Medicare Part D / By Medicare Sharks
Medicare plans change costs each year. These are typically small, negligible adjustments. You will not have to worry about Medicare becoming unaffordable. All Medicare plans experience this, but to different extents. And in 2022, Part D has adjusted its premium costs according to your annual income as reported on your 2020 tax return.
What Is This Adjustment Called?
The term for premium cost adjustments according to income is known as the Income-Related Monthly Adjustment Amount (IRMAA). Part D is not the only plan that has an IRMAA – Part B has it, too.
The Part D IRMAA takes more than just the income into account. It also looks at how that income was reported, whether it was as an individual, jointly with a spouse, or a married individual filing separately.
What Are The Part D Premiums For Those Who Filed Individually?
Because Part D comes from private insurance, exact premium costs vary from plan to plan. However, the Part D IRMAA assigns an additional amount on top of your current premium. For someone who filed individually, these are the added amounts you can expect to pay based on your 2020 annual income:
- $91,000 and under – Plan premium (no cost added)
- Over $91,000 up to $114,000 – $12.40 plus plan premium
- Over $114,000 to $142,000 – $32.10 plus plan premium
- Over $142,000 to $170,000 – $51.70 plus plan premium
- Over $170,000 but less than $500,000 – $71.30 plus plan premium
- $500,000 or more – $77.90 plus plan premium
What Are The Part D Premiums For Those Who Filed Jointly?
If you filed with your spouse, there are qualifying income levels for certain premium costs. The income levels with the corresponding 2022 Part D IRMAA are:
- $182,000 and under – Plan premium (no cost added)
- Over $182,000 up to $228,000 – $12.40 plus plan premium
- Over $228,000 to $284,000 – $32.10 plus plan premium
- Over $284,000 to $340,000 – $51.70 plus plan premium
- Over $340,000 but less than $750,000 – $71.30 plus plan premium
- $750,000 or more – $77.90 plus plan premium
What Are The Part D Premiums For Those Who Filed As Married And Separate?
If you are married but decided to file separately, you can expect to pay one of these three costs according to your 2020 income:
- $91,000 and under – Plan premium (no cost added)
- Over $91,000 but less than $409,000 – $71.30 plus plan premium
- $409,000 or more – $77.90 plus plan premium
For More Information On Medicare Part D…
Medicare Sharks will get you a policy that will give you all the coverage you need at a price you deserve. With our help, you’ll get Part D with the lowest premium on the market. Call us today at (561) 288-2080, or reach us at (561) 288-2396.
