I know that MAGI determines how much IRMAA I have to pay. For Part D, the first IRMAA bracket for 2024 is an additional $12.90 per month. How is the $12.90 calculated and what are the calculations for all the IRMAA brackets? I'm not referring to the MAGI brackets.
20 CFR § 418.1120 - How do we determine your income-related monthly adjustment amount?
https://www.law.cornell.edu/cfr/text/20/418.1120
20 CFR § 418.1115 - What are the modified adjusted gross income ranges?
I believe those surcharges are calculated by government actuaries.
I remember reading that each IRMAA level premium is a percentage of a base. I'd like to know the percentages for each level.
@mitchden1 wrote:
I remember reading that each IRMAA level premium is a percentage of a base. I'd like to know the percentages for each level.
Go to this SSA website for information - https://www.ssa.gov/forms/ssa-44.pdf
Thank you but that site only provides the additional premium for each bracket. I'm hoping to find the basis of each amount. For instance, $12.90 additional premium for Part D is probable a percentage increase from a base. I'd like to know what that base is.
I don’t think it is any percentage. It’s just a fixed amount based on the prior year MAGI. That table should cover it.
Oh the base would be zero. MAGI under the table would have no extra IRMAA amount.
20 CFR § 418.1120 - How do we determine your income-related monthly adjustment amount?
https://www.law.cornell.edu/cfr/text/20/418.1120
20 CFR § 418.1115 - What are the modified adjusted gross income ranges?