If your income is above a certain level you may be required to pay an additional amount called “The Medicare Income-Related Monthly Adjustment Amount (IRMAA)” This is added to your Part B or Part D premiums.
The Social Security Administration (SSA) sets four income levels used to determine if you must pay an IRMAA. This amount is based on your last two years of income reported to the IRS.
The SSA will notify you that you have a higher Part B premium.
You also have the right to request that the SSA lower or eliminate your premium increase if you believe you should not pay IRMAA, your circumstances have changed, or your IRMAA was calculated in error by the SSA.