Medicare’s income related monthly adjustment amount (IRMAA)

The Medicare modernization Act of 2003 shifted the way that Medicare Part B is funded by requiring high-income Medicare enrollees to pay more than the 25 percent of their Medicare premiums, thus creating the Medicare surcharge. As part of the Affordable Care Act (Obamacare), higher income individuals are now also required to pay a surcharge on their Part D prescription drug benefits. These extra Medicare charges are commonly referred to as the income related monthly adjustment amount (IRMAA). The article reviews how IRMAA works and how you may be able to get your surcharge reduced. Read article here…

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