Four Things to Know if Medicare’s IRMAA Kicks In

The income-related monthly adjustment amount, known as IRMAA, happens when your income exceeds a certain threshold. You can appeal if your circumstances change.

An older woman looks dismayed as she looks at paperwork while sitting at a table in her kitchen.
(Image credit: Getty Images)

I was one of the early COVID movers, moving into my current home in June 2020. My wife was teaching kindergarten remotely, and my 2-year-old was finding new, dangerous ways to entertain herself. The space got very small, very fast.

As part of our move, I had all of our property and casualty policies reviewed. We decided to increase our auto coverage. Yes, the cost was higher, but the peace of mind was worth more than the additional premium. A classic cost-benefit analysis. However, paying a higher premium doesn’t always mean you’re getting more benefits.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.