Kuhtz Diehl Insurance and Financial Services is offering present and future Medicare Part B and D recipients insight on how the Income-Related Monthly Adjusted Amount (IRMAA) may affect their premiums
Fresno, United States - April 12, 2021 /PressCable/ —
Higher-income Medicare recipients (and future beneficiaries) are subject to an additional monthly surcharge added to their Part B and Part D premiums. The Income-Related Monthly Adjustment Amount, or IRMAA, is a requirement for higher-income recipients since 2007 for Medicare Part B and 2011 for Medicare Part D.
As of the 2019 income guidelines, the IRMAA requirement is for those who received more than $88,000 (single) or $176,000 (joint).
There is a lot of confusion among recipients, which Kuhtz Diehl is trying to alleviate. There is one primary difference between the Adjusted Gross Income (AGI) found on a tax return, and the Modified Adjusted Gross Income (MAGI) needed to determine IRMAA income thresholds – additional income sources.
Kuhtz Diehl Insurance and Financial Services look at client tax returns from two years prior, as required for IRMAA calculations. For MAGI, Kuhtz Diehl looks for tax-exempt interest income that has been received or accrued, interest from US savings bonds used to pay for higher education tuition and fees, and non-taxable portions of Social Security benefits.
Medicare premiums that are affected by IRMAA must be calculated individually – one for Part B and another for Part D. Kuhtz Diehl works with recipients to ensure they understand the amounts when they exceed the income limitations.
More information on the calculations and the different thresholds can be found at medicare.gov
Because a lot can occur in two years, Kuhtz Diehl helps Medicare recipients with the appeals process when the calculations used for IRMAA and the MAGI are incorrect with the government. Major life changes, such as retirement, can be grounds for redetermination of IRMAA. The SSA-44 form must be filled out when seeking redetermination.
Luckily, there is some hope for those retirees and Medicare recipients thanks to The SECURE Act. The SECURE Act of 2019 (Setting Every Community Up for Retirement Enhancement) changed the minimum age that required minimum distributions (RMDs) for IRAs had to be taken. Those who choose to wait until age 72 for these distributions are not required to claim them for IRMAA.
Financial planning, Medicare, and other insurance at any age are frustrating – seeking the help of professionals in that area shouldn’t be. Kuhtz Diehl Insurance and Financial Services offer clients representation, insight, and planning resources – including Medicare and IRMAA calculations.
Unsure who to call about your Medicare premium increase and IRMAA? Kuhtz Diehl may be able to help.
About Kuhtz Diehl Insurance and Financial Services
Kuhtz Diehl Insurance and Financial Services is a California-based insurance and financial service firm specializing in health, life, group, and Medicare insurance options. The firm was founded by Robert Diehl and Steve Kuhtz, both involved in the financial industry since 1991 and 1993, respectively.
For more information about the firm and the services they can offer potential clients, they are located at 2150 N. Winery Avenue, Fresno, CA 93703, or you can reach them by phone at 559-251-0501, on their Facebook page or Website www.KDIonline.com.
Contact Info:
Name: Amanda Hargis
Email: Send Email
Organization: Kuhtz Diehl Insurance & Financial Sevices
Address: 2150 N. Winery Avenue, Fresno, California 93703, United States
Website: https://www.kdionline.com
Source: PressCable
Release ID: 89004441
