Wellness

[vickie25]

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@CelticCrafter wrote:

@wagirl IRMAA = Income Related Monthly Adjusted Amount.

If you make more than a certain amount your Medicare Part B and D are increased.

First column is single, second is married filing jointly.

2022 IRMAA BRACKETS FOR MEDICARE PART B & PART D

$91,000 or less	$182,000 or less	$170.10
Above $91,000 – $114,000	Above $182,000 – $228,000	$238.10
Above $114,000 – $142,000	Above $228,000 – $284,000	$340.20
Above $142,000 – $170,000	Above $284,000 – $340,000	$442.30

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 I will be 65 in June 2023.  I understand I need to sign up for medicare at least 3 months before my 65th birthday.  Here is my dilemna/question.  I am not a FTE employee.  I am a contractor.  I work 18 month contracts and then have to  enter a 90 day "coolling off" period before I can contract with the company again. Most of the time, you never find another position to be able to start a new contract on day 91. But for my current contract I am on, my manager is going tp bring me back on day 91.

FYI - I am working for a client that I used to support for 10 years at my FTE job but my company lost the contract and after 30 yrs, lost my job.  I have only found work with 2 other clients before and those were short term.  For me, as I am just trying to stay employed until 70, this company works out best. Which leads me to my question.  My last day of work under my current contract is 1/18/2023.  I will not go back to work until 4/19/2023.

So during the time I have to sign up for Medicare I will be unemployed. When I go back to work, my income will be in the Above $114,000 - $142,000 which would make my Part B & D very high. So my question is, how does Medicare validate my income to determine what my cost is? The timing of my having to sign up is part good, because I will not be working so I can spend time trying to figure out Medicare and what supplement I want (I wanted the F plan which is no longer available that paid the Medicare deductible).

Thanks to anyone who know this answer

[Josmad]

It is Income Related Monthly Adjusted Amount. It is a surcharge added to your Medicare and Part D premium if you make too much money.  Other than that your income has nothing to do with what you pay. 

[Josmad]

Actually to determine if you have to pay IRMAA Medicare looks at your tax return from 2yrs prior. So in 2023 they will look at your 2021 tax return. 

[vickie25]

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@Josmad wrote:

Actually to determine if you have to pay IRMAA Medicare looks at your tax return from 2yrs prior. So in 2023 they will look at your 2021 tax return. 

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Thank you.  My 2021 tax return might put me to where I don't have to pay the IRMA.  I need to go check.

[Josmad]

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@vickie25 wrote:

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@Josmad wrote:

Actually to determine if you have to pay IRMAA Medicare looks at your tax return from 2yrs prior. So in 2023 they will look at your 2021 tax return. 

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Thank you.  My 2021 tax return might put me to where I don't have to pay the IRMA.  I need to go check t

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 They do look at it every year so in 2025 you may have to pay an IRMAA, but if you are making less money at that time you can appeal it. 

[Tinkrbl44]

@wagirl 

I'm sure you've seen the black and yellow "dummies" books, explaining the subjects in simple terms.   Many topics and great explanations.

Well, I recently noticed they also now have Medicare For Dummies.