Contact Us
IRMAA (Income-Related Monthly Adjustment Amount)
The Income-Related Monthly Adjustment Amount (IRMAA) is an additional charge that higher-income beneficiaries must pay on top of their standard Medicare Part B and Part D premiums. This adjustment is determined based on an individual's modified adjusted gross income (MAGI) from two years prior, as reported on their IRS tax return. Beneficiaries who fall into higher income brackets will see an increase in their monthly premiums for both Part B and Part D, with the amount of the adjustment rising as income levels increase. Understanding IRMAA is important for higher-income individuals to anticipate their total Medicare costs accurately and plan their finances accordingly.
Frequently Asked Questions
Exploring Medicare can be confusing. Our FAQ section is tailored to offer clarity and address your queries.
What is Medicare?
Medicare is a federal health insurance program primarily for individuals aged 65 and older, as well as for some younger people with disabilities and those with End-Stage Renal Disease.
What are the different parts of Medicare?
Medicare consists of four parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plans), and Part D (prescription drug coverage).
Who is eligible for Medicare?
Most people become eligible for Medicare when they turn 65. Others may qualify earlier due to certain disabilities or medical conditions, such as End-Stage Renal Disease.
Are there costs associated with Medicare?
Yes, while Part A is usually premium-free if you've paid Medicare taxes for a certain period, Part B has a monthly premium. There are also deductibles, copayments, and coinsurance for services.
When can I make changes to my Medicare coverage?
You can make changes during the Annual Enrollment Period (October 15 to December 7) or during special enrollment periods if you qualify due to certain life events.
What happens if I miss my Medicare Initial Enrollment Period?
If you miss your IEP, you can enroll during the General Enrollment Period (GEP) from January 1 to March 31, but you may have to pay a late enrollment penalty.
How do I enroll in Medicare?
Enrollment can be automatic for those receiving Social Security benefits at 65, or it can be done manually through the Social Security Administration website or local office.
What is the difference between Original Medicare and Medicare Advantage?
Original Medicare includes Part A and Part B and is managed by the federal government. Medicare Advantage (Part C) plans are offered by private insurers and include Part A and Part B benefits, often with additional services like vision, dental, and hearing.
What does Medicare Part D cover?
Part D provides prescription drug coverage through private plans approved by Medicare.
How do I enroll in Medicare?
Enrollment can be automatic for those receiving Social Security benefits at 65, or it can be done manually through the Social Security Administration website or local office.
What is the difference between Original Medicare and Medicare Advantage?
Original Medicare includes Part A and Part B and is managed by the federal government. Medicare Advantage (Part C) plans are offered by private insurers and include Part A and Part B benefits, often with additional services like vision, dental, and hearing.
What does Medicare Part D cover?
Part D provides prescription drug coverage through private plans approved by Medicare.
Contact Us
info@trustedbenefitsgroup.com
+1 281-930-5944
Humble, Texas 77346