The Importance of IRMAA
It can be overwhelming to search for a good Medicare agent nearby, while additionally looking for an advisor who is knowledgeable about Medicare costs and the available options. This becomes especially imperative when your client’s situation means their Medicare fees may be more than the “standard.” You might be surprised by how many of your potential clients are impacted by IRMAA. So, here is your reminder to brush up on IRMAA and the 2022 IRMAA thresholds!
Income-Related Monthly Adjustment Amount, or IRMAA, is the additional cost Medicare Beneficiaries pay on Medicare Part B and D Premiums when their modified adjusted gross income is above a certain threshold. It is guaranteed that no matter who your client is, they are trying to save money on healthcare costs. The downside for most beneficiaries is that IRMAA is calculated based on their earnings reported on their IRS tax return from two years ago. So, you must be prepared when a client calls you to discuss their concerns regarding their Medicare payments.
2022 IRMAA Thresholds To Note
Your Role In IRMAA
Unfortunately, sometimes there will be nothing you can do as a broker to help your client avoid the surcharge. However, it is always worth learning more about the beneficiary’s situation to determine if they qualify for IRMAA adjustment.
IRMAA Appeal Logistics
Life-changing events can qualify a beneficiary for IRMAA adjustment or elimination altogether. The client will go through an appeal process with the Social Security Administration that will ask them to demonstrate the change in income.
Common Events To Consider:
- Marriage
- Divorce/Annulment
- Death of your spouse
- Work stoppage
- Work reduction
- Loss of Income-Producing Property
- Loss of Pension Income
- Employer Settlement Payment
How To: Help Your Client With An IRMAA Appeal
If your client has experienced any of these life changes, they will need to complete an IRMAA appeal form and turn it into their Social Security Office. Here’s a helpful how-to guide for IRMAA appeal.Ultimately, you might not be able to help them reduce their Medicare Part B premium, but simply helping them understand the appeal process will make you a valuable asset in navigating Medicare. If you are a Plan Advisors broker, you may reach out using our Get Support center for help with any and all questions and issues that may arise.
