Does IRMAA go away automatically if my income drops, or do I need to report it to Social Security?
Answered by 14 licensed agents
Answered by Matthew Libby on March 31, 2025
Broker Licensed in TN, AR, KY, OH & OR
Answered by Nikki Rowland on May 6, 2025
Broker Licensed in SC & NC
Answered by Robert Pennington on March 25, 2025
Broker Licensed in NC, GA, SC & VA
I would recommend that you "remind" Medicare of your lower income since at times, they will not necessarily "catch up" as quickly as you'd like them to (call 1-800-MEDICARE). Remember that chart contains SIX categories of AGI's so if you have a new lower income, it may not make any difference. You don't need to specifically report that since both the Medicare and the IRS computers usually communicate this info directly within 3 months (hopefully) after filing.
Answered by Steven Bleicher on April 20, 2025
Broker Licensed in AZ
Answered by Steven Lovell on May 10, 2025
Broker Licensed in GA, CA, FL & 7 other states
Answered by Ami Fouts on April 21, 2025
Broker Licensed in NH & ME
Here's why you need to report a change and how:
IRMAA is calculated annually based on your income from two years prior:
The SSA uses your Modified Adjusted Gross Income (MAGI) from two years before to determine your IRMAA.
Life-changing events trigger a potential reassessment:
If your income has decreased due to events like retirement, job loss, or a spouse's death, you need to report this to the SSA.
Filing Form SSA-44 is the way to request a reassessment:
This form allows you to provide documentation of your life-changing event and request a recalculation of your IRMAA.
If your income was higher two years ago due to a one-time event, your IRMAA may automatically reduce in the following year:
For instance, if you had a large capital gain or IRA withdrawal in 2023, your IRMAA for 2025 may be adjusted down once your income is lower in 2025, but it's always a good idea to file Form SSA-44.
In summary, while some IRMAA adjustments might happen automatically based on income fluctuations, you need to take proactive steps (like filing Form SSA-44) if you have a life-changing event that could lower your IRMAA.
Answered by Fred Manas on June 2, 2025
Agent Licensed in NY, CT, DC & 7 other states
Answered by Steve Brauer on April 18, 2025
Broker Licensed in AZ & CA
If your income drops, you must report it to Social Security to request a reduction.
Answered by Sam Silva on April 15, 2025
Broker Licensed in FL, GA, NJ & 7 other states
Answered by Jerry Cohen on May 6, 2025
Broker Licensed in NY
Answered by Gary Haft on June 2, 2025
Agent Licensed in FL, AL, DC & 9 other states
Answered by Robert Simm on April 7, 2025
Broker Licensed in NC, AL, AR & 15 other states
Answered by Nicolas Johnson on May 28, 2025
Agent Licensed in WI & IA
Answered by Debra Weber on April 2, 2025
Broker Licensed in PA, DE, FL & 5 other states
Tags: Social Security The Medicare System
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