Social Security. IRMAA
I sold a property and have a one time windfall. SS is being reduced and Medicare premium increased. I will have a significant loss of income, Is there a form to contest this? Thank you.
Terry Says
Your one-time windfall added to your income, triggering the IRMAA adjustment, by which people with higher incomes pay more. Read this excellent article to understand:
https://www.nerdwallet.com/article/insurance/medicare/what-is-the-medicare-irmaa
You can appeal after one year, using this form:
https://www.ssa.gov/medicare/lower-irmaa
The reason your SS check is lower, is because they are taking a higher deduction for Part B as a result of this IRMAA. When the IRMAA goes away, your check will bounce back.
