Are you a senior citizen in the US and can’t seem to wrap your head around the 2019 Medicare IRMAA brackets? Well, look no further! We are here to break down all of that frustrating jargon into simple terms. Let’s dive right in!
What is Medicare?
First things first, let’s start at the basics for all you youngins out there. Medicare is a national health insurance program for citizens aged 65 or older, certain younger people with disabilities, and those with End-Stage Renal Disease.
What is IRMAA?
We know another acronym already?! Yes indeed, but stay with us. IRMAA stands for Income-Related Monthly Adjustment Amount – we won’t judge if you need to take a breather after saying that five times fast.
Essentially what it means is that based on your reported income (tax return two years prior), you may be required to pay an additional amount on top of your regular Part B premiums – which leads us nicely onto our next point:
The Different Parts of Medicare
Medicare has four different parts:
Part A: Hospital Insurance
This covers inpatient hospital stays and other similar facilities.
Part B: Medical Insurance
This covers doctor visits, outpatient care among other services.
Part C: Advantage Plans
These are optional plans offered by private insurers approved by Medicare; they often include drug coverage too.
Part D: Prescription Drug Coverage
As its name suggests this part helps offset prescription drug costs.
Now depending on how much moneyyou made two years ago,you might end up paying more than just your regular premiums…
The Social Security Administration (SSA) uses tax returns filed from two years ago as their basepoint for figuring out chargeable premium rates under the income-related monthly adjustment amount rule raised by the Medicare Modernization Act (MMA) of 2003.
As a smoker, you know two years can be quite a long period – but in this instance, it’s all good because you need to have earned over $85k as an individual or hit the $170k mark jointly with your spouse two years ago for those extra charges to kick in.
We’re glad you asked! Hang on tight; we are about to get into some tables and numbers:
Part B Premiums
| Income | Monthly Payment |
| ——— | ———–|
| Less than or equal to £85,000 |$135.50 |
| Greater than $87K & less than:$109K|$189.60|
|Greater Than/Equal To $160K|$433.40|
Married couples filing joint tax returns
| —— | ——- |
| Income | Monthly Payment|
|(Less Than Or Equal To)$170k |$270+$135=405(about) |
|(Greater Than )$214 Per Month:Will Come From IRMAA
Note:The table above satisfies the year 2019 Part B premiums rates
Part D Premiums
The impacted premiums for individuals who had medicare drug coverage and paid income-related monthly adjustment amounts were influenced by how their modified adjusted gross income corresponds with bracket thresholds that ranged from:
– Below $85K
– Between $85 – $107k
– Between -$1071-$160+k
– Above #160+k
Keep in mind that when considering prescription drug plan coverage under part d of medicare don’t forget that most private insurance companies usually provide stand-alone plans
If you think you might end up paying more at any point, the SSA or Centers for Medicare & Medicaid Services (CMS) should let you know via mail. It’s also worth noting that although past income might cause an increase in your premiums, certain qualifying life events such as marriage, divorce or a spouse passing will adjust those incomes for future fees.
We hope this article gave you some clarity on 2019 Medicare IRMAA brackets with no need to stress!
Hey there, I’m Dane Raynor, and I’m all about sharing fascinating knowledge, news, and hot topics. I’m passionate about learning and have a knack for simplifying complex ideas. Let’s explore together!
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