What Is IRMAA
Learn more about what IRMAA is and if you qualify.
Book your complimentary Secure Retirement Plan Analysis Call today to explore solutions that meet your unique retirement needs.
What is the Income Related Monthly Adjusted Amount?
The Income Related Monthly Adjusted Amount (IRMAA) refers to the additional cost attached to your monthly premium. This policy is for individuals with a higher income who wouldn’t qualify for other plans based on income.
The extra amount you pay is based on your Modified Adjusted Gross Income (MAGI) two years prior, as that directly relates to your annual earnings reported on your tax return. Therefore, you will add no costs to your monthly premium if you make less than a certain amount per year.
How Is Your IRMAA Premium Calculated?
Your IRMAA premium is determined by your yearly income on your tax return the two years prior. Your MAGI is determined according to your annual earnings.WHY IRMAA?
Your IRMAA affects your premium payments for Medicare Part B (outpatient coverage) and Part D (prescription drug coverage).
Meet Dale
Dale Wondisford, Insurance Specialist
Dale Wondisford has been helping families across the country build their Retirement Income Plans for the past 15+ years and counting. He also helps families save on their Medicare plans to cover their medical needs without having to lose their doctor.
Get Started With A Complimentary No-Obligation Color of Money Risk Analysis
Book your no-obligation Retirement Plan Analysis call right now to check if you are on track to have enough saved so that you can retire without relying on family members for your living expenses and continue to help protect your family once you are gone.
