What is IRMAA? Understanding Its Impact on Your Medicare Costs

Learn about Medicare's Income-Related Monthly Adjustment Amount (IRMAA) and how it impacts premiums based on income levels and life changes.

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Amy Shepard from Sensible Money explains IRMAA, Medicare's Income-Related Monthly Adjustment Amount, and how higher income affects premiums for Medicare Parts B and D. Learn about income thresholds, life-changing events that may reduce IRMAA, and planning strategies to manage Medicare costs effectively in retirement.

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00:00 - Introduction to IRMAA and Medicare Premiums
01:55 - How Income Levels Affect Medicare Premiums
05:15 - Appeal Process for IRMAA Based on Life Changes
09:25 - Tax Planning Tips to Minimize IRMAA

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