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Dear Matt,

What is the 2022 Medicare Part B premium and where can I find 2022 IRMAA income brackets for Medicare Part B and Medicare Part D?

Thanks,

Jill R.

2022 Medicare Part B Premium

The 2022 Medicare Part B premium will be $170.10 a month for most people, a dramatic increase of $21.60 per month, or $259.20 a year. This is a 14.5% increase from the 2021 Medicare Part B premium, which was $148.50 per month for most people.

The amounts are higher for those affected by IRMAA (see below for updated IRMAA charts). That premium can be different for most people because it increases every year and is means-tested. Means-testing depends on how “rich” you are. If you make more, you’ll pay more.  I wrote a post a few weeks ago when the feds announced the 5.9% 2022 Social Security cost-of-living increase. I suspected a lot of it would be doused by the Medicare Part B premium rise. 

The Social Security Administration reported that the average Social Security benefit for a retiree would rise by about $90 a month to $1,657 in 2022, while the average benefit for a retired couple will grow from $144 a month to $2,753. However, since most Medicare Part B monthly premiums are automatically deducted from Social Security checks, the “real” cash increase each month is far less. This follows a disturbing trend of Social Security increases not keeping up with “real” inflation when adjusted for time and the impact of ever-increasing Medicare out-of-pocket expenditures.  The Senior Citizens League released a report asserting that very premise about a month ago, and you can find it by clicking here.

2022 IRMAA Tables

IRMAA stands for Income Related Monthly Adjustment Amount. The feds look back at your IRS-reported income for two years to figure out whether you’ll pay more premium money for your Medicare Part B and Medicare Part D premiums.  

No one likes IRMAA. It’s been with us for a little over a decade and first started charging people more for their Medicare Part B premiums in 2007. It started charging more for Medicare Part D in 2011.  

If you’re turning 65 or considering getting Medicare for the first time in the next few years, you need to pay attention. IRMAA becomes important for tax-planning purposes two years before you get Medicare. If you’re in a higher-income bracket or are selling a home, just sold a home, and will get Medicare in two years or less, you should work with your accountant or a financial planner. Make sure you lower your IRMAA exposure two years before you get Medicare and every year after that.

2022 Medicare Part D IRMAA

2022 Medicare Part D income

2022 Medicare Part B IRMAA

IRMAA 

When Are IRMAA Notifications Sent?

There’s no one month or particular date you could get a letter informing you your Medicare Part B or Medicare Part D premiums could be higher due to IRMAA; it could happen any time of year. If the SSA decides that an IRMAA applies to your Medicare premiums, you’ll receive a predetermination notice in the mail.  

If you get a notice about twenty days later, you’ll get an initial determination containing more information about paying the surcharge and outlining the appeals process. If you don’t appeal, Medicare will automatically add the IRMAA surcharges to your monthly Medicare Part B and Medicare Part D monthly premiums.

You Can and Should Appeal Any IRMAA determination

Don’t forget you can appeal an IRMAA determination. You can appeal for various reasons, like marriage, death of a spouse, a divorce or annulment, a work reduction or stoppage, a loss of income (including income-earning property), or a loss/reduction of certain kinds of pension income.

If you disagree with how the Social Security Administration has processed your tax information or simply think it’s wrong, file an appeal. You can save hundreds of dollars a year if they favorably redetermine your income.

To begin an appeal, call the Social Security Administration phone number at 800-772-1213. As you can imagine, there’s a form to fill out in a true bureaucratic fashion. You can request an appeal in writing by completing a Request for Reconsideration (Form SSA-561-U2), or you may contact your local Social Security office to file your appeal. PrepareforMedicare.com/links for the form; it’s about halfway down the page under “IRMAA appeal form.” If you have a “Life Changing Event” AND you have a more recent tax return showing you are BELOW the IRMAA levels, you’d use a different one (Form SSA-44).

Jill, thanks again for the question!

I love answering Medicare questions.  Send me yours at https://prepareformedicare.com/contact/and I’ll pick a few for a future blog post!

To your wealth, wisdom, and wellness!

-Matt Feret

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Author Bio Matt Feret is the author of the Prepare for Medicare book series and launched prepareformedicare.com to help people get objective answers to questions about Medicare. Matt is also the host of The Matt Feret Show. He has held leadership roles at numerous Fortune 500 Medicare health insurers in sales, marketing, operations, product development, and strategy for over two decades.