Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
IRMAA La Not-so-Douce
Old 12-09-2016, 03:01 PM   #1
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 14,094
IRMAA La Not-so-Douce

We've been paying double the normal Medicare Part B cost for the last couple of years, having been caught by IRMAA.

In answer to a couple of you who asked recently, i can happily report that IRMAA is removed automatically, just as it had been initiated automatically.

In today's mail, we got the annual letter from SS telling us the new amounts we'll receive (0.3% raise ) and the calculation included the amount of the Medicare deduction. We got our 2015 MAGI back down under the threshold, so it's back to normal again. Nice little holiday present from Uncle!
__________________

braumeister is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-09-2016, 03:28 PM   #2
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 10,982
Quote:
Originally Posted by braumeister View Post
We've been paying double the normal Medicare Part B cost for the last couple of years, having been caught by IRMAA.

In answer to a couple of you who asked recently, i can happily report that IRMAA is removed automatically, just as it had been initiated automatically.

In today's mail, we got the annual letter from SS telling us the new amounts we'll receive (0.3% raise ) and the calculation included the amount of the Medicare deduction. We got our 2015 MAGI back down under the threshold, so it's back to normal again. Nice little holiday present from Uncle!
Neat! An 0.3% raise! I can't wait for my letter to arrive!
__________________

__________________
Saying on a Get Well card from a friend of mine after I had my second hip replacement - "Don't let the Old Man in..."
aja8888 is offline   Reply With Quote
Old 12-09-2016, 03:33 PM   #3
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 43,084
Quote:
Originally Posted by braumeister View Post
We've been paying double the normal Medicare Part B cost for the last couple of years, having been caught by IRMAA.

In answer to a couple of you who asked recently, i can happily report that IRMAA is removed automatically, just as it had been initiated automatically.
Hurray!!! Best news ever. You have really made my day.

I don't mind paying extra for Part B for one year, but I had erroneously assumed that I would be paying extra for life. This is terrific! Thank you so much for posting about this.
__________________
I have drunken deep of joy,
And I will taste no other wine tonight.

― Percy Bysshe Shelley
W2R is offline   Reply With Quote
Old 12-09-2016, 04:08 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,441
Note that if your income drops significantly due to what SSA terms a "life changing event" you don't have to wait until that lesser income filters to SSA in a year or two via a tax return, instead you can apply for an IRMAA reduction immediately. The SSA site has the forms to use.
GrayHare is offline   Reply With Quote
Old 12-09-2016, 04:27 PM   #5
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 14,094
Quote:
Originally Posted by GrayHare View Post
Note that if your income drops significantly due to what SSA terms a "life changing event" you don't have to wait
Very true, and I know people who have taken advantage of that. Unfortunately, their list of life-changing events is extremely short. But all is well now. It means nearly $2,800 I won't have to pay next year, so it's a pretty big deal.
braumeister is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
IRMAA...Does the Money Grab Never End? TrvlBug Health and Early Retirement 52 01-09-2020 09:42 AM
Hello Forum....not quite starting out, not quite ready to FIRE PV4ALL Hi, I am... 5 03-01-2009 11:10 AM
Not Augsburg, not Aachen... Lancelot Life after FIRE 5 07-07-2007 09:00 PM

» Quick Links

 
All times are GMT -6. The time now is 01:32 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×