I took a buyout from my employer on 4/30/20 whereby my employer payed me the equivalent of my salary thru 11/2020. Consequently I have been paying IRMMA payments for 2021 and 2022. If I submit Form SSA-44 showing the decrease in income for 2021, will Medicare reduce my IRMMA payments for the balance of 2022?
If I don’t submit form SSA-44, will Medicare use my MAGI from 2021 to calculate my IRMMA payments for 2023?
The default is that Medicare uses the last filed tax return i.e. two calendar years earlier to determine IRMAA. Medicare will use your 2021 income for 2023 Medicare payments.
Since you retired in 2020, submitting form SSA-44 will likely reduce your IRMAA for the remainder of 2022. I don’t know if you can receive reimbursement for IRMAA already paid.
Thanks, vkg.
You may receive some reimbursement for some of the IRMAA payments already paid. I did the same last pay date from work was April 2020. Was paying IRMAA in 2021. Sent in SSA-44 with details of last day worked, and an estimate of my 2021 AGI. I think I sent the form in Jan 2021. Continued paying IRMAA until form processed. Think that was August. Received a lump sum refund check Jan - July in September. It is worth the time to fill out the form. The form needs to state that the reason is loss of employment , or reduced hours and pay for the reason code.
I recommend faxing the form in for yourself and spouse if married and on Medicare. After faxing mail the forms also.
Keep paying the IRMAA until the processing is complete.
Mike
BTW, They may ask for a copy of the package you received from employer for the buyout. Include a copy.
BTW, They may ask for a copy of the package you received from employer for the buyout. Include a copy.
Yes, include it. I remember them asking to see it and the income summary from my last paycheck.