Ask Terry Questions Social Security. IRMAA

Social Security. IRMAA

By Terry Savage on December 14, 2023 | Financial Planning / Retirement

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:

You can appeal after one year, using this form:

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.



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