Navigating Medicare IRMAA: Strategies On RFG University How To Minimize Your Medicare Premiums by Chris Robinson, ChFC So, what income counts for MAGI? Almost everything counts, including tax- free municipal bond income, wages, Social Security benefits, and retirement account distributions. Understanding what counts towards MAGI allows you You turn 65 and begin Medicare insurance. Looking at the monthly cost and to predict your IRMAA charges and find ways to reduce them. think that is not so bad. You can easily look up how much your payment is going to be for Part B and Part D. Medicare may cost you a lot more than you Please Note: If you have MAGI that is as little as $1 over the threshold limit, imagined! then you must pay the full adjustment. There are actually five different levels of income with five different levels of additional premium. The levels differ What is IRMAA? with single or jointly filed tax returns. At the most punitive level of income, an additional $419.30 for Part B and $81 for Part D must be paid per month per Welcome an unfriendly additional premium called IRMAA or income-related individual! monthly adjustment amount. Basically, the more you make, the more you pay. Medicare looks back at your income two years ago to determine the price you will pay for parts B and D. So income in the year you were 63 determines how much more you will pay when you are 65. The calculation is based on your modified adjusted gross income or MAGI. Announcing our New RFG Client Planning Portal! NEW- RFG Planning Portal! This upgraded portal offers enhanced features that will help us work together more effectively to build your financial plan. Key Features: Account Balances: View your account balances at a glance. Financial Planning Tools: Collaborate with your advisor and fine-tune your plan. video here Information Management: Easily enter and update information to for up-to-date accuracy. Secure Document Vault: Store important documents and correspondence securely. We are currently transferring documents from the old portal’s vault to the new one for a seamless transition. If you are registered, log in today. If not, call us, and we’ll get you set up! 940-464-4104.