VIDEO: Understanding IRMAA: How Higher Income Impacts Your Medicare Premiums
by Leah Woodly
This video breaks down everything you need to know about Income-Related Monthly Adjustment Amount (IRMAA) and how it affects your Medicare Part B and Part D premiums. IRMAA could increase your monthly Medicare costs if your income exceeds certain thresholds.
We cover:
- What IRMAA is and how it works
- Income thresholds and premium adjustments
- How to appeal an IRMAA decision
- Tips for managing your income to avoid or reduce IRMAA charges
- Whether you're nearing retirement or already enrolled in Medicare, understanding IRMAA can help you avoid surprise costs and plan ahead.
Helpful links:
- SSA Form SSA-44 for IRMAA Appeals: https://www.ssa.gov/forms/ssa-44.pdf
- More info on IRMAA from Medicare.gov: https://secure.ssa.gov/poms.nsf/lnx/0601101020
Disclosure: This video is for informational purposes only and should not be considered legal, tax, or financial advice. Please consult a financial professional, tax advisor, or attorney to discuss your individual circumstances before making any decisions regarding Medicare or income-related adjustments. Medicare rules and regulations are subject to change, so always verify with official sources or a qualified expert.
This material is intended for educational purposes only. You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. Dorval & Chorne Financial Advisors is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.