IRMAA CAN EFFECT YOUR PART B, C, and D COSTS.
Part D-Income Related Monthly Adjustment Amount per the §3308 of the Affordable Care Act amended §1860D-13(a)(7) of the Social Security Act by the National Healthcare Reform Act of 03/2010. Commonly referred to as "Obama-Care", PPACA, or sometimes the Affordable Care Act.
In a "nutshell", It's a new cost that will be deducted from/out your SS check/deposit for your Medicare PDP or Plan-D. The IRMAA deduction effects single/indiv. filers whose income is greater than $85,000 and married/joint-filers if your income is greater than $170,000. The IRMAA payment is $12.00 per individual and then escalates to as high as $69.10 if your income is greater than $214,000-indiv/$428,000-joint annually.
MEDICARE WILL MAIL AN IRMAA LETTER INFORMING YOU OF THE ADJUSTMENT BASED UPON INFORMATION IT RECEIVES FROM YOUR FRIENDS AT THE IRS.
SOMETIMES YOU CAN APPEAL A MEDICARE IRMAA ADJUSTMENT.
*Please notice. These fees are in addition to your monthly Part D plan's premium. IRMAA is also applied to Plan-B members and has been for several years. SS fees are based on income amounts that are MAGI not AGI. There are much higher fees for those filing married-separate. These fees will effect Plan-C members of the same income levels. For a more detailed explanation see:
http://www.ssa.gov/online/ssa-44.pdf *Note: In this link the adjustments are all additive to current premiums..
SS.gov/IRS definition: Modified Adjusted Gross Income (MAGI): Simply put, is your AGI plus your TAX FREE income added back in. (obviously, not related to Christmas).
http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/1601/~/calculation-of-modified-adjusted-gross-income-(magi)
The Senior Family has only been trained with tax principles, concepts, and thresholds, always consult with a CPA and (or) qualified TAX ADVISOR.
Comments, Questions, and Advice below or call tollfree 855-SENIOR6.
Want more info & chat? Please see us at Facebook too:
1 comment:
The "cash your annuity in" guys are in here. LOL...hummmmm? Bet it's the same person with all the above comments. MY ADVICE IS NEVER CASH IN YOUR ANNUITY UNLESS YOU ARE THE WORST OF DIRE-STRAIGHTS AND IT'S YOUR LAST OPTION/LAST DIME. Then consult with your CPA and tax advisor. I'm Alan, the owner and moderator here.
Post a Comment