Love your videos and your book Danielle. Important information as always. Good idea bring Brandt on with you. Great addition. You're so pretty but don't look down while he's talking, you look like you're asleep 😋
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Yes, but IRMMA is based on your tax return from 2 years ago. So if you had a high income back then and you get a notification letter that IRMMA has been applied, you will need to file an appeal and submit paperwork that shows your income is now much lower due to your retirement.
@@MaryBethMcCoy so IF that were the case, over IRMAA limit for the current year but current income under the IRMAA limit, how is an appeal judged? If IRMAA limit 90k using 2020 income for 2022 enrolment, if my 2022 income is 85k is my appeal granted by rule? I'm not asking you except to get a feel for what you have seen in recent history of appeals. Thanks
@@butopiatoo If you think your income in 2022 will be below the limit for IRMAA, your best option would be to file an appeal after the SSA informs you that IRMAA will be applied. Make an appointment with your local SSA office and take documentation to support your case. The SSA will make a determination based on the information you submit to them. Usually, if you qualify based on having retired and your income for 2022 will be below the IRMAA limit, there is a good chance you will avoid having to pay IRMAA, but the SSA does have the final say. It is worth the effort to try, because if your appeal is successful, you will save money.
@@MaryBethMcCoy thanks. Standing pat I think with group plan to make another year’s HSA contribution and sock away as much savings as possible. So many moving parts to understand. Thanks for your numerous replies.
Good video, I noticed that if you look at the brackets and costs for IRMAA on the SSA-44 there is a special disadvantageous rate structure for married filing separately. Couples would have to run their numbers to be sure how this affects them.
Hi Jimmy - The evidence they are requesting is anything to show that your income has lowered. This could be tax information, paystubs, any thing that can prove your income is lower.
If you know your IRMA will increase due to one of the prescribed events, such as retirement, can you file proactively the SSA 44 before SS sends notification of premium increase?
Thank you for the great series! I have the following question: I am retiring in the middle of 2021 and my income in the last 2 years (2019 and 2020) was high and will trigger a high IRMAA. I understand that once I get the letter for the IRMAA amount I will appeal it using the retirement life changing event and hopefully get it adjusted. But how do I go about reducing the IRMAA for 2022 since in 2022 my income will be much lower than in 2021? I understand that in the end of 2021 year, they will check my taxes for 2020 and probably adjust the IRMAA amount accordingly or keep it based on the appeal for 2021, but in both cases I will need to request another adjustment for 2022. I do not see a relevant life changing event in the list that I can appeal for 2022 just due to the fact that my income is reduced.
Hi Zion -If your income does not fall within the high income bracket, Social Security will see this and will adjust your Part B premium. If they do not adjust it, you would file an appeal with the life changing event that fits your situation which would be a reduction of income.
