What Is IRMAA?
IRMAA stands for income-related monthly adjustment amount. If you are a higher-income Medicare beneficiary, you can expect to pay higher premiums for Medicare Part B (medical insurance) and Part D (prescription drug coverage). The additional amount added to your premiums is called the income-related monthly adjustment amount (IRMAA).
Most beneficiaries do not have to pay higher premiums. The IRMAA Income Limits for 2024 only applies to those whose 2022 modified adjusted gross income was:
- Greater than $103,000 (if you’re single and file an individual tax return)
- Greater than $206,000 (if you're married and file jointly)
Social Security determines if you’re required to pay an IRMAA based on your most recent federal tax return. If you meet the criteria for the IRMAA limits, they will send you a letter (see sample) with your premium amount, and an explanation of how they made the determination.
How Much You Can Expect to Pay
The standard Part B premium for 2024 is $174.70 per month. If you have Medicare Part D, your Part D premium amount will vary depending on the insurance company you purchase it from.
Below we show how much your IRMAA will likely be based on your modified gross income (MAGI) and filing status.
For 2024, your additional premium based on income is as follows:
| Individual Tax Return | Joint Tax Return | Part B Base Rate | IRMAA Part B | IRMAA Part D | Monthly Total |
|---|---|---|---|---|---|
| $103,000 or less | $206,000 or less | $174.70 | $0.00 | $0.00 | $174.70 |
| above $103k, up to $129k | above $206k, up to $258k | $174.70 | $69.90 | $12.90 | $257.50 |
| above $129k, up to $161k | above $258k, up to $322k | $174.70 | $174.70 | $33.30 | $382.70 |
| above $161k, up to $193k | above $322k, up to $386k | $174.70 | $279.50 | $53.80 | $508.00 |
| above $193k, up to $500k | above $386k, up to $750k | $174.70 | $384.30 | $74.20 | $633.20 |
| $500,000 or more | $750,000 or more | $174.70 | $419.30 | $81.00 | $675.00 |