If you are a high earner – an individual with modified adjusted gross income (MAGI) greater than $97,000, or a married couple filing jointly with MAGI greater than $194,000 – you are likely well aware that Medicare applies a high-income surcharge to your Medicare Part B and Part D premiums. Medicare refers to these surcharges as income-related monthly adjustment amounts, or IRMAAs.

Medicare uses your MAGI from two years ago to determine your current premiums. This means that your 2023 premiums will be based on your 2021 MAGI. Ask your Stifel Financial Advisor for a copy of our 2023 Medicare Fact Sheets, which detail the changes resulting from the new law. Make sure you are aware of these changes now because they may affect you, and nobody likes to be surprised when it comes to paying higher premiums.