Determining IRMAA for 2024 based on 2022 MAGI.

[SoReady]

I’ve referenced this site https://thefinancebuff.com/medicare-irmaa-income-brackets.html#htoc-2024-irmaa-brackets for this discussion.

Please confirm my understanding.

If I have 2022 earnings of $202,001 then I would go to the next IRMAA tier in 2024 and pay the increased Plan B premium in 2024.

Thanks,

Bob

 

[TN Jim]

Yes, first IRRMA tier for Plans B and D.

 

[SevenUp]

I’ve referenced this site https://thefinancebuff.com/medicare-irmaa-income-brackets.html#htoc-2024-irmaa-brackets for this discussion.

Please confirm my understanding.

If I have 2022 earnings of $202,001 then I would go to the next IRMAA tier in 2024 and pay the increased Plan B premium in 2024.

Yes, if inflation is 0% from September 2022 through August 2023, congress doesn't change the law, and you have no Life-Changing Event to support an appeal.

 

[TheWizard]

That number depends on whether you file Single or MFJ.
I file Single and am in the middle of the IRMAA tiers forever.
I'll look at TFB's numbers again around Thanksgiving to decide how big of a Roth conversion to do this year...

 

[CRLLS]

I’ve referenced this site https://thefinancebuff.com/medicare-irmaa-income-brackets.html#htoc-2024-irmaa-brackets for this discussion.

Please confirm my understanding.

If I have 2022 earnings of $202,001 then I would go to the next IRMAA tier in 2024 and pay the increased Plan B premium in 2024.

Thanks,

Bob

Don't forget that IRMMA also affect Part D drug plans too.

You are correct for planning purposes. But these are not absolute numbers. I would leave some buffer. As they said:

2024 IRMAA Brackets
We have zero data point as of right now for what the IRMAA brackets will be in 2024 (based on 2022 income). However, you can make reasonable estimates

 

[SoReady]

Thanks everyone for confirming my understanding.