Medicare Part D premiums will vary from person to person across the United States. However, if you make above-average pay, your premium will be adjusted according to your Income-Related Monthly Adjusted Amount (IRMAA).
What is IRMAA?
Your Income-Related Monthly Adjusted Amount (IRMAA) is an adjusted amount added to your monthly premium. The IRMAA amount is based on the modified adjusted gross income reported on your taxes from two years prior. So, for 2022, whether or not you’re enrolled in the IRMAA depends on your 2020 tax return.
2022 IRMAA Tax Brackets
The standard Part D premium in 2022 is $33.37. However, your actual premium is based on the plan you choose, your insurance provider, and your location. You won’t know your exact premium from this list, then, unless you know your current premium.
You qualify for the standard premium if your 2020 individual tax return was $91,000 or less or $182,000 or less for a joint return. This means that you’ll have no IRMAA additions, and you’ll pay the premium your Part D provider offers.
- The next category is for those with an individual 2020 tax return of more than $91,000 and up to $114,000. For joint filings, the limit is between $182,000 and up to $228,000. In this category, you will pay $12.40 in addition to your plan premium.
- If you file individually more than $114,000 or up to $142,000, or jointly more than $228,000 up to $284,000, your IRMAA will be $32.10 in addition to your premium.
- If you file individually more than $142,000 up to $170,000, or jointly more than $284,000 up to $340,000, your IRMAA will be $51.70 plus the premium.
- If you file individually more than $170,000 up to $500,000, or jointly more than $340,000 up to $750,000, your IRMAA will be $71.30 plus the premium.
- Finally, if you file individually more than $500,000, or jointly more than $750,000, your IRMAA will be $77.90 plus your plan premium.
No Concern is Too Big or Small—Call Peritia Advisors
Take it from us—Medicare can be confusing. We’re here to answer your questions and get you where you need to be—call Peritia Advisors at 319-200-5050.