Report when your income goes down
Some aspects of Medicare are linked with an income-related monthly adjustment amount (IRMAA). An IRMAA is an extra surcharge that can be applied to the monthly premiums for Part B and Part D in households with larger incomes. This is determined based on income tax return [1] information from 2 years ago. If you’re currently paying a surcharge on your monthly premiums due to IRMAA, you can report a change in income caused by something like a divorce, the death of a spouse, or a reduction in work.
You can do this by contacting the Social Security Administration (SSA), completing a Life-Changing Event form, and providing the appropriate documentation. The SSA can use this information to potentially reduce or remove the surcharge.