What are the 2024 IRMAA Brackets?
Nothing is official yet, but by law the IRMAA Brackets adjust according to the Consumer Price Index for Urban Consumers (CPI-U).
From 2022 to 2023 the CPI-U, if inflation remains constant, will increase by 5.65%. This means that the IRMAA Brackets, by law, will increase at the same rate.
The possible 2024 IRMAA Brackets (not official)
|Individual||Couple||Part B||Part D|
|$102,500 - $130,000||$205,000 -$260,000||$244.70||Premium + $12.90|
|$130,000 - $162,000||$260,000 - $324,000||$349.60||Premium + $33.30|
|$162,000 - $193,500||$324,000 - $387,000||$454.40||Premium + $53.80|
|$193,500 - $500,000||$387,000 - $500,000||$559.20||Premium + $74.20|
|> $500,000||> $750,000||$594.20||Premium + $81.00|
2024 IRMAA Thresholds if CPI-U remains constant and legislation is not passed by Congress
If your income two years ago was higher because you were working at that time and now your income is significantly lower because you retired (“work reduction” or “work stoppage”), you can appeal the IRMAA initial determination. The “life-changing events” that make you eligible for an appeal include:
- Death of spouse
- Divorce or annulment
- Work reduction
- Work stoppage
- Loss of income from income producing property
- Loss or reduction of certain kinds of pension income
You file an appeal with the Social Security Administration by filling out the form SSA-44 to show that although your income was higher two years ago, you had a reduction in income now due to one of the life-changing events above. For more information on the appeal, see Medicare Part B Premium Appeals.
Not Penalized For Life
If your income two years ago was higher and you don’t have a life-changing event that makes you qualify for an appeal, you will pay the higher Medicare premiums for one year. IRMAA is re-evaluated every year as your income changes. If your higher income two years ago was due to a one-time event, such as realizing capital gains or taking a large withdrawal from your IRA, when your income comes down in the following year, your IRMAA will also come down automatically. It’s not the end of the world to pay IRMAA for one year.