Medicare IRMAA

bocheung369 — Wed, 25 Oct 2023 19:07:57 GMT

1) What year's tax return MAGI do they use to determine the medicare IRMAA surcharge for year 2024?

2) how much will be the MAGI income range for IRMAA 2024?

2) I retired in 2022. will it qualify for any waiver/ exemption of the surcharge ?

Thanks.

Re: Medicare IRMAA

TeriH — Wed, 25 Oct 2023 19:32:28 GMT

1) IRMAA is based on your income from two years ago. So, your 2022 Modified Adjusted Gross Income (MAGI) will determine your IRMAA adjustments for 2024. Note: In 2020, the Medicare Board of Trustees announced projections for future IRMAA adjustments (2021-2028).

2) 2024 magi brackets

Single	Couple MAGI	Part B	Part D
< $103,000	< $206,000	$174.70	Premium (varies)
$103,000 to $129,000	$206,000 to $258,000	$244.60	$12.90
$129,000 to $161,000	$258,000 to $322,000	$349.40	$33.30
$161,000 to $193,000	$322,000 to $386,000	$454.20	$53.80
$193,000 to $500,000	$386,000 to $750,000	$559.00	$74.20
> $500,000	> $750,000	$594.00	$81.00

3)The most common life-changing event for an IRMAA comes from seniors who were working at age 63 but retired before age 65. In this scenario, being proactive and submitting a life-changing event form to the SSA helps to ensure a smooth and affordable enrollment into Medicare.

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Medicare IRMAA

Re: Medicare IRMAA