IRMAA and your Social Security benefit
IRMAA can impact your Social Security benefits if you are subject to the surcharge. If you receive Social Security benefits, the additional amount for the IRMAA surcharge will be deducted from your Social Security check. This means that your monthly Social Security benefit will be reduced by the amount of the IRMAA surcharge.
For example, let’s say your standard monthly Medicare Part B premium is $148.50, but you are subject to an additional IRMAA surcharge of $148.50 due to your income level. In this case, your total monthly Medicare Part B premium would be $297.00. If you also receive a monthly Social Security benefit of $1,500, the IRMAA surcharge would be deducted from your Social Security check. This means that your monthly Social Security benefit would be reduced to $1,351.50 ($1,500 – $148.50).
It’s important to note that the IRMAA surcharge will only impact your Social Security benefits if you receive them. If you do not receive Social Security benefits, the IRMAA surcharge will be billed directly to you.
Additionally, it’s important to be aware of the income thresholds for the IRMAA surcharge. If your income falls below the threshold, you will not be subject to the surcharge, and your Social Security benefits will not be impacted.
In summary, if you are subject to the IRMAA surcharge, the additional amount will be deducted from your Social Security check, which can reduce your monthly benefit. It’s important to be aware of the income thresholds for the surcharge and to understand how it may impact your Social Security benefits.
