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Avoid Common Medicare Mistakes

Last week we discussed whether you should keep group insurance after Age 65. This week,


Mistake #3: Not planning for or appealing IRMAA, the Income related medicare adjustment amount.


Most of you know that Medicare collects a premium of $148.50 per month. This amount is set by Medicare as part of the annual budgeting process, and approved by the U.S. congress. But some of you might pay more. Based on your income, you could pay a lot more for your Medicare Part B.


Medicare publishes a sliding scale that determines the amount of your premium, based on your taxable income from two years prior. In other words, your 2021 premium is based on your 2019 tax return. When you first enroll in medicare, you will be sent a letter called the Initial IRMAA Determination. Each year after, your IRMAA will be redetermined as well. These determinations can be appealed, and often should be due to “life changing events.” Many times, retirement, sale of a home, cash out of a business, etc, can drastically affect your income year to year. These events are often a good basis for an IRMAA appeal.

Here is the current IRMAA sliding scale for Part B.

Part B costs


This is provided for informational purposes only and is not intended to substitute for professional advice. Randy Foulds of Foulds Health Insurance Agency is an independent broker and Medicare specialist in La Quinta. license #0G69218. You can reach him at 760-346-6565.



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