2023 Social Securty Adjustment and Medicare Premiums Notice

Yesterday I received an email from Social Security to log into My Social Security to read a notice regarding my 2023 changes to my monthly benefit and Medicare premiums.

The first thing of interest was that my monthly benefit was increased by 8.1715% over what I currently receive before deduction of Medicare premiums in 2022. This contradicts what several recent articles about 2023 Social Security benefits have claimed about how COLA would be applied.

In 2021 I had financial advisor managed taxable investment account that I decided to close and move to my personal taxable investment account. Unfortunately, I made the mistake of being too heavy handed in selling off securities that I didn’t want to keep resulting in significant capital gains.

2021 RMD plus capital gains and income from California municipal funds jacked up MAGI used to calculate my 2023 IRMAA for Medicare Part B. So, instead of having $164.90 deducted from my monthly Social Security benefit in 2023, I will have $527.50 deducted each month for Medicare Part B.

As a disabled Vietnam Era veteran with a 90% disability rating, Veteran Affairs provides all of my medical care including prescription drugs. I continued taking Medicare Part B to cover emergency care before I could be transferred to a VA Medical Center. Throwing away $170.10 or $164.90 per month on something I never use seemed tolerable but $527.50 per month is definitely questionable and definitely more than the quarterly fees I was paying my financial advisor.

The Social Security direct deposit into my credit union account in 2023 will be $53.00 less than what it currently is now.


You may (should) file an appeal. There is a form to fill out (of course) and you would point out the one-time event and perhaps get relief. I managed to do that when it happened to me a couple of years ago.

  • The Social Security Administration (SSA) uses your income tax information from 2 years ago to determine if you owe an IRMAA in addition to your monthly premium.
  • The surcharge amount you’ll pay depends on factors like your income bracket and how you’ve filed your taxes.
  • IRMAA decisions can be appealed if there’s an error in the tax information used or if you’ve experienced a life changing event that reduced your income.

Medicare IRMAA: What Is It and When Does It Apply? (healthline.com)

Next year they will no longer be looking at your 2021 income and you should see a rise in your income…doc


My Social Security and RMD income increased for 2022. Any decrease in 2024 Medicare Part B premiums will depend on the impact 2023 inflation has on the 2024 IRMAA brackets.

Due to the 2022 stock market slump causing a significant drop in RMD income, it seems that the IRMAA Medicare Part B premiums won’t decrease until 2025.

1 Like

Based on the above statement, wouldn’t your premium increase likely be a one year aberration?

I jsut got my letter for 2023 and my Part B is going to be in the $364 range because of IRMAA…doc

1 Like

Nobody wants to pay more, but being above the 95th percentile house hold income is not all bad.


It was a one year aberration two years after I retired. Today, increased premiums will be a multi-year event. if not permanent, as RMD is over 50% of my annual income.

Posted the IRMA table for singles on the Tax Strategies category. Above $97k Magi each $30k incease in income increases your irma payments by $1418/yr.

1 Like