Personal Finance (Not Investing) • IRMAA Appeal Process - Retroactive Refund?

I retired in 2022, and have not been employed since. I recently enrolled in Medicare and my coverage will begin in December. My income for 2022 was high enough to trigger an IRMAA adjustment, which I am appealing due to a "life-changing event" (my retirement). I have submitted the appeal, along with documentation, but it is my expectation that the appeal will likely still be pending when my first Medicare payments (parts B and D) are due.

Assuming that my appeal is granted and the IRMAA is determined to be inapplicable, will Medicare issue a credit to my account?

My wife and I went through this for 2024. What happens depends on your situation. My wife started SS retirement benefits the same year as she started Medicare. She has her Medicare premiums deducted from her SS direct deposit. I have not started SS yet and so my Medicare premiums are deducted from my bank account. I submitted the form in person to my local SS office in January. We didn't get a decision until July.

In August, my wife had a direct deposit refund for the excess IRMAA charges. Starting in September, her SS deposit amount was increased to reflect the decreased amount of the Medicare premium that was being deducted.

Since I don't have any direct deposits from SS, they won't send the money directly to my bank. I know it doesn't make sense since they take out my premium every month from my account. They will issue a check. I'm still waiting for that check.

So how and when the refund is issued will depend on if you have your medicare premiums deducted from your SS benefits payment.

Also, will I need to file a second appeal for 2025 payments? The first payment due is for the initial three months (December 2024, January 2025, and February 2025) - all of which are being billed at the higher rate (that is, with IRMAA included).

To clarify, my annual MAGI since mid-2022 is well below the limit at which IRMAA kicks in.

For 2025, it will be your taxable income for 2023 that will determine if you pay IRMAA. So if your 2023 income is below the 2025 IRMAA threshold ($212k for MFJ?) you won't need to pay IRMAA and so don't need to request a waiver.

Statistics: Posted by WeakOldGuy — Mon Nov 04, 2024 1:41 am — Replies 6 — Views 595

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