By Christian Regalado
If you’re like some folks I talk with, you’ve been expecting your Medicare Part B premium this year to be $185, but are surprised to see yours is more. This, my friend, is IRMAA. What’s that? IRMAA, the “Income Related Monthly Adjustment Amount” is an additional charge added to your monthly Medicare Part B and (potentially) Part D premiums if your modified adjusted gross income (MAGI) exceeds certain limits.
When you begin benefits, any additional premium costs you may owe are based on the MAGI from your tax return beginning two years prior to the year you start Medicare. And then it’s adjusted annually, so if your income goes down, IRMAA does too. Depending on one’s MAGI, monthly premiums paid for Medicare Parts B and D can rise. For Part B, premiums begin rising at $106,000 for individuals and $212,000 for joint income tax filers. Part D premiums are affected at higher levels. And for the highest income earners, Part B premiums may be $628.90 per month and $85.80 per month for Part D this year.
If your income has decreased and you wish to contest your IRMAA charges, you can do so on IRS form SSA-44 which allows for reconsideration based on life changing events.
On another note, I’ve heard from several clients about receiving multiple calls a day at times from solicitors talking about changes in Medicare that offer more benefits. I usually get at least one call a day from these telemarketers myself. They start by asking if you have Medicare Part A and Part B. If you say yes, they will advise you that you may qualify for a Medicare Plan with more benefits, and they can connect you to a licensed broker to find out. This is slick; Medicare doesn’t allow brokers to make unsolicited calls–you have to give them permission to talk to you! So don’t give them your personal information; they also sell it to other telemarketers. Just hang up!
We’re outside of the Annual Enrollment Period, so you can’t change your Advantage plan right now, anyway, without a qualifying event such as a residency move or a medical change that makes you eligible for a Chronic Condition or Complete Care plan. Not all insurance companies offer these plans. To qualify, you must have one of the following conditions: Cardiovascular Disorders, Chronic Heart Failure or Diabetes. For more information and to see if you are eligible to enroll now, give me a call and not an 800 number.
Of course I’m biased, but these telemarketing business models that make commissions by convincing 800 number callers to switch out of their perfectly suitable Advantage plan and/or collect their personal information in order to sell it to other telemarketing companies just rub me the wrong way. As someone who’s been doing this for a while now, I can tell you it isn’t uncommon for someone to call and inquire about potentially switching plans, only to find out they’re better off sticking with the plan they’ve already got.
Medicare consultations are offered at no cost. It’s much better to find a local broker who can educate you about all your options, and who will still be available to you after your enrollment. If you think you may qualify for a Complete Care plan or have any questions, give me a call. Remember my services are free to you and I am always happy to help a neighbor. Reach out anytime! Email Christian@evergreenhealthins.com or call (850) 687- 7606.
Author: Sowal Editor
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