A drop in income is not the only reason for your Part B premium to increase. Other reasons for an IRMAA appeal may include:
- Marriage
- Divorce
- Being Widowed
- Changes or termination of pension
- Receipt off a settlement from an employer due to company closure or bankruptcy
- Loss of income-producing property
Starting and finishing the IRMAA appeal process
To start the IRMAA appeal process, you’ll begin by printing out IRS Form SSA-44. This form is called the “Medicare Income-Related Monthly Adjustment Amount Life-Changing Event. You’ll send this to the IIRS along with a cover letter explaining why your believe your’e being overcharged for your Part B premium.
Any additional information you can include will be very helpful. For example, if your income is now lower because you retired, include a letter from your former employer confirming you’ve retired, which includes your retirement date.
Other supporting documents to prove loss of income are bank statements, a pension termination letter, or other financial statements.
After sending off Form SSA-44 and your supporting documents, you’ll have to sit back and wait for Social Security’s response.
What are your chances your Part B premium will be lowered because of your IRMAA appeal?
If it’s been at least two months since you appealed and you haven’t heard anything, don’t hesitate to pick up the phone and call them. You’ll probably be on hold for awhile, but it may be worth the wait.
The people who handle the appeals have mounds of paperwork in front of them, and they want to get yours completed as soon as possible. They also want to do the right thing.