Understanding the 2024 IRMAA Changes: A Guide for Those Approaching Medicare


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Welcome to our latest Cardinal lesson where we dive deep into the newly released 2024 IRMAA (Income-Related Monthly Adjustment Amount) numbers. If you’re nearing 65, or already there, and Medicare is on your horizon, it’s crucial to understand how IRMAA can impact you.

What is IRMAA?

IRMAA often catches people off-guard as they transition into Medicare. It’s an additional charge that some people have to pay, based on their income, on top of their Medicare Part B and Part D premiums. Our goal today is to shed light on this often misunderstood aspect of Medicare insurance and explain the latest changes announced by the Centers for Medicare Services (CMS).

Why This Matters:

Many of our clients are first-time hearers of IRMAA when they come to us confused and frustrated about higher-than-expected Medicare costs. It’s important not just to be aware of IRMAA but also to understand its role in your financial planning. It should be a factor in decision-making but not necessarily the driving force.

2024 IRMAA Updates:

The standard Medicare Part B premium is set at $174.70, increasing by about $9 from the previous year.

The average Part D premium is around $55.50, though this varies based on individual plans.

Higher-income individuals will face additional charges based on their income levels and tax filing status.

Income and IRMAA:

One of the key factors in determining your IRMAA is your income from two years prior. For instance, your 2024 IRMAA will be based on your 2022 income. This retrospective approach can often lead to surprises, especially for those who experience significant income changes.

Thresholds for 2024:

Single filers with an income under $103,000 and married couples filing jointly under $206,000 will pay the standard rate.

Higher incomes will attract higher IRMAA charges.

Planning and Appeals:

We observe a spectrum of responses to IRMAA – from those who aggressively try to avoid it to those who are unaware of it. Our advice is to strike a balance. Understand its impact, but don’t let it overshadow other critical financial decisions, like Roth conversions or retirement planning.

In cases of life-changing events like retirement, widowhood, or divorce, it’s possible to appeal the IRMAA determination. This process can be nuanced, and we’re here to guide you through it.


IRMAA, in a sense, is an additional tax on your income in retirement. It directly affects your Social Security benefits and overall financial health. While it’s essential to be aware of it and plan accordingly, it’s just as important not to let it dominate your financial strategy.

For more detailed information and support in navigating these changes, don’t hesitate to contact us. We’re here to help you understand and plan for your Medicare costs, ensuring a smoother transition into this new phase of life.

The 2024 Medicare Tax-IRMAA-High Income People

Welcome to our comprehensive guide on the 2024 IRMAA (Income-Related Monthly Adjustment Amount) changes and how they impact Medicare costs. If you’re nearing 65, already on Medicare, or simply curious about how income affects Medicare premiums, this video is a must-watch!

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