I pay a surcharge on my Medicare premiums because of "higher income". That is due entirely to the RMDs I am required to take from my 401K & IRA. But we aren't required to take those this year (2020). But they use the AGI from your 1040 2 years previous. So if I understand it correctly I won't see the decrease on my premium until 2022. Is that correct?
RioB840801 is talking about WHEN we will get a reprieve from IRMAA premiums, if any, from NOT doing a RMD for 2020 - just because of how income (MAGI) is reported on our taxes, there is a (2) year lookback by SSA to assess the IRMAA premiums.
So if you don't elect to take the RMD for 2020 as offered by the CARES ACT - that decrease in income isn't reported until 04/15/2021 (tax deadline). Then SSA adjust it the following year or 2022.
I haven't heard of any changes to this procedure although by then Medicare will need money and those IRMAA's, frozen thru 2019 by the ACA, will now be going up most likely.
Yes, depending upon the reason, SSA can make modification to one's IRMAA premiums - just make sure it is a real hard-luck story !
Why did I receive another letter about my income-related monthly adjustment amounts for Medicare premiums for this year?
You received another letter from Social Security because your income-related monthly adjustment amounts for this year changed. Social Security usually uses two-year-old data that the Internal Revenue Service (IRS) provides to us to determine your income-related monthly adjustment amounts.