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Beware of Medicare’s “IRMAA” - Motley Fool
“IRMAA” is a Medicare acronym for “Income-Related Monthly Adjustment Amount” and it has surprised many a Medicare beneficiary. IRMAA is, essentially, a means-tested formula which assesses a supplement to the standard Medicare Part B premium for those whose income is fairly high. To add to the normal confusion surrounding IRMAA, Medicare uses your income data from 2 years prior to see if you must pay the IRMAA supplement to your Part B (and Part D) premium. All of which means if your income is high, you’d be wise to understand how IRMAA works, and this Motley Fool article by Dan Caplinger offers that information. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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