Understanding the Income Related Monthly Adjustment Amount (IRMAA) for 2024

The Income-Related Monthly Adjustment Amount (IRMAA) affects the amount you pay for your Medicare Part B and Part D premiums. For 2024, your IRMAA is determined based on your modified adjusted gross income (MAGI) from 2022. This page provides detailed information to help you understand your IRMAA and how it impacts your total monthly premiums.

Section 1 : IRMAA for Medicare Part B (2024)

The IRMAA for Medicare Part B is an additional amount you may need to pay on top of your standard Part B premium if your income exceeds certain thresholds. The tables below outline the IRMAA based on individual and joint tax returns.

Table : IRMAA for Individual Filers

Modified Adjusted Gross Income IRMAA Total Monthly Premium
≤ $103,000
$0.00
$174.70
$103,000 - $129,000
$69.90
$244.60
$129,000 - $161,000
$174.70
$349.40
$161,000 - $193,000
$279.50
$454.20
$193,000 - $500,000
$384.30
$559.00
≥ $500,000
$419.30
$594.00

Table : IRMAA for Joint Filers

Modified Adjusted Gross Income IRMAA Total Monthly Premium
≤ $206,000
$0.00
$174.70
$206,000 - $258,000
$69.90
$244.60
$258,000 - $322,000
$174.70
$349.40
$322,000 - $386,000
$279.50
$454.20
$386,000 - $750,000
$384.30
$559.00
≥ $750,000
$419.30
$594.00

Section 2 : IRMAA for Medicare Part D (2024)

The IRMAA for Medicare Part D is an additional premium amount you pay if your income exceeds certain thresholds. The following tables show the IRMAA for individual and joint tax returns for Part D.

Table : IRMAA for Individual Filers

Modified Adjusted Gross Income IRMAA
≤ $103,000
$0.00
$103,000 - $129,000
$12.90
$129,000 - $161,000
$33.30
$161,000 - $193,000
$53.80
$193,000 - $500,000
$74.20
≥ $500,000
$81.00

Table : IRMAA for Joint Filers

Modified Adjusted Gross Income IRMAA
≤ $206,000
$0.00
$206,000 - $258,000
$12.90
$258,000 - $322,000
$33.30
$322,000 - $386,000
$53.80
$386,000 - $750,000
$74.20
≥ $750,000
$81.00

Section 3 : Important Notes

  • Lag Time : Your IRMAA for 2024 is based on your modified adjusted gross income from 2022. The government uses a two-year lag time when determining IRMAA calculations for Medicare beneficiaries.
  • Adjustment Process : If you believe your income has changed significantly since 2022 due to a life-changing event (e.g., marriage, divorce, retirement), you can request a review of your IRMAA.
Understanding your IRMAA is crucial for managing your Medicare expenses. By knowing how your modified adjusted gross income affects your premiums, you can plan better for your healthcare costs. If you have any questions or need further assistance, please contact us.

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