MEDICARE Need Help?

How Much can Medicare Really Cost You?

Offered by: Jennifer Bell - Bell Benefits, LLC

Thispast year I have had a few clients impacted in a variety of ways by a BIG thing called an Income Related Monthly Adjustment Amount (IRMAA). Let me start off by explaining what the IRMAA is.

Typically a person would see this right at the beginning of Medicare at retirement. The reason you would see this at the beginning is because Medicare takes a look at your income each year and goes two calendar years back to see if they need to charge an IRMAA. For those starting Medicare in 2023, the government looks at your Modified Adjusted Gross Income (MAGI) from 2021. They are looking to see if you have eclipsed a certain income limit. For single folks, that income limit is $97,000 and for a couple filing jointly, the income limit is $194,000. (Dollar amounts change annually)

Most of the time you would only have to worry about this right at retirement since, generally speaking, your income decreases at retirement.

The past few years I have had clients experience this IRMAA after being on Medicare 5+ years. One way they have been impacted by IRMAA is through the sell of a rental property. If you sell a second property and in turn have a large amount of income from that in 2023, you will see an increase in your Medicare premium in 2025.

You could also experience this if you receive an inheritance (or win the lottery). You might receive a lump sum of money that takes you over the income limit and then two years later, your Medicare premium will be adjusted.

Something to remember, if you’re filing joint with a spouse, both of you would have the higher Medicare premium. It will impact both Part B and Part D. You will be required to pay this IRMAA for the full calendar year and then it should go away. You can dispute the charge at the beginning of the following calendar year.

There are charts on Medicare.gov for the adjusted premium and a form with CMS that allows you to dispute the charges after a year. I am always happy to help get you the information. Please reach out.

Happy Spring!!

is time of year is vibrant with new life!

As your local assister with Health insurance, Connect for Health and Medicare, as well as life insurance, final expense, annuities and more, I will bring a new name and look to my business next month!

Watch for the spring unveiling, in the May issue of the Buzz!

I can be reached at 303-887-8584 and lainsureco@gmail.com. To save a place at upcoming educational events, call, text or email to RSVP for either of these dates:

• May 22, 2023, 1:30PM Medicare 101, Eagle View Adult Center – Appropriate for those nearing 65 or Medicare eligibility, handouts and takeaway personal roadmap.

• June 5, 2023, 1:30PM Prescription Drugs - Finding the savings! Eagle View Adult Center – Do you want to find out about some of the possibilities to save on costly medicine? is is the place to be!

Lisa is a licensed certified Health, Life and Medicare Insurance Broker, local in Brighton.

Lisa Asmussen 303-887-8584 • Lainsureco@gmail.com

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.