IRMAA stands for Income Related Monthly Adjustment Amount. This is what gets added to your Part B and Part D Premiums when your income exceeds certain levels whether filing jointly or as a single. Social Security will look back 2 years to determine the IRMAA if any and if you have had a Life Changing event that lowers your income, there is a form you can file(See online Forms/Documents on your Advisor’s Web Site) to get your IRMAA lowered or eliminated entirely. To see where you are refer to the table below.
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