I understand what IRMAA is and the tiers based on one's MAGI. I also understand that IRMAA is calculated based on MAGI from 2 years earlier.
So 2024 Medicare Part B premiums are based on 2022 income. My question is at what time of the year does Uncle Sam reset or re calculate one's PArt B premium? Is it always in January at the start of the calendar year or the month of one's birthday?
For example: Say I started Medicare last year (2023) and my MAGI for (2021) put me on the first tier of Medicare Part B premiums.
In 2022, If I did a large Roth Conversion which put my MAGI for 2022 on a higher Medicare Part B tier.... when does that IRMAA charge kick in?
Is it always in January ( in this case JAn. 2024) or the month of my birthday in my case August of 2024....since I started Medicare in Aug. of 2023.
Hope this isn't too confusing. Just trying to understand the time of the year when IRMAA resets. Thank you.
So 2024 Medicare Part B premiums are based on 2022 income. My question is at what time of the year does Uncle Sam reset or re calculate one's PArt B premium? Is it always in January at the start of the calendar year or the month of one's birthday?
For example: Say I started Medicare last year (2023) and my MAGI for (2021) put me on the first tier of Medicare Part B premiums.
In 2022, If I did a large Roth Conversion which put my MAGI for 2022 on a higher Medicare Part B tier.... when does that IRMAA charge kick in?
Is it always in January ( in this case JAn. 2024) or the month of my birthday in my case August of 2024....since I started Medicare in Aug. of 2023.
Hope this isn't too confusing. Just trying to understand the time of the year when IRMAA resets. Thank you.
Statistics: Posted by MrLoco — Wed Mar 13, 2024 7:47 am — Replies 1 — Views 142