7 Million of What?
In approximately 2 weeks individuals that are on Medicare will be receiving notifications if they will be getting a surcharge on their Medicare Premiums. Why is this? Each year the Centers for Medicare and Medicare evaluate the income for every person receiving Medicare and determine if a surcharge is applicable due to the amount of income they are generating in during retirement.
This means there were 7 million clients that could have been helped prior to retirement in order to ease the burden of these costs. That being said, it may be too late for these 7 million people, however there are millions of individuals that are nearing retirement that are in the same boat and do not know it.
What is IRMAA?
IRMAA stands for the Income Related Monthly Adjustment Amount. IRMAA is a surcharge that is added to your monthly Medicare costs, based on the amount of income you are receiving in retirement from various sources such as: pension, Social Security, W2 wages, investments or a combination of these different types.
