#541 - How Can I Get an IRMAA Exception?

Have you heard of IRMAA? IRMAA can be an unwelcome surprise if you aren’t expecting her.

On this episode of Retirement Answer Man, you’ll hear what to expect from IRMAA and your Medicare costs.

What is IRMAA?

IRMAA is a surcharge levied on Medicare Part B and D premiums. This expense is imposed on married couples making an adjusted gross income of $206,001 or more or singles making $103,001 or more. IRMAA is calculated by looking back at the tax return from 2 years prior.

One listener would like to appeal her IRMAA charge. This can be done in 5 different scenarios: death of a spouse, marriage, divorce, work reduction, or work stoppage.

While you may not want IRMAA to visit you, she may not stay long. IRMAA is determined on a year-by-year basis, so if your income situation changes from one year to the next your Medicare premium will reflect that.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

[2:14] Recent feedback
[6:57] What IRMAA surcharges are

IN THE NEWS

[14:55] Structured protection ETF
[25:06] What the details show

LISTENER QUESTIONS

[30:23] Should we keep our life insurance policy?
[34:42] Will the lack of a bachelor's degree hurt a retirement planning practice?
[36:02] Where to get the materials for the Certified Retirement Counselor curriculum