Good news for 2022 when it comes to Medicare is that the the 2022 IRMAA Brackets,, the first 6 brackets will see an increase of about 3.4%
The 2022 IRMAA Brackets are as follows:
|2022 IRMAA Brackets|
|Individual MAGI||Couple MAGI||Part B Premium||Part D Premium|
|< $91,000||< $182,000||$170.10||Premium (varies)|
|$91,000 – $114,000||$182,000 – $228,000||$238.10||Premium + $12.40|
|$114,000 – $142,000||$228,000 – $284,000||$340.20||Premium + $32.10|
|$142,000 – $170,000||$284,000 – $340,000||$442.30||Premium + $51.70|
|$170,000 – $500,000||$340,000 – $750,000||$544.30||Premium + $71.30|
|> $500k||> $750k||$578.30||Premium + $77.90|
Where the IRMAA Brackets may head in the future:
1. The IRMAA Bracket Thresholds:
According to the B-Partisan Budget Act of 2019 the IRMAA Brackets are not scheduled to increase and are to remain constant through 2028. Any increase within the brackets is due to the determination of the current Administration.
As for the future income thresholds per each IRMAA Bracket there, currently, is no information available.
2. The Premium Amounts per IRMAA Bracket:
According to the Medicare Board Trustees Report from 2019, the surcharges will inflate at as follows through 2028:
- Part B – 6.33%
- Part D – 4.84%
Note: unfortunately, the previous 2 Medicare Board of Trustees Reports (2022 and 2021) due to circumstances on coverage and Covid-19 do not reflect accurate projections.
Income for the 2022 IRMAA Brackets:
The definition of the income for the 2022 IRMAA Brackets will remain the same as well. Income is modified adjusted gross income.
According to the IRS it is “adjusted gross income plus any tax-exempt interest one generates from the previous 2 years.
Examples of income for IRMAA are:
Social Security / Wages / Interest / Capital Gains / Dividends / Pension and Rental Income/ Distributions from any Traditional 401(k), IRA or 403(b).
If you reach any of the 2022 IRMAA Brackets a letter from Social Security will be sent to you through the mail.