When my parents retired, like most retirees, they decided to start their Social Security and Medicare benefits. However, they were shocked to learn that Medicare Parts B & D premiums would be twice the amount than what they expected, due to the sneaky culprit we call “Income-Related Monthly Adjustment Amount”. This stealthy surcharge tax is a cost-sharing rule designed to make higher-income Medicare enrollees pay more of the costs of Part B premiums than lower-income enrollees.
Regardless of income, all Medicare recipients pay $148.50/month for Part B (Part A is free). IRMMA rules require Medicare enrollees whose AGI exceeds $88,000/ individual ($176,000 for married filing jointly) to cover a greater share of the cost depending on which income tier applies.
Confusing? We guessed as much! We can help you determine if you’re paying too much for your Medicare coverage. Let us analyze your situation, free of charge and determine which options are available and best for you.
The Medicare Annual Election Period (AEP) is rapidly approaching and we’re already gearing up for the open enrollment period! Beginning October 15th, 2021, eligible Medicare participants are able to change, add, or purchase new policies until the window ends on December 7th, 2021.
There’s a reason we’re the number one agency for Medicare and Health Insurance in Coral Springs and Parkland, Florida! Give us a call today — we’re ready and waiting to help!