IRMAA

The Hold Harmless Act

Through the “Medicare Catastrophic Coverage Act of 1988” Congress created a provision, the Hold Harmless Act, that protects those receiving Social Security benefits while enrolled into Medicare from ever experiencing a reduction in Social Security benefits from “too high” of Medicare Part B premium increases in a given year. The goal of this Act was […]

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Impact of Medicare’s IRMAA. Not all income is created equal

Since 2007, with the passing of the Medicare Modernization Act in 2003 and the Affordable Care Act in 2010 by Congress, Medicare has placed a surcharge, known as the Income Related Monthly Adjustment Amount (IRMAA), on top of the current Medicare Part B and Part D premiums for those retirees who earn too much income. […]

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You may be better off smoking than investing into a Traditional IRA or 401(k)

It’s not up for debate, smoking is bad for you. It leads to cancer, harms every single organ in the body and has become somewhat expensive as well, but when planning for retirement you may be better off smoking than investing into a Traditional IRA or 401(k). Sounds ridiculous, we know, but with the understanding […]

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4 conversations that must take place with your financial advisor

4 conversations that must take place with your financial advisor! In retirement income is the key. Without it the ability to maintain your life-style as well as fund the basic necessities is next to impossible. Unfortunately, though, the rules have changed and not all income is the same in retirement. When it comes to health […]

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Income in retirement is not what you think when your health is on the line

Income in retirement is essential. The problem, thanks to federal regulations, is the fact that having too much of it will lead to surcharges (taxes) on top of your Medicare premiums. These surcharges are based on Medicare’s Income Related Monthly Adjustment Amount (IRMAA). What types of Income will Medicare look at?   Income is defined, […]

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Medicare Means Testing (IRMAA)

What is it? As defined by Medicare: “If you have higher income, the law requires an adjustment to your monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums (Part D). Higher-income beneficiaries pay higher premiums for Part B and prescription drug coverage. Layman’s terms: If you make too much income in retirement […]

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Medicare’s Hold Harmless Act: unfortunately, it’s not for everyone

Medicare’s Hold Harmless Act – An act written into Medicare by laws through the Medicare Catastrophic Coverage Act of 1988 and then revamped in 2009, by “Medicare Premium Fairness Act”, that has been designed to protect seniors’ Social Security cost of living adjustments (COLA’s) from being consumed by Medicare premium increases year by year.

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