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PUBLIC PULPIT — HEALING MINISTRY
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STAR PARKER — FIX SOCIAL SECURITY WITH OWNERSHIP, NOT MORE GOVERNMENT
The trustees for Social Security have just issued their annual report. And, as
w…
ASK RUSTY – SHOCKED BECAUSE MEDICARE INCREASE RESULTS IN LOSS OF SOCIAL SECURITY
BENEFITS
* May 21, 2024
* 30 mins ago
*
Dear Rusty: My wife and I have taken a Social Security "Cut" — no 3.2% raise for
us, due to something called “IRMAA,” based on our income. We actually took,
together, a $400 a month cut. As far as I can tell from what they told me, we
are means tested and were too successful, so our Medicare premiums were much
higher, which resulted in our reduced Social Security for 2024. Have you sorted
this out? And, if so, can I appeal this disgusting situation?. Signed: Baffled
Senior
Dear Baffled: We’re very familiar with the “Income Related Monthly Adjustment
Amount” – not so affectionately called “IRMAA.” IRMAA catches many Social
Security beneficiaries by surprise, not only higher earners such as you, but
also those who make large withdrawals from a tax-deferred account, who sell
property, or who have any other kind of sudden large bump in their taxable
income. Essentially, if your income is over certain thresholds for your IRS
filing status, you pay a higher “IRMAA” premium for your Medicare Part B
(coverage for outpatient services) and your Part D (prescription drug coverage).
And since your Medicare premium is automatically deducted from your Social
Security payment, your net monthly Social Security payment goes down.
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Any COLA added to your Social Security benefit is often consumed by an IRMAA
increase to your Medicare premiums. And, to further complicate matters, your
Medicare premium for the current year is determined by your income from two
years prior, which means your 2024 Medicare premiums were determined by your
2022 income.
The IRMAA thresholds are different depending on your income tax filing status,
but assuming you file your taxes as “married/jointly,” your combined 2022 income
had to be more than $206,000 to cause IRMAA to apply in 2024. With income
between $206,000 and $258,000, each of your Part B premiums would be $244.60
(instead of the standard $174.70), and your Part D premium (if you have Part D)
would incur another $12.90 on top of your regular Part D premium amount. IRMAA
premiums further increase on a sliding scale, and those with income of $750,000
or more would pay a maximum Medicare Part B premium of $584/month and would
incur another $81 per month added to their normal Part D premium. Thus, as you
have noted, Medicare premiums are, indeed, “means-tested.”
Can you appeal “this disgusting situation?” Well, you can always appeal any
Social Security determination, but appealing IRMAA will only be successful if
you can prove that the income they used to determine your 2024 Medicare premium
was incorrect, or if you can convince them to use a more recent year with a
lower income to calculate your Medicare premium. If you believe you can be
successful, you should call Social Security (1.800.772.1213) to formally appeal
the IRMAA premium, or you can submit form SSA-44 to appeal based on a
“life-changing event.”
I know that understanding how IRMAA works won’t soften your dismay, but I can
only explain the rules and how they work. Your 3.2% COLA increase for 2024 was
used to offset some of the IRMAA Medicare premium increase caused by your higher
income, and it is IRMAA which caused your net Social Security payment to go
down. FYI, your Medicare premiums are recalculated each year, so if your income
goes down to below the IRMAA threshold for your tax filing status, then your
Medicare premium will revert to the standard amount for each year.
I hope this clarifies why your Social Security payments went down and why you
didn’t see your COLA increase, but the AMAC Foundation is always available to
answer any questions you may have about Social Security.
This article is intended for information purposes only and does not represent
legal or financial guidance. It presents the opinions and interpretations of the
AMAC Foundation’s staff, trained and accredited by the National Social Security
Association (NSSA). NSSA and the AMAC Foundation and its staff are not
affiliated with or endorsed by the Social Security Administration or any other
governmental entity. To submit a question, visit our website
(amacfoundation.org/programs/social-security-advisory) or email us at
ssadvisor@amacfoundation.org.
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