Anyone know the 2023 and 2024 IRMAA income brackets?

Seeking Advice
1

Hey everyone, I’m trying to get a handle on the IRMAA income brackets for 2023 and 2024. It looks like if you earn over a certain amount, you pay extra for Medicare Part B and D. Does anyone have a breakdown?

2

Yeah, the IRMAA kicks in if your income is over $97,000 for 2023 or $103,000 in 2024 if you’re single. For couples, it’s $194,000 in 2023 and $206,000 in 2024.

3

InsureInsight said:
Yeah, the IRMAA kicks in if your income is over $97,000 for 2023 or $103,000 in 2024 if you’re single. For couples, it’s $194,000 in 2023 and $206,000 in 2024.

And it’s based on your income from two years ago. So, 2023 uses 2021’s income, and 2024 uses 2022’s.

4

@Noelani
Thanks for clarifying. I wasn’t sure how they decided which year’s income to use.

5

If your income goes over that limit, the fee is on a sliding scale. Higher income means you pay more on both Part B and Part D.

6

Josie said:
If your income goes over that limit, the fee is on a sliding scale. Higher income means you pay more on both Part B and Part D.

Exactly. The Part B fee in 2023 starts at $65.90 per month if you’re just over the limit, and it increases from there. For Part D, it’s about $12.20.

7

@Weston
And in 2024, those fees are slightly higher. Part B starts at $69.90, with Part D at $12.20 again.

8

If your income has changed significantly, you can appeal the IRMAA. The SSA has a form for that.

9

Rey said:
If your income has changed significantly, you can appeal the IRMAA. The SSA has a form for that.

Yeah, form SSA-44. You can file if something big happened, like retirement or a job loss.

10

@Arin
They consider things like marriage, divorce, job changes, or a big drop in income. It’s worth a shot if you think you’ll qualify.

11

Just a tip for future IRMAA planning—keeping your taxable income lower in retirement can help. Some folks switch to Roth accounts since you pay the taxes now instead of later.

12

Kai said:
Just a tip for future IRMAA planning—keeping your taxable income lower in retirement can help. Some folks switch to Roth accounts since you pay the taxes now instead of later.

I did that. With a Roth IRA, my distributions are tax-free, so it doesn’t add to my MAGI.

13

@marybachman
It’s one way to manage future IRMAA fees. Tax-loss harvesting can also help lower annual income if you’re investing.

14

Does IRMAA apply if you have Medicare Advantage? I know it affects Part B and D, but what about those plans?

15

Marlow said:
Does IRMAA apply if you have Medicare Advantage? I know it affects Part B and D, but what about those plans?

Yes, it applies. IRMAA fees are added on top of Medicare Advantage plans with prescription coverage, so keep that in mind.

16

@Colby
Good to know. I thought it only applied to Original Medicare.