Medicare premiums have increased

The majority of Medicare recipients pay the standard Medicare Part B premium of $202; however, almost seven percent of recipients pay higher Medicare premiums. Why? Medicare’s Income-Related Monthly Adjustment Amount (IRMAA) is an extra charge on top of standard Medicare Part B (medical insurance) and Part D (prescription drug coverage) premiums. It applies to beneficiaries whose modified adjusted gross income (MAGI) from two years prior exceeds certain thresholds. Dana George, writing for The Motley Fool, explains what IRMAA is and what you can do about it. Read Ms. George’s article here…

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