For those who are reading, IRMAA is a surcharge that people with income above a certain amount must pay in addition to their Medicare Part B and Part D premiums. The Social Security Administration (SSA) determines who pays an IRMAA based on the income reported 2 years prior.
So you won’t really feel the impact until 2023 — right around the corner.
For purposes of 2023 premiums, assuming you are married filing jointly, if you earned:
$194,000 to $246,000 — you’ll pay $230.80 monthly plus $12.20 more each month for Medicare Part D
$246,000 to $306,000 — you’ll pay $329.70 for Medicare Part B, plus $31.50 additional each month for Part D
$306,000 to $366,000 — Part B costs $428.60 plus $50.70 for Part D
$366,000 and under $750,000 gives you a monthly Part B premium of $527.50
and income over $750,000 leads to a Medicare monthly Part B premium of $560.60
As you can see, it all adds up. You CAN appeal if this was a one-time event that put you into a higher bracket, and you can show your income dropped back down in the subsequent year.
This information will help you understand the appeals process: https://www.ssa.gov/pubs/EN-05-10507.pdf