Unintended Consequences - IRMAA

[pacergal]

I celebrate my IRMAA surcharge! Proof that we're living large -

This was my Dads thoughts, too. "If I'm making the big money, I will gladly pay the taxes!"
He was the happiest tax payer I know.
Thanks for the memory RobbieB.

 

[Dash man]

This was my Dads thoughts, too. "If I'm making the big money, I will gladly pay the taxes!"

He was the happiest tax payer I know.

Thanks for the memory RobbieB.

Next year we’ll pay Aunt IRMAA big time. We got a last W-2 after exercising the last of options, plus took advantage of the spring market drop to convert a large amount of tIRA to Roth last year. After that we can control our income to stay in the second tier of IRMAA at least until RMDs start. We’ll never avoid IRMAA completely, but even with IRMAA our health care will be much cheaper than preMedicare.

 

[RetireBy90]

Back when I was still working and DW had gone on Medicare we got hit with 2nd tier of IRMAA because of a one year spike in my 8ncome. I filed the form along with first 2 pages of latest taxes to show it was a one year blip and they cut back one level of IRMAA. Worth a try, otherwise it takes 2 years before reduced income is reflected.

 

[Golden sunsets]

Back when I was still working and DW had gone on Medicare we got hit with 2nd tier of IRMAA because of a one year spike in my 8ncome. I filed the form along with first 2 pages of latest taxes to show it was a one year blip and they cut back one level of IRMAA. Worth a try, otherwise it takes 2 years before reduced income is reflected.

Ya. We are second tier this year and will be again in 2023 and thereafter. Second tier is bad enough at essentially double the base rate. Unfortunately we are uncomfortably close to the third tier, depending on the threshold annual increases vs our ongoing income growth. It does make me wonder if we should drop Medicare B and go with FEHB only, but we are a bit chicken on that option. Keeping an eye on it.