Why your Medicare premium might jump unexpectedly and what you can do about it

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Why your Medicare premium might jump unexpectedly and what you can do about it
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Medicare premiums can increase unexpectedly because of a jump in your income and other reasons. You might be able to appeal the decision.

or IRMAA. These adjustments, which are based on your income two years previously, can significantly raise premiums for Medicare’s Part B, which covers doctors’ visits, and Part D, which covers prescriptions.The normal monthly Part B premium in 2022 was $170.10, for example, but IRMAA can boost that premium up to $578.30 for the highest-income recipients. IRMAA added $12.40 to $77.90 to monthly Part D premiums in 2022.

There is a potential way out, however. Social Security, which is the agency that handles Medicare premiums, will reconsider an adjustment if you’ve experienced certain “life changing events” that lead to an income decrease.

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