How can I avoid or reduce IRMAA charges on my Medicare premiums?
Answered by 12 licensed agents
I'm an independent agent and am compensated for my services by the insurance companies. I never charge you additional fees for my services. I'm asked this question (IRMAA charges) quite often by higher income earners. You can contact me at 801-550-1800 to answer questions that will help you better understand what to expect.
Answered by Jeff Christiansen on March 27, 2025
Broker Licensed in UT, AR, AZ & 7 other states
Answered by Larry Dalton on April 2, 2025
Broker Licensed in OK & TX
Answered by Mark Maliwauki on May 27, 2025
Broker Licensed in ID, AZ, CA & 15 other states
Answered by Ben Washington on March 31, 2025
Broker Licensed in IL, FL, MN, SC, TX & WI
Many seniors do not realize selling a piece of property may increase there 'income' thus reflect a increase to them for paying for Medicare Part B or Part D.
Many seniors take some of their income and give to their children as financial support when they should consider gifting it as a non-taxable donation instead.
Anything that is considered 'income' may cause their Medicare premium to the government to increase because of IRMAA
Answered by Jennifer McDonnell on May 26, 2025
Broker Licensed in MI, AZ, CA & 10 other states
Answered by Kevin McIntire on April 4, 2025
Broker Licensed in IN & OH
Answered by Steve Houchens on April 2, 2025
Agent Licensed in KY & TN
Consult a tax professional to find out ways to reduce or avoid it.
Answered by Marcie Barnes on April 19, 2025
Agent Licensed in TX, AK, AL & 48 other states
Answered by Mary Salmon on April 22, 2025
Broker Licensed in TX & OK
Inform Medicare if you’ve had a life-changing event that affected your income.
Avoid certain income-boosting changes to your annual income.
Use Medicare savings accounts (MSA) contributions.
Watch your IRA/401(k) distributions and avoid taking large distributions in one year.
Increase contributions to tax-deferred accounts.
Donate appreciated assets directly to charity.
Make qualified charitable distributions (QCDs).
Distributions from Roth accounts do not count toward your MAGI.
Look for losses in your taxable accounts that could help offset any capital gains.
Submit the SSA-44 form with proper documentation if your income has decreased due to a life event.
Answered by Jaye Maxx Alexander II on May 5, 2025
Broker Licensed in NC, AK, AL & 47 other states
Answered by Barbara Barnes, CMIP® on May 24, 2025
Agent Licensed in PA
First, it all comes down to your income from two years ago, so if you can keep your taxable income under those limits, you’re golden. You can use Roth IRAs or Roth 401(k)s because money from those dont count toward your income, so it helps keep you under the radar. And if you’re taking money from traditional retirement accounts, you could think about converting some to Roth early on (before Medicare kicks in) to lower your future tax hits.
Also, if you’ve had a big life change like retirement, loss of a spouse, or a drop in income—you can actually appeal your IRMAA charge. You just fill out a form (SSA-44) and explain your situation.
Keep in mind the sale of a home with capital gains income can affect your IRMAA as well which could throw you into a higher income level.
Bottom line: it’s all about planning ahead. If you’re getting close to retirement or Medicare age, it’s worth sitting down with a tax or financial advisor and figuring out what moves you can make now to avoid that extra premium later.
Answered by Randy Hill on April 1, 2025
Broker Licensed in OH, AL, AZ & 7 other states
Tags: Advice for Seniors New To Medicare The Medicare System
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