A Medicare Surcharge That Might Surprise You If You’re Not Careful – IRMAA

You could get hit with much higher Medicare premiums today because of something that boosted your income two years before.

A man purses his lips and raises his eyebrows in dismay.
(Image credit: Getty Images)

Who out there has heard of IRMAA?

Likely, not many. When I hold seminars and ask who’s heard of IRMAA, few people raise their hands. For those who haven’t and are getting closer to Medicare eligibility (age 65 is the earliest unless you have a disabling medical condition), it’s worth your while to pay attention. IRMAA — income-related monthly adjustment amount — is one of those unwelcome surprises that can confront you as you near retirement or are in the early stages of it.

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Brian Quick, CLU®, ChFC®
Senior Partner, Creative Financial Group

Brian Quick is a senior partner and financial adviser for Creative Financial Group. Growing up with a stockbroker father and lifelong teacher for a mother, he developed a love for the financial markets at an early age. With over 30 years of experience in the financial services industry, Quick focuses on tax diversification planning through tax-efficient/tax-free income strategies, comprehensive financial planning and financial security planning focused on risk management. He earned a bachelor's in business administration from Indiana Wesleyan and continued with the American College of Financial Services to earn his professional designations as a Certified Life Underwriter and Chartered Financial Consultant in 2001.