Money mistakes to avoid at 60: Financial decisions that may impact Medicare premiums in the years to come
Financial planning includes an endless number of nuances including understanding the intricacies of Medicare. One aspect to consider is the Medicare Income-Related Monthly Adjustment Amount (IRMAA), which can significantly impact what someone will pay for their Medicare Part B (medical) and Part D (prescription) premiums. Navigating IRMAA requires careful planning, and an understanding of how various income sources affect Medicare premiums. This knowledge can help Medicare beneficiaries make informed decisions that will optimize their retirement and healthcare finances. Here's what to know about IRMAA and the strategies a beneficiary can implement when approaching 65.
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