Most people can start collecting benefits as early as age 62, delay taking benefits (in exchange for a larger monthly amount) until age 70, or chose an option in between. As with most financial planning questions, there is no universal right answer, although you might want to take some time to consider an answer that is most correct for your specific situation.
We often receive IRMAA questions from clients and other people who visit our blog. Below are a few of the most common questions. As we see more questions, we will continue to update this page. If you have a question, please share it with us and we will do our best to answer it!
If you have recently experienced a life-changing event, you may be able to use Form SSA-44, (also known as Medicare Income-Related Monthly Adjustment Amount – Life Changing Event) to lower or eliminate your IRMAA.
Of all the articles I have read, not one of them was written from a client’s perspective. After all, every truthful adviser will agree that it is times like these where financial advisers should be adding the most value to their clients—wouldn’t be useful to try and capture the client’s perspective in this? So, here is a list of ways your financial adviser should be earning their keep—written from what I believe to be the client’s perspective.
If you’re currently on Medicare, and paying IRMAA surcharges, you might be wondering what impact the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act might have on your IRMAA surcharges. The short answer is that there does not appear to be anything in the Act that directly impacts your IRMAA for 2020. The longer answer, however, is that there still might be something you can do to lower or eliminate your IRMAA for 2020 or in the future.
If you’re reading this article, you might have received an IRMAA (Income-related monthly adjustment amount) letter in the mail from the Social Security Administration. This is an additional surcharge to Medicare Part B and Part D premiums that applies to households with income above a certain level.