Medicare's Income Related Monthly Adjustments (IRMAA)     & How To Reduce Them

Courtesy of Peter Palmiotto

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Update Your Current Income To Reduce What You Pay For Medicare

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Eliminate Social Security's Two Year 

Look Back Period To Avoid "IRMAA"

Medicare's Part B and Part D premiums can be increased if the Social Security Administration (SSA) determines your income to be above set limits. These premium increases are known as the Income Related Monthly Adjustments Amount or "IRMAA." High income earners must pay higher Medicare Part B & D premiums. To determine your monthly premiums, Medicare relies on what the SSA shows as your Modified Adjusted Gross Income (MAGI) from two years ago (look at line 11 of your 1040). This negatively affects those that have recently had a notable drop in earned income. You can reduce higher premiums by requesting a reconsideration of your current income by submitting an SSA-44 form. This form essentially asks the SSA to look at your MAGI based on today's adjusted earnings rather than two years ago, thereby reducing Part A & D's monthly premiums.

  • Form SSA-44 allows you to submit an adjustment request to the SSA
  • You can use "todays" income without needing to look back two years
  • This may reduce your Medicare premiums for both B and Part D
  • This is legal, ethical and welcomed by the Social Security Administration

Medicare Part B & D Premium Income Limits & Penalties For 2023

Look at these charts. Find your income range and then see what you will pay each month for your Medicare Part B premium (on the left) and your Part D premium increases (on the right). You will pay both B & D premiums on a monthly basis, regardless of which type of insurance you purchase (Supplement vs Advantage Plans). If you are not receiving your Social Security benefits yet, then the SSA will mail you a quarterly bill for these charges. There are options for direct pay listed on the bill.

If your income has recently dropped, or will drop over the next few months, you need to tell SSA about it so you can lower your IRMAAs shown below. You can find the SSA-44 here >> and you will need to send it to a local office. Find one near you >>>.

NOTE: It's strongly advised you make yourself a copy of what you submit, and send the application certified mail so you have evidence of mailing. If you drop it off, notate the date, time and whom you handed the form to, or ask for a written receipt of submission.

You may also have a Medicare Part D IRMAA increase as shown below. This is in addition to the amounts above.

Rates shown above are per person, per month and change each year.

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Maryland Medicare Advantage Part C Disclosure: I do not offer every plan available in your area. Currently I represent 8 organizations which offer 39 products in your area. Please contact, 1–800–MEDICARE, or your local State Health Insurance Program to get information on all of your options.

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