Ask Terry Questions Medicare IRMAA

Medicare IRMAA

By Terry Savage on December 21, 2023 | Financial Planning / Retirement

Dear Terry,

I retired in 2022 and was on my wife’s insurance until she retired 6/30/2023. We are currently paying IRMAA for our Medicare insurance based on our 2021 MAGI. Our MAGI (Married filing jointly) for 2023 will be below the threshold for an IRMAA adjustment. My question is – Can we file SSA-44s using our 2023 MAGI to have our Medicare IRMAA for 2024 lowered to zero since we had a life changing event in 2023? From reading the IRMAA rules it looks as if they will use our MAGI from 2022 instead of 2023. I moved money from my IRA rollover account to my Roth IRA rollover account in 2022 which pushed our MAGI over the IRMAA threshold.

I appreciate your help in this matter. I always look forward to your Q&A’s on WGN Morning News.

Terry Says

Yes, IRMAA looks back at your income two years ago! You can request a reduction, using this form:

But it might have to wait until 2025 for approval. This is one reason people should consider ALL the impacts of a Roth conversion.

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