MARCH 2023


Medicare-Do you know IRMAA?

It stands for Income Related Monthly Adjustment Amount. If you earn more than $97,000 as an individual or $194,000 filing jointly, your monthly Medicare Part B premium will be adjusted higher than the base $164.90. And the amount increases with your income to a potentially $560.50 per month premium. There are adjustments to the Part D premium as well. Additionally, the income used for 2023 will be your Modified Adjusted Gross Income from 2021, two years prior.

Medicaid. Thousands of Pennsylvanians are due to lose their Medicaid.

During the pandemic the federal government issued an emergency order prohibiting the termination of benefits for those receiving Medicaid even if they had too much in the way of income or assets. This was in return for Pennsylvania receiving additional money to fund the program. That order is coming to an end and for those not paying attention, they may find themselves having to pay copays or other costs which were previously picked up by Medicaid.