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Follow on Google News | ![]() Reduce Medicare Premiums: A 2022 Tax Tip For Higher Income SeniorsBy: AAMSI "In 2007 Medicare started imposing the Income Related Monthly Adjustment Amount (IRMAA) surcharge," explains Jesse Slome, director of the organization. "A senior couple with higher incomes can pay as much as $5,000 more annually to Uncle Sam for their Medicare coverage. It is something to think about before filing your 2022 federal income taxes." According to Slome, the majority of seniors impacted by the Medicare premium surcharge are between ages 65 and 80. "For 2023, the IRMAA monthly surcharge for Medicare Plan B ranges from $230.80 to as much as $560.50," the Medicare insurance expert shares. Taxes filed for 2022 will determine the I (https://medicaresupp.org/ "The threshold levels will not be announced until closer to then," Slome acknowledges. "That is well after your 2022 taxes are due. And while most tax maneuvers need to have been made prior to the end of the 2022 tax year, there still can be a few ways to reduce or eliminate any surcharge." The Association director recommends that seniors should compare their Adjusted Gross Income (AGI) level with potential IRMAA penalty levels. "This could be especially beneficial if you are reporting some earned income from employment or self-employment," Each year the IRMAA levels are increased based on the rate of inflation. The American Association for Medicare Supplement Insurance (AAMSI) director projected suggested 2024 IRMAA Medicare levels by using current numbers increased by 6 percent. "If your 2022 AGI is close to or just slightly over one of the projected threshold numbers, it can really pay to discuss options with a tax professional," The American Association for Medicare Supplement Insurance advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions. To find local Medicare insurance agents access the Association's free directory. Access the directory at https://medicaresupp.org/ The IRMAA for Medicare levels and additional pertinent information can be found online at https://medicaresupp.org/ End
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