Medicare Part B Surcharges for High Earners: What to Know

Some people get Medicare Part B automatically. If you don’t, and if you don’t sign up when you become eligible, you may incur a late enrollment penalty.

Once enrolled, you’ll typically pay the standard premium rate, but if your gross income is higher than a certain amount, then the Income Related Monthly Adjustment Amount (IRMAA) may take effect.

IRMAA is a surcharge which is added to the standard amount of your monthly premiums. The Social Security Administration uses your tax information from two years’ prior to determine if an IRMAA is applicable, and, based on your income bracket, how much it will be.

If there is a mistake in your tax records or if you’ve experienced a life-altering event that reduces your usual income, you can appeal the IRMAA.

Your income level can affect your premiums for Medicare Part D, as well.

If you’re a high earner, your premiums for Medicare Part D may change similarly to how they would for Part B. If IRMAA applies, then this surcharge will be added to your monthly premium.

Every Medicare Plan has intricate details which can seem even more complex if surcharges apply. This is where Senior Watchdog is here to help with expertise in guiding you to find the best Plan for your needs and budget.

“We are often able to assist with applying for reconsideration to help abate surcharges if there has been a life-changing event such as a death of a spouse, or retirement, or loss of income,” says Sandra Brown, president of Senior Watchdog in LaSalle.

For more information and to ask any questions on enrolling in a Medicare Plan, or for help addressing any Medicare surcharges, visit www.seniorwatchdoginc.com or call us at 815-223-9394.

Senior Watchdog

801 2nd Street

LaSalle, IL 61301

Senior Watchdog logo