 2019
    July 2019
    May 2019
    April 2019
    February 2019
    January 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015

    Categories

    All

    RSS Feed

Our Services
Company

Products & Services
Carrier Partners
About
Testimonials
Contact Us
Moorestown Office |  214 W. Main Street, Suite 101, Moorestown, NJ 08057 | Tel:856-866-8900
 Servicing Moorestown, Cherry Hill, Mount Laurel, Haddonfield, Voorhees, Medford, Marlton,  Philadelphia, surrounding towns, and licensed in 30+ other states as well.
 
Cranford Office        |  15 Alden Street, Suite 8, Cranford, NJ 07016                  | Tel: 908-272-1970 
 Servicing Cranford, Westfield, Summit, Scotch Plains, Mountainside, Berkeley Heights, New      Providence, Basking Ridge, surrounding towns, and licensed in 30+ other states as well.
​
Phoenix Office  | P.O. Box 
71283. Phoenix, AZ 85050.                                         | Tel:  602- 996-1549
Servicing Phoenix, Scottsdale, Peoria, Sun City, Sun City West, Paradise Valley, Fountain Hills, Cave Creek, surrounding towns and licensed in 30+ other states as well.

Email:  info@senior-advisors.com                                     (Se Habla Español -Tel: 908.481.5678)   

Not connected with or endorsed by the United States government or the federal Medicare program.
​
​
Copyright © 2022 Senior Advisors, LLC       |     Licensing & Legal     |     Privacy Policy

  • Home
  • FREE Quotes
  • About YOU
    • Turning 65, Ready to enroll?
    • Working Past Age 65?
    • Already on Medicare, Looking to Save Money?
    • Currently on a Retiree Plan?
  • About Us
  • Products
    • Medicare Supplements & Medicare Advantage >
      • Medicare Supplement - Plan F >
        • Plan F (2022)
        • Plan F (2023)
      • Medicare Supplement - Plan G >
        • Plan G (2022)
        • Plan G (2023)
      • Medicare Supplement - Plan N >
        • Plan N (2022)
        • Plan N (2023)
    • Medicare Part D - Prescription
    • Medicare & Dental
    • International Travel
    • Long-Term Care Insurance
    • Cancer and Heart Attack or Stroke Insurance
    • Medigap Plans
  • Workshops
    • Register for Workshop
    • Watch Workshop Now
  • Carrier Partners
  • Medicare Blog
  • Testimonials
  • Contact Us
  • Become an Agent
  • Areas We Serve
    • Basking Ridge, NJ
    • Livingston NJ
    • Medford, NJ
    • Mountainside, NJ
    • Mount Laurel, NJ
    • Philadelphia, PA
    • Phoenix, AZ
    • Scotch Plains, NJ
    • Scottsdale, AZ
    • Short Hills, NJ
    • Summit, NJ
    • Westfield, NJ
    • Princeton, NJ
    • Washington Township
    • Monroe Township, NJ
  • Medicare FAQs
  • Coffee with Justin
  • Medicare Minute