topic Re: IRRMA in Get your taxes done using TurboTax

IRRMA

mitchden1 — Sun, 07 Feb 2021 16:29:26 GMT

The "cut-off" for IRRMA increased from $174K to $176K (1.15%). What is the 1.15% increase based on? I think the inflation rate for 2019 was 2.3%. Thank you.

Re: IRRMA

DianeW777 — Wed, 10 Feb 2021 15:48:03 GMT

The rate determination is based on several factors, inflation being one of them. The Centers for Medicare & Medicaid Services (CMS) calculate IRMAA and publish this amount yearly in the Federal Register.

Re: IRRMA

mitchden1 — Fri, 12 Feb 2021 02:14:35 GMT

I looked at the hyperlinks in your response and didn't see anything on the actual formula to calculate how much the Level 1, 2, etc. MAGI limits go up each year. If inflation is one of the factors, what are the other factors and what is the formula? Thanks.

Re: IRRMA

DianeW777 — Sun, 14 Feb 2021 14:39:52 GMT

This information can be provided by the Social Security Administration, which is the agency that determines the rate each year.

Social Security Administration: call 1-800-772-1213

IRRMA Increase Calculation

mitchden1 — Sun, 14 Feb 2021 15:08:27 GMT

I would think the exact calculation would be available online, however I haven't found it. For married filing jointly, the maximum MAGI before any increase in Part B and Prescription Drug premiums, increased from $174,000. to $176,000. I know the calculation rounds to the nearest thousand, however, I'd like to see the calculation so I can estimate the increase/decrease next year.

I think it's based on the CPI increase, however, I don't know how to check the arithmetic. I'm hoping someone can show me the calculation. Thank you.

Re: IRRMA Increase Calculation

AmyC — Thu, 18 Feb 2021 02:45:47 GMT

I would not count Medical News today as a good tax website but your question is not tax related. I believe this may help answer your questions. See What is IRMAA? Income brackets, costs, and calculations