IRMAA

[Bonehead3]

The SSA just notified me that I have to pay IRMAA of $74 based on 2023 of $223k. Even though my AGI is 202k. My Line 11 was 232. I never thought I would have to pay extra. I'm thinking of giving up Part B. I'm 68 and have not taken SS yet. My income will probably not go down in the future. I'm in good health....today anyway.

I have full medical with the VA and Tricare for Life, which is based on having full Medicare. So if I give up Part B, my TFL goes away (thanks GI for your dedication). That would leave me with the VA (dental included).

Thoughts on giving up Medicare?

[Silk McCue]

It sounds penny wise and pound foolish. The expense is meaningless for you. Giving up access to the best medical options in the future is a mistake.

Cheers

[cosmos]

Giving it up over $74 dollars a month or less than $1k/year? Why?!

[friar1610]

I have full medical with the VA and Tricare for Life, which is based on having full Medicare. So if I give up Part B, my TFL goes away (thanks GI for your dedication). That would leave me with the VA (dental included).

Thoughts on giving up Medicare?

I have Medicare (no IRMAA - yet!) and TFL. If TFL all of a sudden came with a $74/mo fee would I pay up to keep it? You bet your a$$ I would!

[delamer]

Giving it up over $74 dollars a month or less than $1k/year? Why?!

Well, the screen name is “Bonehead …”

(Sorry, I couldn’t resist!)

[retiredjg]

The SSA just notified me that I have to pay IRMAA of $74 based on 2023 of $223k. Even though my AGI is 202k. My Line 11 was 232. I never thought I would have to pay extra. I'm thinking of giving up Part B. I'm 68 and have not taken SS yet. My income will probably not go down in the future. I'm in good health....today anyway.

I have full medical with the VA and Tricare for Life, which is based on having full Medicare. So if I give up Part B, my TFL goes away (thanks GI for your dedication). That would leave me with the VA (dental included).

Thoughts on giving up Medicare?

Not sure why you thought your AGI is only $202k. AGI is found on line 11....which you say is $232k.

Either way, IRMAA is based on a modified AGI (an MAGI) which (for IRMAA) is usually line 11 plus non-taxable dividends.

Going over the limit is disappointing (yes, it happened to me too once) but that is not a good reason to give up Part B. Just be more careful next time. Or realize that none of us, even those in the top tiers of IRMAA, pay the full cost of our health care.

The VA alone can be very good....until it isn't. Your $888 is not important enough to give up the good coverage you have now.

[Navillus1968]

Is there any way you can reduce your income going forward, such as reducing TIRA/Trad 401k withdrawals or generating lower capital gains income? Aside from your DOD pension, what are your income sources?

Your AGI of $232k is fairly close to the estimated 2026 IRMAA Tier Zero MAGI of $218k, only about $14k too high. Might be worth looking to see if you can reduce your MAGI in 2025 to avoid IRMAA for 2027.

If you (or your wife) retired fairly recently, you might be able to appeal your IRMAA if you can reduce your MAGI in 2025 compared to 2023. Retirement is an IRMAA Life-Changing Event, one of about 7. Link to Form SSA-44 https://www.ssa.gov/forms/ssa-44.pdf

Great IRMAA blog post- https://thefinancebuff.com/medicare-irm ... ckets.html

[trueblueky]

If you have flexibility on when you take income, you could try bunching it so that one year, you're in Tier 1 and the next in Tier 0. The Tier 1 range is large enough that you don't seem to be in danger of reaching Tier 2 (until one spouse dies - run the numbers on that some day).

[dcabler]

The SSA just notified me that I have to pay IRMAA of $74 based on 2023 of $223k. Even though my AGI is 202k. My Line 11 was 232. I never thought I would have to pay extra. I'm thinking of giving up Part B. I'm 68 and have not taken SS yet. My income will probably not go down in the future. I'm in good health....today anyway.

I have full medical with the VA and Tricare for Life, which is based on having full Medicare. So if I give up Part B, my TFL goes away (thanks GI for your dedication). That would leave me with the VA (dental included).

Thoughts on giving up Medicare?

OK, so your income probably won't go down in the future. I wouldn't make the bet that I would stay very healthy in the future which is what you're implying if you forgo Part B. I would never even consider that, not even for a moment.

Cheers.