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.
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.