Medicare Part B Costs and IRMAA
,For 2020, the base cost of Part B is $144.60 – but it can be more based on your income. The acronym for this cost adjustment is IRMAA (Income-related Monthly Adjustment Amount). To see a chart of IRMAA charges, click here.
Note #1 – If you are in one of the higher income brackets, there is also an increase in the cost of Part D (Prescription Drug Coverage). This increase will be added to the cost of your drug plan.
Note #2 – If you have a Medicare Advantage Plan, the drug coverage is included in the plan. So even if the plan cost $0, you will still have to pay the Part D IRMAA charge if you’re in a higher income bracket.
Note #3 – Your income from 2 years ago is generally the figure used to determine IRMAA (since that was probably your last income tax return that’s available). If you were earning more income 2 years ago than you are now, and you want to dispute the IRMAA amount, click here for the dispute form.
Author: Neil Steinman
Neil Steinman is the principal of Orange County Health & Life Insurance in Orange County, CA – and has been serving the needs of California residents for nearly 20 years.