IRMAA income level for 2020

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Namashkar
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IRMAA income level for 2020

Post by Namashkar »

Has the IRMAA income levels for 2020 in terms of Medicare part B premium announced?
mhalley
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Re: IRMAA income level for 2020

Post by mhalley »

Topic Author
Namashkar
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Re: IRMAA income level for 2020

Post by Namashkar »

Thank you, ‘mhalley’. That is exactly I was looking for.
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heartwood
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Re: IRMAA income level for 2020

Post by heartwood »

Since the 2020 IRMAA is based on the 2018 MAGI I calculate I've advanced another tier even with the inflation adjustments due to increasing RMDs.

Of course we'll have to wait until the IRMAA are announced. Since the tiers are breakpoints a dollar over puts you in the next tier. Using last years IRMAA resulted in a bump of $2419.20 per tier for the year for a couple filing MFJ. In 2019 we're under the tier cap by $457.

Using the numbers in the article we're about $6900 over for 2020. I'll try to think of it as balancing out: dodged the next tier increase 2019, paying it in 2020.

Thanks for posting the link.
stlrick
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Re: IRMAA income level for 2020

Post by stlrick »

mhalley wrote: Fri Oct 25, 2019 3:47 pm Here you go
https://www.investmentnews.com/article/ ... on-in-2020
No, they have not been announced. As definitive as this article appears, it is a projection from "a new analysis by HealthView Services, a leading provider of retirement health care cost data for the financial services industry."
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Monster99
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Re: IRMAA income level for 2020

Post by Monster99 »

How long does it take SSA to catch up to the current IRMAA? My DW will start Medicare in November, and we will owe a pentalty but only for the remainder of THIS year. Will we get a refund for January of next year? (We pay quarterly)
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tfb
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Re: IRMAA income level for 2020

Post by tfb »

stlrick wrote: Sat Oct 26, 2019 7:38 am
mhalley wrote: Fri Oct 25, 2019 3:47 pm Here you go
https://www.investmentnews.com/article/ ... on-in-2020
No, they have not been announced. As definitive as this article appears, it is a projection from "a new analysis by HealthView Services, a leading provider of retirement health care cost data for the financial services industry."
And it turned out incorrect. It was unfortunate that Mary Beth Franklin took it at face value.
Harry Sit, taking a break from the forums.
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OAG
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Re: IRMAA income level for 2020

Post by OAG »

Medicare.gov Information on 2020 IRMAA Numbers here: https://www.medicare.gov/your-medicare- ... rt-b-costs
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979 21 years of service @ 38.
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LilyFleur
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Re: IRMAA income level for 2020

Post by LilyFleur »

So I guess if a person were to be doing aggressive Roth conversions (maybe up to $160,000), one would just view the higher cost for IRMAA as an additional tax?
PhrugalPhan
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Re: IRMAA income level for 2020

Post by PhrugalPhan »

LilyFleur wrote: Thu Nov 21, 2019 1:36 pm So I guess if a person were to be doing aggressive Roth conversions (maybe up to $160,000), one would just view the higher cost for IRMAA as an additional tax?
That's certainly how I will be viewing it (3 years 'til full pension for me). I will be trying to convert up to where IRMAA kicks in which is about where my combined pension/SSI/RMDs will land me at 70. While this IRMAA "tax" won't be much when spread over all my income, when looked at as a marginal rate it can be substantial. Thankfully I will have a few years between retirement and needing to worry about IRMAA .
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