- Also Read: 3 Reasons Why Law Enforcement Officers Can Retire Sooner Than Most Federal Employees Without Major Penalties
- Also Read: Six Early Retirement Myths Federal Employees Are Finally Busting
- Also Read: Six Postal Worker Benefit Trends to Watch Closely This Year
- 2020 – $202.40 (surcharge of $57.80)
- 2021 – $207.90 (surcharge of $59.40)
For married couples earning more than $750,000 and individuals above $500,000, premiums alone could reach nearly $12,120 per year. Why? Because there’s a surcharge of over $350 on top of individual monthly premiums of $505. Can I Appeal an IRMAA Surcharge? Yes, and there are a couple of scenarios where this is applicable. For example, it might be that your IRMAA premium was calculated using the wrong numbers. If you can prove that their information is incorrect, a recalculation is likely. On the other hand, it could be that your income has decreased as a result of a specific life event. Social Security will consider the following:
- Marriage
- Passing of a partner
- Annulment/divorce
- Reduced work hours (for either partner)
- Retirement
- Pension loss
- Natural disaster (affecting a property used for income)
According to Social Security, not all events are considered ‘life-changing’, which includes portfolio distribution, sale of a vacation property, or Roth IRA conversion. In these events, Medicare premiums will increase. The changes come into effect for all reductions in income two years after the event for Medicare premiums.
Contact Information:
Email: [email protected]
Phone: 6232511574
Bio:
I grew up in Dubuque, Iowa, where I learned the concepts of hard work and the value of a dollar. I spent years in Boy Scouts and achieved the honor of Eagle Scout. I graduated from Iowa State University and moved to Chicago and spent a few years managing restaurants. I then started working in financial services and insurance helping families prepare for the high cost of college for their children. After spending years in the insurance industry, I moved to Arizona and started working with Federal Employees offing education and options on their benefits. I became a Financial Advisor / Fiduciary to further help people properly plan for the future. I enjoy cooking and traveling in my free time.
Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.