Medicare IRMAA FAQs - Tax deductions, duration, and how to pay

Frequently Asked Questions about Medicare's IRMAA charge:
For higher income retirees, Medicare adds a surcharge to your Part B and Part D premiums, called IRMAA. The extra charge is determined by your income, and there are a couple important questions we're often asked:
• Are payments tax deductible? Yes, they are deductible as part of the medical expense deduction (as are other Medicare expenses), but few taxpayers itemize their deductions and qualify for this. Ask your tax planner or preparer.
• How long does IRMAA last? Your surcharge is determined each year, so if you're only high income for one year, it will eventually be reduced in a future year. There's a two-year lookback for the charge.
• How is IRMAA billed? Through either your Social Security payment or via direct bill, as part of your regular Part B and Part D payment.
Consult with a tax planner like Arnold & Mote on how to manage your Medicare IRMAA charges.
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